Wall Street’s independent dealmakers have shareholders bemused. Evercore, Greenhill, Moelis and Lazard turned in most of the second quarter’s best M&A results. They were pretty close on financial performance, too. Yet their stocks trade on wildly different multiples.
Evercore recorded a bigger quarter-on-quarter jump in advisory revenue, at 50 percent, than any U.S. rival, large or small. Greenhill was second best with a 32 percent increase, while Moelis’ 15 percent improvement put it fourth, behind Morgan Stanley. Lazard managed to boost revenue by only 2 percent, but that helped it post a record top line for the first half of the year.