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Evercore Inc A EVR

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Morningstar’s Analysis

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Evercore Reports Strong Investment Banking Revenue in Q1 That's Likely to Continue

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

Similar to other investment banks, Evercore reported strong first-quarter results. The company reported net income to common shareholders of $144 million, or $3.25 per diluted share, on $662 million of net revenue. Net revenue was 55% higher than a year ago and about 25% higher than the trailing 12-quarter average. CEO confidence has significantly improved since the start of the COVID-19 crisis and financing markets remain accommodative, leading to strong activity in the company’s financial advisory business, which is over 75% of net revenue. Given the expected further opening up of economies from quarantine, economic growth, and demand from special-purpose acquisition companies and private equity funds to do acquisition deals, mergers and acquisitions advisory should remain strong for an extended period. We don’t anticipate making a material change to our $122 fair value estimate for narrow-moat Evercore, and we assess the shares as fairly valued.

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Company Profile

Business Description

Evercore is an independent investment bank that derives the majority of its revenue from financial advisory, including merger, acquisition, and restructuring advisory. It also has institutional equities and investment management businesses that account for around 20% of net revenue. The company was founded in 1996 and went public in 2006. Evercore had approximately 1,800 employees at the end of 2020, and about 75% of the company's revenue is derived from the United States.

55 East 52nd Street
New York, NY, 10055
T +1 212 857-3100
Sector Financial Services
Industry Capital Markets
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 1,800