- 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.
For further details see:
Piper Sandler Begins To Invest In Restructuring, But Low Multiple Still Not Enough