| Over a month ago | ||||
Greenhill & Co. is… Greenhill & Co. is down -6.1%, or -72c to $11.13. | ||||
The company said: "A… The company said: "A long serving member of the executive management team, Hal Rodriguez, will transition from the role of Chief Financial Officer to that of Senior Advisor commencing March 1, 2023. Our Corporate Controller, Mark Lasky, will be promoted to Chief Financial Officer effective March 1, 2023. Mr. Lasky has served as the Firm's Corporate Controller since 2012 and prior to that spent 12 years in finance roles at Goldman Sachs. Mr. Rodriguez will work closely with Mark and other senior members of the Finance team to ensure an orderly transition." | ||||
Reports Q4 revenue… Reports Q4 revenue $95.8M, consensus $103.69M. "Our second half revenue was more than double that of our first half, yet fell short of our higher expectations as a slower pace of deal completions meant many more transaction processes carried over to the new year than we expected. As for costs, our higher than normal compensation ratio for the year was a function of our revenue outcome, while on the non-compensation cost side we incurred a number of one-off items yet remained within our target dollar cost range for the full year. We are pleased to have generated an annual profit in what was a challenging operating environment, and believe that the delayed projects we carried into the new year combined with expectations for an improving operating environment position us well for a considerably better revenue outcome, as well as a return to historic profit margin levels, for 2023," Scott L. Bok, Chairman and CEO, commented. | ||||
Keefe Bruyette analyst… Keefe Bruyette analyst Matthew Moon raised the firm's price target on Greenhill & Co. to $7 from $6.50 and keeps a Market Perform rating on the shares after taking over coverage of the name. The analyst is entering 2023 with a market-weight position on the M&A independents group. He sees near-term value in companies with higher relative exposure to hi top three identified themes: U.S.-based M&A, restructuring, and strategically rather than sponsor driven deals. Against this backdrop, Moon's top picks for the space are Evercore and PJT Partners (PJT). Alternatively, Lazard's (LAZ) higher relative European M&A exposure as well as continued concerns on its asset management business, Moelis' (MC) high sponsor exposure, and Greenhill & Co.'s (GHL) continued comp and headcount pressure warrant Underperform ratings, Moon tells investors in a research note. The analyst also offers a "tactical pair-trade idea" of overweight PJT, underweight Perella Weinberg Partners (PWP). | ||||
Keefe Bruyette analyst… Keefe Bruyette analyst Matthew Moon upgraded Evercore to Outperform from Market Perform with a price target of $126, up from $109, after taking over coverage of the name. The analyst is entering 2023 with a market-weight position on the M&A independents group. He sees near-term value in companies with higher relative exposure to hi top three identified themes: U.S.-based M&A, restructuring, and strategically rather than sponsor driven deals. Against this backdrop, Moon's top picks for the space are Evercore and PJT Partners (PJT). Alternatively, Lazard's (LAZ) higher relative European M&A exposure as well as continued concerns on its asset management business, Moelis' (MC) high sponsor exposure, and Greenhill & Co.'s (GHL) continued comp and headcount pressure warrant Underperform ratings, Moon tells investors in a research note. The analyst also offers a "tactical pair-trade idea" of overweight PJT, underweight Perella Weinberg Partners (PWP). | ||||
| Over a quarter ago | ||||
Greenhill & Co. is up… Greenhill & Co. is up 23.6%, or $1.73 to $9.05. | ||||
Reports Q3 revenue… Reports Q3 revenue $81.1M, consensus $42.2M. "Our quarterly results are consistent with our commentary on the past two quarterly investor calls, when we said that we expected the year to play out similarly to the past three years, when a weak first half revenue result was followed by a much stronger second half performance, resulting in a respectable full year outcome. We continue to show appropriate discipline on costs, and thus are focused on delivering another year of solid cash flow generation. We continue to see our stock as significantly undervalued and, after a pause in the third quarter while our revenue expectations were confirmed despite turbulent markets, we recently began repurchasing shares," Scott L. Bok, CEO. | ||||
Reports Q2 revenue $36M,… Reports Q2 revenue $36M, consensus $44.77M. "Our teams in all regions remain busily engaged on important client assignments, but our revenue for the quarter and first half was light given relatively few significant transaction closings. While there is no reason to think our business is subject to predictable seasonality, this year is looking very much like the prior three, where a weak first half revenue result was followed by a much stronger second half performance, resulting in a solid full year revenue outcome. Given we continue to be disciplined on costs, that would result in another year of strong cash flow generation. We see our stock as significantly undervalued relative to the amount of cash we have proven able to generate through a wide variety of market conditions. Accordingly, we repurchased 1.9 million shares and share equivalents in the first half, and plan to continue to direct our cash flow toward acquiring additional shares so long as the market valuation remains attractive," Scott L. Bok, Chairman and Chief Executive Officer, commented. | ||||
Piper Sandler analyst… Piper Sandler analyst Jeffery Harte lowered the firm's price target on Greenhill & Co. to $10 from $14.50 and keeps a Neutral rating on the shares. The analyst says merger and acquisition ended Q2 on a "soft note." After stepping up in April and May, announced dollar volume declined by 46% sequentially in June to the lowest monthly level since May of 2020, Harte tells investors in a research note. | ||||
