Intrinsic value of Evercore Inc. - EVR

Previous Close

$87.11

  Intrinsic Value

$2,097

stock screener

  Rating & Target

str. buy

+999%

Previous close

$87.11

 
Intrinsic value

$2,097

 
Up/down potential

+999%

 
Rating

str. buy

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

We calculate the intrinsic value of EVR 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 0001), $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 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  42.80
  39.02
  35.62
  32.56
  29.80
  27.32
  25.09
  23.08
  21.27
  19.64
  18.18
  16.86
  15.68
  14.61
  13.65
  12.78
  12.00
  11.30
  10.67
  10.11
  9.60
  9.14
  8.72
  8.35
  8.02
  7.71
  7.44
  7.20
  6.98
  6.78
Revenue, $m
  2,949
  4,099
  5,560
  7,370
  9,566
  12,179
  15,235
  18,751
  22,739
  27,207
  32,153
  37,574
  43,464
  49,814
  56,612
  63,849
  71,513
  79,597
  88,093
  96,996
  106,303
  116,015
  126,134
  136,667
  147,621
  159,008
  170,842
  183,139
  195,919
  209,203
Variable operating expenses, $m
  2,014
  2,794
  3,784
  5,012
  6,501
  8,273
  10,345
  12,730
  15,434
  18,464
  21,804
  25,480
  29,474
  33,780
  38,390
  43,297
  48,495
  53,977
  59,738
  65,775
  72,087
  78,673
  85,535
  92,677
  100,105
  107,827
  115,852
  124,191
  132,857
  141,866
Fixed operating expenses, $m
  112
  115
  117
  120
  123
  125
  128
  131
  134
  137
  140
  143
  146
  149
  152
  156
  159
  163
  166
  170
  174
  178
  181
  185
  190
  194
  198
  202
  207
  211
Total operating expenses, $m
  2,126
  2,909
  3,901
  5,132
  6,624
  8,398
  10,473
  12,861
  15,568
  18,601
  21,944
  25,623
  29,620
  33,929
  38,542
  43,453
  48,654
  54,140
  59,904
  65,945
  72,261
  78,851
  85,716
  92,862
  100,295
  108,021
  116,050
  124,393
  133,064
  142,077
Operating income, $m
  823
  1,190
  1,658
  2,238
  2,942
  3,781
  4,761
  5,890
  7,171
  8,606
  10,209
  11,951
  13,844
  15,885
  18,070
  20,396
  22,859
  25,458
  28,189
  31,051
  34,043
  37,165
  40,418
  43,804
  47,326
  50,987
  54,792
  58,746
  62,855
  67,126
EBITDA, $m
  865
  1,243
  1,725
  2,322
  3,047
  3,910
  4,920
  6,082
  7,401
  8,878
  10,514
  12,307
  14,256
  16,357
  18,606
  21,000
  23,537
  26,212
  29,023
  31,970
  35,050
  38,264
  41,613
  45,099
  48,725
  52,494
  56,411
  60,481
  64,711
  69,108
Interest expense (income), $m
  14
  10
  41
  82
  133
  197
  274
  365
  473
  596
  736
  893
  1,066
  1,257
  1,463
  1,686
  1,925
  2,179
  2,448
  2,731
  3,030
  3,342
  3,669
  4,010
  4,365
  4,734
  5,119
  5,518
  5,934
  6,365
  6,814
Earnings before tax, $m
  812
  1,149
  1,576
  2,105
  2,746
  3,507
  4,396
  5,418
  6,575
  7,870
  9,317
  10,885
  12,588
  14,421
  16,383
  18,471
  20,680
  23,010
  25,457
  28,021
  30,701
  33,496
  36,409
  39,440
  42,592
  45,868
  49,274
  52,812
  56,490
  60,312
Tax expense, $m
  219
  310
  426
  568
  741
  947
  1,187
  1,463
  1,775
  2,125
  2,515
  2,939
  3,399
  3,894
  4,424
  4,987
  5,584
  6,213
  6,873
  7,566
  8,289
  9,044
  9,830
  10,649
  11,500
  12,384
  13,304
  14,259
  15,252
  16,284
Net income, $m
  593
  839
  1,151
  1,537
  2,004
  2,560
  3,209
  3,955
  4,800
  5,745
  6,801
  7,946
  9,189
  10,528
  11,960
  13,484
  15,097
  16,797
  18,584
  20,455
  22,412
  24,452
  26,578
  28,791
  31,092
  33,484
  35,970
  38,553
  41,237
  44,028

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  2,470
  3,433
  4,656
  6,172
  8,012
  10,200
  12,759
  15,704
  19,045
  22,786
  26,929
  31,469
  36,402
  41,720
  47,414
  53,475
  59,894
  66,664
  73,780
  81,236
  89,031
  97,165
  105,640
  114,461
  123,636
  133,173
  143,084
  153,383
  164,086
  175,212
Adjusted assets (=assets-cash), $m
  2,470
  3,433
  4,656
  6,172
  8,012
  10,200
  12,759
  15,704
  19,045
  22,786
  26,929
  31,469
  36,402
  41,720
  47,414
  53,475
  59,894
  66,664
  73,780
  81,236
  89,031
  97,165
  105,640
  114,461
  123,636
  133,173
  143,084
  153,383
  164,086
  175,212
Revenue / Adjusted assets
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
  1.194
Average production assets, $m
  212
  295
  400
  531
  689
  877
  1,097
  1,350
  1,637
  1,959
  2,315
  2,705
  3,129
  3,587
  4,076
  4,597
  5,149
  5,731
  6,343
  6,984
  7,654
  8,353
  9,082
  9,840
  10,629
  11,449
  12,301
  13,186
  14,106
  15,063
Working capital, $m
  -519
  -722
  -978
  -1,297
  -1,684
  -2,144
  -2,681
  -3,300
  -4,002
  -4,788
  -5,659
  -6,613
  -7,650
  -8,767
  -9,964
  -11,237
  -12,586
  -14,009
  -15,504
  -17,071
  -18,709
  -20,419
  -22,200
  -24,053
  -25,981
  -27,985
  -30,068
  -32,232
  -34,482
  -36,820
Total debt, $m
  768
  1,516
  2,464
  3,641
  5,068
  6,767
  8,753
  11,038
  13,630
  16,533
  19,748
  23,271
  27,099
  31,226
  35,644
  40,347
  45,329
  50,583
  56,104
  61,890
  67,939
  74,251
  80,828
  87,673
  94,793
  102,193
  109,884
  117,876
  126,182
  134,816
Total liabilities, $m
  1,916
  2,664
  3,613
  4,790
  6,217
  7,915
  9,901
  12,186
  14,779
  17,682
  20,897
  24,420
  28,248
  32,375
  36,793
  41,496
  46,478
  51,731
  57,253
  63,039
  69,088
  75,400
  81,977
  88,822
  95,941
  103,342
  111,033
  119,025
  127,331
  135,965
Total equity, $m
  553
  769
  1,043
  1,383
  1,795
  2,285
  2,858
  3,518
  4,266
  5,104
  6,032
  7,049
  8,154
  9,345
  10,621
  11,978
  13,416
  14,933
  16,527
  18,197
  19,943
  21,765
  23,663
  25,639
  27,694
  29,831
  32,051
  34,358
  36,755
  39,247
Total liabilities and equity, $m
  2,469
  3,433
  4,656
  6,173
  8,012
  10,200
  12,759
  15,704
  19,045
  22,786
  26,929
  31,469
  36,402
  41,720
  47,414
  53,474
  59,894
  66,664
  73,780
  81,236
  89,031
  97,165
  105,640
  114,461
  123,635
  133,173
  143,084
  153,383
  164,086
  175,212
Debt-to-equity ratio
  1.390
  1.970
  2.360
  2.630
  2.820
  2.960
  3.060
  3.140
  3.190
  3.240
  3.270
  3.300
  3.320
  3.340
  3.360
  3.370
  3.380
  3.390
  3.390
  3.400
  3.410
  3.410
  3.420
  3.420
  3.420
  3.430
  3.430
  3.430
  3.430
  3.440
Adjusted equity ratio
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224
  0.224

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  593
  839
  1,151
  1,537
  2,004
  2,560
  3,209
  3,955
  4,800
  5,745
  6,801
  7,946
  9,189
  10,528
  11,960
  13,484
  15,097
  16,797
  18,584
  20,455
  22,412
  24,452
  26,578
  28,791
  31,092
  33,484
  35,970
  38,553
  41,237
  44,028
Depreciation, amort., depletion, $m
  42
  53
  67
  84
  105
  130
  159
  192
  230
  272
  305
  356
  412
  472
  536
  605
  677
  754
  835
  919
  1,007
  1,099
  1,195
  1,295
  1,399
  1,506
  1,619
  1,735
  1,856
  1,982
Funds from operations, $m
  635
  892
  1,217
  1,621
  2,109
  2,690
  3,368
  4,147
  5,030
  6,017
  7,106
  8,302
  9,601
  10,999
  12,496
  14,089
  15,774
  17,551
  19,418
  21,374
  23,419
  25,551
  27,773
  30,086
  32,491
  34,990
  37,588
  40,288
  43,094
  46,010
Change in working capital, $m
  -156
  -203
  -257
  -319
  -387
  -460
  -538
  -619
  -702
  -786
  -871
  -954
  -1,037
  -1,117
  -1,197
  -1,274
  -1,349
  -1,423
  -1,495
  -1,567
  -1,638
  -1,709
  -1,781
  -1,854
  -1,928
  -2,004
  -2,083
  -2,164
  -2,249
  -2,338
Cash from operations, $m
  791
  1,094
  1,474
  1,939
  2,496
  3,150
  3,905
  4,766
  5,732
  6,803
  7,976
  9,256
  10,637
  12,117
  13,693
  15,362
  17,123
  18,974
  20,914
  22,941
  25,057
  27,261
  29,554
  31,939
  34,418
  36,994
  39,671
  42,452
  45,343
  48,348
Maintenance CAPEX, $m
  -20
  -28
  -39
  -53
  -70
  -91
  -115
  -144
  -178
  -215
  -258
  -305
  -356
  -412
  -472
  -536
  -605
  -677
  -754
  -835
  -919
  -1,007
  -1,099
  -1,195
  -1,295
  -1,399
  -1,506
  -1,619
  -1,735
  -1,856
New CAPEX, $m
  -64
  -83
  -105
  -130
  -158
  -188
  -220
  -253
  -287
  -322
  -356
  -390
  -424
  -457
  -489
  -521
  -552
  -582
  -612
  -641
  -670
  -699
  -729
  -758
  -789
  -820
  -852
  -885
  -920
  -956
Cash from investing activities, $m
  -84
  -111
  -144
  -183
  -228
  -279
  -335
  -397
  -465
  -537
  -614
  -695
  -780
  -869
  -961
  -1,057
  -1,157
  -1,259
  -1,366
  -1,476
  -1,589
  -1,706
  -1,828
  -1,953
  -2,084
  -2,219
  -2,358
  -2,504
  -2,655
  -2,812
Free cash flow, $m
  707
  984
  1,330
  1,756
  2,268
  2,871
  3,570
  4,368
  5,267
  6,266
  7,362
  8,561
  9,857
  11,248
  12,731
  14,305
  15,966
  17,715
  19,548
  21,466
  23,468
  25,554
  27,727
  29,986
  32,335
  34,776
  37,313
  39,948
  42,688
  45,535
Issuance/(repayment) of debt, $m
  574
  748
  949
  1,176
  1,427
  1,699
  1,986
  2,285
  2,592
  2,903
  3,215
  3,524
  3,828
  4,127
  4,418
  4,703
  4,981
  5,254
  5,522
  5,786
  6,049
  6,312
  6,577
  6,845
  7,119
  7,401
  7,691
  7,992
  8,306
  8,634
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  574
  748
  949
  1,176
  1,427
  1,699
  1,986
  2,285
  2,592
  2,903
  3,215
  3,524
  3,828
  4,127
  4,418
  4,703
  4,981
  5,254
  5,522
  5,786
  6,049
  6,312
  6,577
  6,845
  7,119
  7,401
  7,691
  7,992
  8,306
  8,634
Total cash flow (excl. dividends), $m
  1,281
  1,731
  2,279
  2,932
  3,695
  4,569
  5,556
  6,653
  7,859
  9,170
  10,577
  12,085
  13,685
  15,375
  17,150
  19,008
  20,948
  22,968
  25,069
  27,252
  29,517
  31,866
  34,303
  36,831
  39,454
  42,177
  45,004
  47,940
  50,994
  54,169
Retained Cash Flow (-), $m
  -166
  -216
  -274
  -340
  -412
  -490
  -573
  -660
  -748
  -838
  -928
  -1,017
  -1,105
  -1,191
  -1,275
  -1,358
  -1,438
  -1,517
  -1,594
  -1,670
  -1,746
  -1,822
  -1,898
  -1,976
  -2,055
  -2,136
  -2,220
  -2,307
  -2,398
  -2,492
Prev. year cash balance distribution, $m
  371
  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
  1,486
  1,515
  2,005
  2,593
  3,283
  4,079
  4,983
  5,994
  7,111
  8,332
  9,649
  11,068
  12,580
  14,183
  15,874
  17,650
  19,510
  21,452
  23,476
  25,582
  27,771
  30,044
  32,405
  34,855
  37,399
  40,040
  42,783
  45,633
  48,596
  51,677
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
  1,425
  1,387
  1,745
  2,135
  2,545
  2,960
  3,366
  3,746
  4,085
  4,368
  4,582
  4,723
  4,783
  4,762
  4,660
  4,485
  4,245
  3,951
  3,615
  3,251
  2,872
  2,493
  2,124
  1,775
  1,455
  1,168
  918
  706
  530
  389
Current shareholders' claim on cash, %
  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

Evercore Inc., formerly Evercore Partners Inc., is a global independent investment banking advisory company. The Company advises a diverse set of investment banking clients on a wide range of transactions and issues and provides institutional investors with high quality equity research, sales and trading execution that is free of the conflicts created by proprietary activities. The Firm also offers investment management services to high net worth and institutional investors. The Company has 28 offices and affiliate offices in North America, Europe, South America and Asia and has the scale and strength to serve clients globally through a focused and tailored approach designed to meet their unique needs.

FINANCIAL RATIOS  of  Evercore Inc. (EVR)

Valuation Ratios
P/E Ratio 31.6
Price to Sales 2.3
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow 8.6
Growth Rates
Sales Growth Rate 17.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 12.5%
Cap. Spend. - 3 Yr. Gr. Rate 35.1%
Financial Strength
Quick Ratio 21
Current Ratio 0.1
LT Debt to Equity 35.1%
Total Debt to Equity 41%
Interest Coverage 20
Management Effectiveness
Return On Assets 7.4%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 15.1%
Ret/ On T. Cap. - 3 Yr. Avg. 10.9%
Return On Equity 20.9%
Return On Equity - 3 Yr. Avg. 15.2%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 98.8%
Gross Margin - 3 Yr. Avg. 98.6%
EBITDA Margin 21.1%
EBITDA Margin - 3 Yr. Avg. 19.4%
Operating Margin 17.9%
Oper. Margin - 3 Yr. Avg. 15.5%
Pre-Tax Margin 18.4%
Pre-Tax Margin - 3 Yr. Avg. 16.1%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 6.7%
Effective Tax Rate 44.4%
Eff/ Tax Rate - 3 Yr. Avg. 46.9%
Payout Ratio 48.1%

EVR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EVR stock intrinsic value calculation we used $2065 million for the last fiscal year's total revenue generated by Evercore Inc.. The default revenue input number comes from 0001 income statement of Evercore Inc.. 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 EVR stock valuation model: a) initial revenue growth rate of 42.8% 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 EVR is calculated based on our internal credit rating of Evercore Inc., 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 Evercore Inc..
    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 EVR stock the variable cost ratio is equal to 68.5%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $110 million in the base year in the intrinsic value calculation for EVR 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 5.4% for Evercore Inc..

Corporate tax rate of 27% is the nominal tax rate for Evercore Inc.. 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 EVR 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 EVR are equal to 7.2%.

Life of production assets of 7.6 years is the average useful life of capital assets used in Evercore Inc. 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 EVR is equal to -17.6%. 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 - $758.12 million for Evercore Inc. - 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 41.050 million for Evercore Inc. 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 Evercore Inc. at the current share price and the inputted number of shares is $3.6 billion.

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