2024-06-21 10:04:33 ET
Summary
- Moelis saw a strong quarter led by recovery, with M&A weak due to the shortfall from little PE and other financial sponsor activity.
- The company was more optimistic last call on the M&A recovery. Timing considerations for PE may keep them on the sidelines for quite a bit longer until rates are cut.
- There is some latent earnings pressure from compensation-based dilution.
- We prefer Lazard on valuation and intermediate return considerations.
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Moelis: Sponsors Still On Sidelines