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Evercore Inc A EVR

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Morningstar’s Analysis

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Evercore Reports Strong Finish to 2020; Revenue May Outperform Peers in 2021

Michael Wong, CFA, CPA Sector Director

Analyst Note

| Michael Wong, CFA, CPA |

Evercore reported an exceptionally strong finish to 2020, and its business model may hold up better in 2021 than other investment banks. The company reported record quarterly net income to common shareholders of $220 million, or $5.02 per diluted share, on record quarterly net revenue of $927 million in the fourth quarter. Quarterly net revenue increased 40% from the previous year, while full-year net revenue increased 13%. We were uncertain as to fourth-quarter revenue, wondering if the lack of announced mergers and acquisitions earlier in the year would lead to few deal closures and low revenue in the back half of the year. While third-quarter advisory revenue of $271 million was the lowest advisory revenue quarter in years, fourth-quarter advisory revenue of $790 million was a new record. We don’t anticipate making a significant change to our $98 fair value estimate for narrow-moat Evercore.

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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 15% to 20% of net revenue. The company was founded in 1996 and went public in 2006. Evercore had around 1,900 employees at the end of 2019, and approximately 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 Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type Cyclical
Employees 1,900