Recommendation
Moelis & Company (MC) is a quality business that has grown both revenue and cash flow since the IPO in 2014. The M&A market has slowed since March, but MC's restructuring business will make up for some of that shortfall and create new long-term client relationships. Management runs the business conservatively and is open about its goal of consistently returning capital to shareholders through dividends. The low debt load will allow them to pursue new opportunities aggressively as others deal with liquidity issues. MC currently trades at 17x earnings ((TTM)), with earnings expected to