BERAL, INC.
Andrew Racz
Director of Research
300 East 54 Street, Suite 26C
New York, NY 10022
Phone: (212) 319-6949
Fax: (212) 753-1944
E-mail: mlikar@aol.com

Evercore Partners, Inc.

September 3, 2008 

The current trends in international finance, as well as the dislocation of the American induced monetary crisis, are creating not only the old billions of business but actually the new billions. If anything, there is more need for international investment banking and as more people work there will be more need for wealth management. These developments are not only on the multi-billion but on the multi-trillion level.

             It is all done by educated and principled people.

             This is the world that is opening for Evercore and its contemporaries. 


Evercore Partners, Inc.

(EVR – NYSE, Inc.)

Price: $13½

52-range: $20 - $7½

Book Value: $16.00

2007 Revenues: $271M

Revenue Per Share: $21.5M

Shares Outstanding: 11.66M

Note: Fully diluted shares:

(1)
(2)

Investment Concept

By the second half of 2008, the United States unnecessarily created a real estate crisis which has shaken up the very foundation of investment banking all over the world. In fact, we have created the money crisis of the 20th century—the tragic version of the inverse Marshall Plan.

While the markets have been institutionalized in the beginning of the 1990s, followed by the 21st century, the creative side of the merger acquisition and money raising functions have gradually shifted to a set of new companies that call themselves “alternative asset managers” and “alternative merger and acquisition entities.” These entities—of which Evercore is a good example—gradually broke into the most profitable segment of traditional investment banking.

Next to the traditional international merger companies like Lazar, there came an upstart, Greenhill & Company, an investment banking firm in North America and Europe that operates with only 214 employees. The company offers advice on valuations, on strategy, structuring alternative deals and financing. Greenhill was formed by a group of individuals coming from major brokerage firms in the 1990s, but it has accumulated a corporate value remarkable in its achievements.

Market cap $1.53 billion

Profit margin $29.35 million

Return of assets $40.3 million

The remarkable thing was that Greenhill achieved is revenues of $430 million, an equivalent of $15 per share.

With 26.77 million shares outstanding, the resulting $1.53 market cap provides $76.500 value per employee.

We mustn’t forget that this has happened at a time when a traditional investment banking house, Lehman Brothers, shrank to a capitalization of $16 billion and its balance sheet is actually of questionable value.

Meanwhile, the world has actually expanded. By the year 2010, 7 billion people will be working, domestic and international transactions will exceed $100 trillion. The largest steel company Mittal, which has been put together by mergers, has a market cap of $120 billion, the potential takeover of Rio Tinto by BHB has a size of $140 billion, and Cleveland Cliffs is contemplating a $10 billion purchase of a large American coal company.

Cleveland-Cliffs 

Our intellectual assumption is that the international corporate world needs companies, needs modern banking companies, like Evercore Partners, Inc. Evercore Partners is nothing but people. It was formed less than 14 years ago by Roger Altman, a former Assistant Secretary of the Treasury, who worked under the legendary Senator Lloyd Bentsen. By definition it is an investment banking boutique that provides advisory services to multinational corporations worldwide on mergers, acquisitions, divestiture and reconstruction.

INVESTMENT BANKING COMPANIES RANKED BY INVESTMENT BANKING SALES

Company

Symbol

Price

Market Cap

Citigroup Global Markets Inc.

Private

 

 

JPMorgan Chase & Co.

JPM

40.78

140.11B

Goldman Sachs Group Inc.

GS

178.97

70.48B

Morgan Stanley

MS

41.98

46.56B

Merrill Lynch & Co.

MER

27.10

26.70B

The size and numerical scope of the so-called independents are still Lilliputs in the total picture.

DIRECT COMPETITOR COMPARISON

 

EVR

GHL

LAZ

Industry

Market Cap:

153.80M

1.70B

2.30B

640.61M

Employees:

303

214

2,458

700

Qtrly Rev Growth (yoy):

-8.80%

-22.80%

10.90%

30.70%

Revenue (ttm):

270.80M

396.56M

1.89B

414.07M

Gross Margin (ttm):

96.75%

96.90%

98.62%

57.91%

EBITDA (ttm):

N/A

N/A

N/A

151.53M

Oper Margins (ttm):

12.78%

44.02%

19.25%

28.92%

Net Income (ttm):

6.55M

111.96M

142.58M

18.75M

EPS (ttm):

0.514

3.992

2.230

8.88

P/E (ttm):

25.66

15.87

18.24

19.00

PEG (5 yr expected):

1.07

1.17

1.2

1.17

P/S (ttm):

0.56

4.27

1.21

1.73

Pvt1 = Allen & Company LLC (privately held)
GHL = Greenhill & Co. Inc.
LAZ = Lazard Ltd.
Industry = Asset Management

We do not consider the performance of Evercore financially indicative of their future. Their numerical evaluations do not reflect the importance they are destined to play in the international advisory business.

 

Three Months Ended June 30,

 

U.S. GAAP

Adjusted Pro Forma

 

2008

2007

% change

2008

2007

% change

Net Revenue

 

 

 

 

 

 

Advisory

$57,731

$56,846

2%

$57,731

$56,846

2%

Investment Management

597

1,143

(48%)

597

1,143

(48%)

Pre-Tax Income (Loss)

$ 7,869

$(103,646)

NM

$ 9,654

$25,913

(63%)

Net Income (Loss)

$ 2,056

$( 44,174)

NM

$ 5,777

$15,506

(63%)

111 

 

Six Months Ended June 30,

 

U.S. GAAP

Adjusted Pro Forma

 

2008

2007

% change

2008

2007

% change

Net Revenue

 

 

 

 

 

 

Advisory

$98,423

$140,792

(30%)

$98,423

$140,792

(30%)

Investment Management

1,819

2,090

(13%)

1,819

2,090

(13%)

Pre-Tax Income (Loss)

$ 5,267

$(79,550)

NM

$16,107

$54,264

(70%)

Net Income (Loss)

$ 1,091

$(39,953)

NM

$10,272

$32,472

(68%)

Going into the second half of 2008, the numbers are solid but alone they do not reflect the future. Like any rapidly growing business, with no historical precedent, the initial figures may indicate the potential direction and growth but the earnings figures do not indicate the future.

The actual and projected business, however, is where the future value lies. In fact, Evercore and other private equity bankers are to be judged as a young movie company. United Artists was formed by Charlie Chaplin, Mary Pickford and Douglas Fairbanks, Sr.

Many years later Steven Spielberg formed a company.

They both represented a trend but their early figures did not indicate the enormous future success, but rather their early performance served as a guideline.

Breakdown of the Business

Revenues
Advisory
Advisory Revenue was $57.7 million and $98.4 million for the second quarter and six months ended June 30, 2008, respectively, compared to Advisory Revenue of $56.8 million and $140.8 million, for the second quarter and six months ended June 30, 2007, respectively. These results include revenue related to our restructuring engagements, where we have seen a rise in client activity in 2008.

Among the transactions announced ruing the second quarter of 2008 on which Evercore is advising are:

•  

Time Warner Cable on its separation from Time Warner, Inc.

•  

Electronic Data Systems on its sale to Hewlett-Packard

•  

Creditex Group Inc. on its sale to Intercontinental Exchange

•  

Blackbaud, Inc. on its acquisition of Kintera, Inc.

•  

IAC/InterActiveCorp on the sale of its Entertainment Publications, Inc. subsidiary to MH Equity

Transactions that closed during the second quarter of 2008 on which Evermore advised included:

•  

De Ruiter Seeds Group BV on its sale to Monsanto Company

•  

Bright Horizons Family Solutions on its sale to an affiliate of Bain Capital

•  

Performance Food Group Company on its sale to an affiliate of The Blackstone Group and Wellspring Capital Management

•  

Cengage Learning on its acquisition of Houghton Mifflin College Division

•  

Bracco Diagnostics, Inc. on its acquisition of E-Z-EM, Inc.

•  

Rockefeller Financial Services on its sale of a 37% stake to Société Générale’s private banking group

•  

Haights Cross on the sale of Oakstone Publishing to Boston Ventures

•  

Grupo Concord and Prudential Real Estate Investor on the creation of a joint venture project for Costa Baja Resort & Marina

A substantial portion of Evercore’s second quarter 2008 Advisory revenues were derived from clients based in the United States.

With an infinitely better backing of the business, helped by the recent Japanese financing—EVR can look for a $100M quarterly business sometime in 2009.

A positive stock market, always plausible capital gains possibilities—all helping per share earnings.

Looking at the current and just closed transaction, one could surmise that one is dealing with a billion dollar company. The Mizuho corporate deal is undoubtedly a turning point in Evercore’s early history.

A projection—with imagination

Advisory fee

$500,000,000

Operating income

100,000,000

Capital gains

200,000,000

Wealth Management

  

2B in assets

 

1% margin

20            

 

140,000,000

Taxes

70,000,000

Per share (42M)

70,000,000

 

 

Per share (42M)

$1.50+

Value

$30 - $45

In the course of the last year there has been a tremendous institutional accumulation which is reflected partially in the table below.

TOP INSTITUTIONAL HOLDERS

Holder

Shares

Value

BAMCO INC.

1,094,559

$19,428,422

TIMES SQUARE CAPITAL MANAGEMENT

1,006,800

$17,870,700

ROYCE & ASSOCIATES, INC.

834,650

$14,815,037

MAZAMA CAPITAL MANAGEMENT, INC.

578,900

$10,275,475

Only recently Evercore made two major decisions.

(1) It has entered the money management business by purchasing a London-based company. Its stated aim is to match revenues from money management with that of the advisory business.

Money Management

Holder

Shares

Value

JANUS CAPITAL MANAGEMENT, LLC.

413,930

$ 7,347,257

WELLINGTON MANAGEMENT COMPANY, LLP

1,462,822

$25,965,880

WELLS FARGO & COMPANY

1,220,092

$21,656,633

BARON GROWTH FUND

863,400

$15,325,350

ROYCE OPPORTUNITY FUND

308,400

$ 5,474,100

ROYCE VALUE TRUST, INC.

276,800

$ 4,913,200

This decision is actually a success story for Legg Mason, who matched with money management business its basic brokerage, and Merrill Lynch that owns its most important assets, 49% of Brooks & Company.

(2) It has sought and succeeded in getting a partner by accepting some $300 million from a Japanese company and issuing only 5.5 million warrants at $22. The current price of Evercore is $13.

(3) The Japanese deal.

NEW YORK and TOKYO, Aug. 21, 2008 / PRNewswire-FirstCall via COMTEX News Network – Evercore Partners Inc. (NYSE: EVR) today announced it has entered into an agreement with Mizuho Corporate Bank, Ltd. (“Mizuho CB”) pursuant to which Mizuho CB will purchase from Evercore $120 million principal amount of senior unsecured notes due 2020 with a 5.20% coupon and warrants to purchase 5,454,545 shares of Evercore Class A Common Stock at $22.00 per share, for an aggregate purchase price of $120 million in cash. In addition, Mizuho CB and Mizuho Securities Co., Ltd. (collectively, “Mizuho”) have agreed, subject to the joint approval by Evercore and Mizuho of each allocation of Mizuho’s capital commitment, to commit up to $150 million to be invested in Evercore-affiliated funds. Evercore and Mizuho also entered into a new strategic alliance agreement strengthening their U.S.-Japan cross-border strategic alliance announced in 2006, which will expand the M&A relationship and form a steering committee to jointly review certain advisory opportunities. 

Conclusion

It is now obvious that major changes are facing both the corporate advisory and money management business.

The traditional risk of “toxic” money management is over. Securities oriented money management will never again be mixed with options, futures and real estate.

The hedge fund business which reached $2 trillion will be stripped of tax advantages by the new administration and probably and rightfully will lose many members for non-performance.

At the same time movement of equity money in responsible hands will have a totally unheard of expansion. The hedge funds have reached $2 trillion without uniform performance; responsible and traditional investment management could reach $5-10 trillion in a decade. Considering that Evercore has 42 million fully diluted shares, entering this enterprise has much to offer for current stockholders. As we mentioned earlier, the past, impressive as it may be, can only vaguely be used to predict corporate future.

Evercore Partners Reports Second Quarter 2008 Results; Declares Quarterly Dividend of $0.12 Per Share
Thursday, July 24, 2008 6:00 am ET
Highlights

  • Advisory revenues for the second quarter of $57.7 million exceed the prior quarter and second quarter of 2007 by 52% and 2%, respectively.

  • Advising on two of the ten largest transactions announced in the quarter: $42 billion separation of Time Warner Cable from Time Warner and $13 billion sale of EDS to Hewlett-Packard.

  • Progress towards strategic objectives.

  • Building Restructuring business with addition of Senior Managing Director Dan Celentano.

  • Entering the Wealth Management business with an initial investment in Evercore Pan Asset Management in Europe and additional investments on track for the second half of the year,

  • Quarterly dividend of $0.12 declared.

Concerning the advisory business the current backlog of $56 billion is nothing but an initial test of the international community of Evercore’s strength. Multiplying the backlog we can come to the conclusion that the actual numbers could be remarkable.

Evercore is a small capitalization international advisory and money management concern. Its current capitalization is about $150 million. Its backlog is remarkable and so are the corporate contents. All in all, it represents a new historical entity, stepping into the world of serious banking crises, stepping into the world which is internationalizing on a scale unheard of in our entire history.

It is functioning in a world which has no precedent. The best reference I could find is the remarkable book by Clyde Prestowich, president of the Economic Strategic Institute in Washington, DC, Three Billion New Capitalists.

The current trends in international finance, as well as the dislocation of the American induced monetary crisis, are creating not only the old billions of business but actually the new billions. If anything, there is more need for international investment banking and as more people work there will be more need for wealth management. These developments are not only on the multi-billion but on the multi-trillion level.

It is all done by educated and principled people.

This is the world that is opening for Evercore and its competitors.

Evercore Partners to Receive $120 Million Investment From Mizuho Corporate Bank

- Proceeds to be Used to Fund Near-term Investment Management Opportunities and General Build-out of Investment Management and Advisory Businesses.
- Two Firms Strengthen Strategic Alliance for Cross-Border M&A Advisory Services and Forge a New Alliance for Investment Management Activities.

NEW YORK and TOKYO, Aug 21, 2008 /PRNewswire-FirstCall via COMTEX News Network/ -- Evercore Partners Inc. (NYSE: EVR) today announced it has entered into an agreement with Mizuho Corporate Bank, Ltd. ("Mizuho CB") pursuant to which Mizuho CB will purchase from Evercore $120 million principal amount of senior unsecured notes due 2020 with a 5.20% coupon and warrants to purchase 5,454,545 shares of Evercore Class A Common Stock at $22.00 per share, for an aggregate purchase price of $120 million in cash. In addition, Mizuho CB and Mizuho Securities Co., Ltd. (collectively, "Mizuho") have agreed, subject to the joint approval by Evercore and Mizuho of each allocation of Mizuho's capital commitment, to commit up to $150 million to be invested in Evercore-affiliated funds. Evercore and Mizuho also entered into a new strategic alliance agreement strengthening their U.S.-Japan cross-border strategic alliance announced in 2006, which will expand the M&A relationship and form a steering committee to jointly review certain advisory opportunities.

Proceeds from Mizuho's purchase of the newly issued senior unsecured notes and warrants will be used to provide Evercore with capital to fund a number of specific investment management opportunities, several of which Evercore expects to announce before the end of the year, as well as a general build-out of its Investment Management and Strategic Advisory businesses, including geographic expansion. In connection with the investment by Mizuho, a representative of Mizuho will become a member of Evercore's Board of Directors, and following closing, Mizuho will be permitted to purchase Evercore Class A Common Stock in the open market, provided Mizuho's total voting interest does not exceed 4.9% of the total voting interest in Evercore.

"We have enjoyed a strong alliance with Mizuho, and this broader relationship enables both our Advisory and Investment Management businesses to partner with a truly leading Japanese institution. Moreover, Evercore has regularly stressed its two overriding strategic objectives," said Roger C. Altman, Chairman and Chief Executive Officer of Evercore, "namely, better balancing our businesses between the advising and investing functions and further globalizing the firm. These agreements advance both goals simultaneously."

About Evercore Partners
Evercore Partners is a leading investment banking boutique and investment firm. Evercore's Advisory business counsels its clients on mergers, acquisitions, divestitures, restructurings and other strategic transactions. Evercore's Investment Management business manages private equity funds and provides traditional asset management services to sophisticated institutional investors. Evercore serves a diverse set of clients around the world from its offices in New York, San Francisco, London, Mexico City and Monterrey, Mexico. More information about Evercore can be found on the Company's Web site at www.Evercore.com. EVR-X
About Mizuho Corporate Bank

Mizuho Corporate Bank is a core subsidiary company of Mizuho Financial Group, which is a leading Japanese financial group.

The Bank has a unique business model offering a blend of commercial and investment banking services and is regarded as a top bank in the wholesale banking area, leveraging a solid customer base and strong relationships with prominent domestic companies.

In addition to its overseas operations in the U.S., Europe and Asia, the Bank acquired U.S. FHC status in 2006 and has committed to further strengthening its investment banking business globally. The Bank is rated A+ and Aa2 from S&P and Moody's, respectively.

SOURCE Evercore Partners Inc.
http://www.evercore.com
Copyright (C) 2008 PR Newswire. All rights reserved
News Provided by COMTEX

Disclaimer

Information contained herein is based on data obtained from recognized statistical services, issuers reports or communications or other sources believed to be reliable. However, such information has not been verified by us and we do not make any representation to its accuracy or completeness. Any statement non-factual in nature constitutes only current opinions which are subject to change. BERAL INC. or their officers, directors, analysts or employees may have positions in the securities or commodities referred to herein, and may as principal or agent buy and sell such securities or commodities. An employee, analyst, officer or a director of BERAL INC. may serve as a director for companies mentioned in this report. Neither the information nor any comment expressed shall constitute an offer to sell or a solicitation of an offer to buy any securities or commodities mentioned herein. There may be instances when fundamental, technical and competitive opinions may not be in concert. This firm may from time to time perform investment banking or other services for or which investment banking or other businesses from any company mentioned in this report.

 

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"Warren Buffett - Franklin Roosevelt"
Posted March 15, 2007

"Rubicon Minerals Corp."
Posted March 1, 2007

"Robert Friedland -
The Man of The Year"

Posted February 21, 2007

"Lexam Exploration, Inc."
Posted February 11, 2007

"My Father Died In Auschwitz"
Posted January 19, 2007

"WisdomTree Investments, Inc."
Posted December 26, 2006

"Entrée Gold Inc."
Posted December 13, 2006

"Aero Mechanical Services, Ltd"
Posted November 17, 2006

"This Year I"m Voting For Dick Nixon"
Posted November 7, 2006

"Global Options
Group, Inc."

Posted November 1, 2006

"The Arrival of the
Nickel Billionaires"

Posted October 18, 2006

"The Kennedy-Nixon debate revisited"
Posted October 4, 2006

"Brilliant Mining Corp."
Posted September 17, 2006

"A Matter of Reasonable Doubt"
Ken Lay - Enron

Posted August 30, 2006

"Silver Wheaton - SLW"
Posted August 28, 2006 

"Silver In The
Twenty-First Century"

Posted August 16, 2006

"The Age of Mediocrity"
Posted July 19, 2006

"Let There Be Sunshine"
Kirk Kerkorian

Posted July 12, 2006

"Oil & Gas
Energy Crisis Solution"

Posted July 3, 2006

"I Am An Immigrant!"
Posted June 7, 2006

"Northern Star
Mining Corp."

Posted May 19, 2006 

"Gateway Gold:
It"s A Gold Story"

Posted May 15, 2006

"Ken Lay's Legacy"
Posted May 8, 2006

"The Principal Guest Was Missing"
Posted April 25, 2006

"J.P. Morgan Offers Advice To Ken Lay"
Posted April 11, 2006

"Pocketful Of
Miracles"

Posted April 8, 2006 

"Midway Gold
Corporation
"
Posted March 23, 2006 

"Harvest Gold"
Posted March 2, 2006 
 
"Sparton Resources"
Posted March 1, 2006 

"Interview with
Robert McEwen-
U.S. Gold Corporation
"
Posted February 22, 2006 

 
"A Tribute to
Rudy Giuliani
"
Posted February 15, 2006
 
"Your Money Is Not Yours"
-Enron & Martin Siegel, Esq.

Posted February 9, 2006

"Other People"s Money -Enron & Martin Siegel, Esq."
Posted January 28, 2006

"Northern Star Mining"
Posted January 16, 2006 
 
"Sonesta International Hotels Corporation"
Posted December 29, 2005 

"The Currency of Mass Destruction"
Posted December 5, 2005
 
"Bunker Hunt-Silver-China"
Posted November 28, 2005

"50 Relatives Worse Than Yours"
Posted November 14, 2005

"Then And Now"
Posted November 9, 2005 

"The Business of Hungary is Business!"
Posted October 31, 2005

"Mr. Prime Minister"
Posted October 13, 2005
 
"U.S. Gold Corp."
Posted September 29, 2005

"Orezone"
Posted September 23, 2005

"Mr Clarke -
Call In The Boys"

Posted September 12, 2005
 
"A Letter To
President Bush"

Posted September 8, 2005

"Mr. Smith Goes To Hungary"
Posted September 1, 2005
 
"Orko Gold"
Posted August 18, 2005

 "Near Hit"
Posted August 16, 2005

"An African Queen"
Posted August 11, 2005

"1848 and Beyond"
Posted August 4, 2005

 

 

Andrew Racz. 300 East 54 Street, Suite 26C, New York, NY 10022
Phone: (212) 319-6949 Fax: (212) 753-1944. E-mail: mlikar@aol.com

Copyright © 2011 Andrew Racz. All Rights Reserved.

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