PIPR - Piper Sandler Begins To Invest In Restructuring But Low Multiple Still Not Enough

• We are worrying about continuity of the M&A cycle, and are beginning to be optimistic about turnarounds in restructuring.
• Piper Sandler is growing its restructuring franchise.
• The timing is good, because declines in the general market will be accompanied by stalled deals in underwriting, and could catalyse a reversal in M&A.
• However, they will still get hurt if the cycle makes a pronounced reversal over market concerns, and we'd avoid the company despite its quite low multiple.

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