Intrinsic value of Moelis - MC

Previous Close

$38.70

  Intrinsic Value

$381.26

stock screener

  Rating & Target

str. buy

+885%

  Value-price divergence*

+90%

Previous close

$38.70

 
Intrinsic value

$381.26

 
Up/down potential

+885%

 
Rating

str. buy

 
Value-price divergence*

+90%

Our model is not good at valuating stocks of financial companies, such as MC.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of MC stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 2.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  11.05
  37.30
  34.07
  31.16
  28.55
  26.19
  24.07
  22.17
  20.45
  18.90
  17.51
  16.26
  15.14
  14.12
  13.21
  12.39
  11.65
  10.99
  10.39
  9.85
  9.36
  8.93
  8.53
  8.18
  7.86
  7.58
  7.32
  7.09
  6.88
  6.69
  6.52
Revenue, $m
  613
  842
  1,128
  1,480
  1,903
  2,401
  2,979
  3,639
  4,383
  5,212
  6,125
  7,121
  8,198
  9,356
  10,592
  11,905
  13,291
  14,752
  16,284
  17,887
  19,562
  21,309
  23,127
  25,019
  26,986
  29,031
  31,156
  33,363
  35,658
  38,044
  40,525
Variable operating expenses, $m
 
  524
  703
  922
  1,185
  1,496
  1,856
  2,267
  2,731
  3,247
  3,816
  4,436
  5,108
  5,829
  6,599
  7,417
  8,281
  9,190
  10,145
  11,144
  12,187
  13,275
  14,408
  15,587
  16,812
  18,086
  19,410
  20,785
  22,215
  23,701
  25,247
Fixed operating expenses, $m
 
  74
  76
  78
  79
  81
  83
  86
  88
  90
  92
  94
  97
  99
  102
  104
  107
  110
  112
  115
  118
  121
  124
  127
  130
  133
  137
  140
  144
  147
  151
Total operating expenses, $m
  452
  598
  779
  1,000
  1,264
  1,577
  1,939
  2,353
  2,819
  3,337
  3,908
  4,530
  5,205
  5,928
  6,701
  7,521
  8,388
  9,300
  10,257
  11,259
  12,305
  13,396
  14,532
  15,714
  16,942
  18,219
  19,547
  20,925
  22,359
  23,848
  25,398
Operating income, $m
  161
  244
  350
  480
  638
  824
  1,040
  1,286
  1,565
  1,875
  2,217
  2,590
  2,994
  3,428
  3,892
  4,384
  4,904
  5,452
  6,027
  6,628
  7,257
  7,912
  8,595
  9,305
  10,044
  10,811
  11,609
  12,438
  13,299
  14,195
  15,127
EBITDA, $m
  164
  245
  351
  483
  640
  827
  1,044
  1,291
  1,571
  1,882
  2,225
  2,600
  3,005
  3,441
  3,906
  4,400
  4,923
  5,472
  6,049
  6,653
  7,284
  7,942
  8,627
  9,340
  10,081
  10,852
  11,652
  12,485
  13,349
  14,249
  15,184
Interest expense (income), $m
  0
  0
  3
  9
  16
  24
  34
  46
  59
  74
  90
  108
  128
  149
  173
  197
  223
  251
  280
  310
  342
  375
  410
  446
  484
  523
  564
  606
  650
  696
  743
Earnings before tax, $m
  167
  244
  347
  472
  622
  799
  1,005
  1,241
  1,506
  1,801
  2,127
  2,482
  2,866
  3,279
  3,719
  4,187
  4,681
  5,201
  5,747
  6,318
  6,915
  7,537
  8,185
  8,859
  9,560
  10,288
  11,045
  11,832
  12,649
  13,500
  14,384
Tax expense, $m
  25
  66
  94
  127
  168
  216
  271
  335
  407
  486
  574
  670
  774
  885
  1,004
  1,130
  1,264
  1,404
  1,552
  1,706
  1,867
  2,035
  2,210
  2,392
  2,581
  2,778
  2,982
  3,195
  3,415
  3,645
  3,884
Net income, $m
  38
  178
  253
  344
  454
  584
  734
  906
  1,099
  1,315
  1,553
  1,812
  2,092
  2,393
  2,715
  3,056
  3,417
  3,797
  4,195
  4,612
  5,048
  5,502
  5,975
  6,467
  6,978
  7,510
  8,063
  8,637
  9,234
  9,855
  10,500

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  319
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  599
  531
  712
  934
  1,201
  1,516
  1,881
  2,297
  2,767
  3,290
  3,867
  4,495
  5,176
  5,907
  6,687
  7,515
  8,391
  9,313
  10,280
  11,293
  12,350
  13,452
  14,600
  15,795
  17,037
  18,328
  19,669
  21,063
  22,512
  24,018
  25,584
Adjusted assets (=assets-cash), $m
  280
  531
  712
  934
  1,201
  1,516
  1,881
  2,297
  2,767
  3,290
  3,867
  4,495
  5,176
  5,907
  6,687
  7,515
  8,391
  9,313
  10,280
  11,293
  12,350
  13,452
  14,600
  15,795
  17,037
  18,328
  19,669
  21,063
  22,512
  24,018
  25,584
Revenue / Adjusted assets
  2.189
  1.586
  1.584
  1.585
  1.585
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
  1.584
Average production assets, $m
  9
  12
  16
  21
  27
  34
  42
  51
  61
  73
  86
  100
  115
  131
  148
  167
  186
  207
  228
  250
  274
  298
  324
  350
  378
  406
  436
  467
  499
  533
  567
Working capital, $m
  0
  -84
  -113
  -148
  -190
  -240
  -298
  -364
  -438
  -521
  -612
  -712
  -820
  -936
  -1,059
  -1,190
  -1,329
  -1,475
  -1,628
  -1,789
  -1,956
  -2,131
  -2,313
  -2,502
  -2,699
  -2,903
  -3,116
  -3,336
  -3,566
  -3,804
  -4,052
Total debt, $m
  0
  91
  254
  454
  694
  977
  1,306
  1,681
  2,103
  2,574
  3,093
  3,659
  4,271
  4,929
  5,631
  6,377
  7,165
  7,995
  8,865
  9,776
  10,728
  11,720
  12,753
  13,828
  14,946
  16,108
  17,315
  18,570
  19,873
  21,229
  22,639
Total liabilities, $m
  387
  478
  641
  841
  1,081
  1,364
  1,693
  2,068
  2,490
  2,961
  3,480
  4,046
  4,658
  5,316
  6,018
  6,764
  7,552
  8,382
  9,252
  10,163
  11,115
  12,107
  13,140
  14,215
  15,333
  16,495
  17,702
  18,957
  20,260
  21,616
  23,026
Total equity, $m
  212
  53
  71
  93
  120
  152
  188
  230
  277
  329
  387
  450
  518
  591
  669
  752
  839
  931
  1,028
  1,129
  1,235
  1,345
  1,460
  1,579
  1,704
  1,833
  1,967
  2,106
  2,251
  2,402
  2,558
Total liabilities and equity, $m
  599
  531
  712
  934
  1,201
  1,516
  1,881
  2,298
  2,767
  3,290
  3,867
  4,496
  5,176
  5,907
  6,687
  7,516
  8,391
  9,313
  10,280
  11,292
  12,350
  13,452
  14,600
  15,794
  17,037
  18,328
  19,669
  21,063
  22,511
  24,018
  25,584
Debt-to-equity ratio
  0.000
  1.720
  3.570
  4.860
  5.780
  6.450
  6.940
  7.320
  7.600
  7.820
  8.000
  8.140
  8.250
  8.340
  8.420
  8.490
  8.540
  8.580
  8.620
  8.660
  8.690
  8.710
  8.730
  8.750
  8.770
  8.790
  8.800
  8.820
  8.830
  8.840
  8.850
Adjusted equity ratio
  -0.382
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  38
  178
  253
  344
  454
  584
  734
  906
  1,099
  1,315
  1,553
  1,812
  2,092
  2,393
  2,715
  3,056
  3,417
  3,797
  4,195
  4,612
  5,048
  5,502
  5,975
  6,467
  6,978
  7,510
  8,063
  8,637
  9,234
  9,855
  10,500
Depreciation, amort., depletion, $m
  3
  1
  2
  2
  3
  3
  4
  5
  6
  7
  9
  10
  11
  13
  15
  17
  19
  21
  23
  25
  27
  30
  32
  35
  38
  41
  44
  47
  50
  53
  57
Funds from operations, $m
  245
  179
  255
  346
  457
  587
  738
  911
  1,105
  1,322
  1,561
  1,822
  2,104
  2,406
  2,730
  3,073
  3,436
  3,817
  4,218
  4,637
  5,075
  5,532
  6,007
  6,502
  7,016
  7,551
  8,106
  8,684
  9,284
  9,908
  10,557
Change in working capital, $m
  14
  -23
  -29
  -35
  -42
  -50
  -58
  -66
  -74
  -83
  -91
  -100
  -108
  -116
  -124
  -131
  -139
  -146
  -153
  -160
  -167
  -175
  -182
  -189
  -197
  -204
  -212
  -221
  -229
  -239
  -248
Cash from operations, $m
  231
  202
  283
  381
  499
  637
  796
  977
  1,180
  1,405
  1,652
  1,921
  2,211
  2,522
  2,853
  3,204
  3,574
  3,963
  4,371
  4,798
  5,243
  5,706
  6,189
  6,691
  7,213
  7,755
  8,319
  8,905
  9,514
  10,147
  10,805
Maintenance CAPEX, $m
  0
  -1
  -1
  -2
  -2
  -3
  -3
  -4
  -5
  -6
  -7
  -9
  -10
  -11
  -13
  -15
  -17
  -19
  -21
  -23
  -25
  -27
  -30
  -32
  -35
  -38
  -41
  -44
  -47
  -50
  -53
New CAPEX, $m
  -3
  -3
  -4
  -5
  -6
  -7
  -8
  -9
  -10
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -33
  -35
Cash from investing activities, $m
  1
  -4
  -5
  -7
  -8
  -10
  -11
  -13
  -15
  -18
  -20
  -23
  -25
  -27
  -30
  -33
  -36
  -39
  -42
  -45
  -48
  -51
  -55
  -58
  -63
  -67
  -71
  -75
  -79
  -83
  -88
Free cash flow, $m
  232
  198
  278
  375
  491
  627
  784
  963
  1,164
  1,387
  1,632
  1,899
  2,186
  2,495
  2,823
  3,171
  3,538
  3,924
  4,329
  4,752
  5,194
  5,655
  6,134
  6,632
  7,150
  7,689
  8,249
  8,830
  9,435
  10,063
  10,717
Issuance/(repayment) of debt, $m
  0
  91
  163
  200
  240
  283
  328
  375
  423
  471
  519
  566
  612
  658
  702
  746
  788
  830
  871
  911
  952
  992
  1,033
  1,075
  1,118
  1,162
  1,207
  1,255
  1,304
  1,356
  1,410
Issuance/(repurchase) of shares, $m
  -3
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -3
  91
  163
  200
  240
  283
  328
  375
  423
  471
  519
  566
  612
  658
  702
  746
  788
  830
  871
  911
  952
  992
  1,033
  1,075
  1,118
  1,162
  1,207
  1,255
  1,304
  1,356
  1,410
Total cash flow (excl. dividends), $m
  226
  289
  441
  575
  731
  910
  1,113
  1,339
  1,587
  1,858
  2,151
  2,465
  2,799
  3,152
  3,525
  3,917
  4,326
  4,754
  5,200
  5,664
  6,146
  6,647
  7,167
  7,707
  8,268
  8,851
  9,456
  10,085
  10,739
  11,419
  12,127
Retained Cash Flow (-), $m
  -44
  -53
  -18
  -22
  -27
  -31
  -36
  -42
  -47
  -52
  -58
  -63
  -68
  -73
  -78
  -83
  -88
  -92
  -97
  -101
  -106
  -110
  -115
  -119
  -124
  -129
  -134
  -139
  -145
  -151
  -157
Prev. year cash balance distribution, $m
 
  212
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  448
  423
  553
  704
  879
  1,076
  1,297
  1,540
  1,806
  2,093
  2,402
  2,731
  3,079
  3,447
  3,834
  4,239
  4,662
  5,103
  5,562
  6,040
  6,537
  7,052
  7,588
  8,144
  8,722
  9,322
  9,945
  10,594
  11,268
  11,970
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  429
  387
  481
  580
  681
  781
  876
  963
  1,037
  1,097
  1,141
  1,165
  1,171
  1,157
  1,126
  1,077
  1,014
  940
  856
  768
  676
  585
  497
  415
  339
  272
  213
  164
  123
  90
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Moelis & Company provides strategic and financial advisory services in the United States and internationally. The company advises clients in the areas of mergers and acquisitions, recapitalizations and restructurings, and other corporate finance matters. Moelis & Company offers its services to public multinational corporations, governments, financial sponsors, middle market private companies, and individual entrepreneurs. The company was founded in 2007 and is based in New York, New York.

FINANCIAL RATIOS  of  Moelis (MC)

Valuation Ratios
P/E Ratio 52.7
Price to Sales 3.3
Price to Book 9.4
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 8.8
Growth Rates
Sales Growth Rate 11.1%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -25%
Cap. Spend. - 3 Yr. Gr. Rate 8.4%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 6.7%
Ret/ On Assets - 3 Yr. Avg. 4.2%
Return On Total Capital 20%
Ret/ On T. Cap. - 3 Yr. Avg. 14%
Return On Equity 20%
Return On Equity - 3 Yr. Avg. 14%
Asset Turnover 1.1
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 27.7%
EBITDA Margin - 3 Yr. Avg. 21.2%
Operating Margin 26.3%
Oper. Margin - 3 Yr. Avg. 20.2%
Pre-Tax Margin 27.2%
Pre-Tax Margin - 3 Yr. Avg. 20.7%
Net Profit Margin 6.2%
Net Profit Margin - 3 Yr. Avg. 3.9%
Effective Tax Rate 15%
Eff/ Tax Rate - 3 Yr. Avg. 20%
Payout Ratio 407.9%

MC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the MC stock intrinsic value calculation we used $613 million for the last fiscal year's total revenue generated by Moelis. The default revenue input number comes from 2016 income statement of Moelis. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our MC stock valuation model: a) initial revenue growth rate of 37.3% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for MC is calculated based on our internal credit rating of Moelis, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Moelis.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of MC stock the variable cost ratio is equal to 62.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $72 million in the base year in the intrinsic value calculation for MC stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Moelis.

Corporate tax rate of 27% is the nominal tax rate for Moelis. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the MC stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for MC are equal to 1.4%.

Life of production assets of 10 years is the average useful life of capital assets used in Moelis operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for MC is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $212 million for Moelis - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 55.851 million for Moelis is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Moelis at the current share price and the inputted number of shares is $2.2 billion.

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COMPANY NEWS

▶ Luxury Trends, Luxury Stocks   [Aug-16-17 05:41PM  Barrons.com]
▶ Honey, I Shrunk The Store.   [Aug-03-17 10:08AM  Forbes]
▶ Moelis posts 2Q profit   [Jul-24-17 09:41PM  Associated Press]
▶ Moelis posts 2Q profit   [04:42PM  Associated Press]
▶ Moelis Mahmoodzadegan Still Bullish on China   [01:13PM  Bloomberg Video]
▶ Opening Bell, July 24, 2017   [09:29AM  CNBC Videos]
▶ [$$] Bankruptcy Watchdog Objects to $1 Million "Bonus" for Moelis   [Jul-03-17 12:01PM  The Wall Street Journal]
▶ 4 Surging Finance Stocks With Solid Dividends   [Jun-20-17 04:36PM  Zacks]
▶ Top Ranked Income Stocks to Buy for June 19th   [Jun-19-17 10:31AM  Zacks]
▶ LVMH CEO Arnault Says Rates Create 'Very Strange Period'   [Jun-15-17 12:12PM  Bloomberg Video]
▶ ROKT Finalizes US$26 Million Series 'B' Funding Round   [Jun-12-17 07:00PM  PR Newswire]
▶ [$$] Filling the Capital Void for Fannie and Freddie   [Jun-11-17 05:32PM  The Wall Street Journal]
▶ ETFs with exposure to Moelis & Co. : June 9, 2017   [Jun-09-17 01:44PM  Capital Cube]
▶ Should Value Investors Pick MOELIS (MC) Stock?   [May-10-17 09:55AM  Zacks]
▶ Bloomberg Markets: The Trump Economy 5/05   [May-05-17 05:09PM  Bloomberg]
▶ Cantor on Trump's 'shutdown' wish   [May-02-17 01:00PM  CNBC Videos]
▶ Moelis posts 1Q profit   [Apr-25-17 05:16PM  Associated Press]
▶ Desire to Add Exposure Leads Indices Higher   [10:33AM  TheStreet.com]
▶ Moelis & Co. Value Analysis (NYSE:MC) : April 20, 2017   [Apr-20-17 03:08PM  Capital Cube]
▶ Trump Town Hall to Feature Nearly 50 Business Leaders   [Apr-04-17 08:10AM  TheStreet.com]
▶ [$$] Wharton School to Attract Poets to Business   [Mar-28-17 02:35PM  The Wall Street Journal]
▶ Banks Bag Coveted Saudi Aramco IPO Roles (JPM, MS)   [Feb-23-17 12:25PM  Investopedia]
▶ [$$] Week in Review, February 11   [Feb-10-17 05:06PM  at Financial Times]
Financial statements of MC
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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