2024-04-07 04:27:01 ET
Summary
- We note higher comp ratios despite stagnant headcount figures, and assume that it must be driven by turnover frictions.
- Margins should settle at more favourable levels at these run rates, and we think that with evident signs of rebound PEs, start getting in line with more mature peers.
- A valuation case can be argued for Perella Weinberg, but we do wonder if it's still a bit premature for a return to 2021 levels.
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Perella Weinberg: Comp Expense Should Go Down After Turnover