MC - Moelis: Restructuring One-Offs Surge Revenues
2024-02-01 06:52:18 ET
Summary
- Moelis had a strong quarter with substantial revenue growth, largely driven by a major restructuring that is not expected to be recurring.
- The underlying activity in M&A remains weak, in line with the end of 2022 levels, and the end of year quarters for M&A were not as strong as usual.
- MC has been aggressive in hiring, but its headcount has only increased by 3-4% and is mainly focused on optimizing its coverage rather than bloating the ranks.
- Some savings will be coming in incrementally, and any pickup in activity will translate rapidly to the bottom line. But the good news seems priced in.
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Moelis: Restructuring One-Offs Surge Revenues