Intrinsic value of Houlihan Lokey Cl A - HLI

Previous Close

$46.16

  Intrinsic Value

$252.36

stock screener

  Rating & Target

str. buy

+447%

Previous close

$46.16

 
Intrinsic value

$252.36

 
Up/down potential

+447%

 
Rating

str. buy

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

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

We calculate the intrinsic value of HLI 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.

Please visit our new site that uses elements of artificial intelligence for stock valuation: artificial intelligence value of Houlihan Lokey Cl A (HLI) stock.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   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
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  25.65
  29.40
  26.96
  24.76
  22.79
  21.01
  19.41
  17.97
  16.67
  15.50
  14.45
  13.51
  12.66
  11.89
  11.20
  10.58
  10.02
  9.52
  9.07
  8.66
  8.30
  7.97
  7.67
  7.40
  7.16
  6.95
  6.75
  6.58
  6.42
  6.28
  6.15
Revenue, $m
  872
  1,128
  1,433
  1,787
  2,195
  2,656
  3,171
  3,741
  4,364
  5,041
  5,770
  6,549
  7,378
  8,255
  9,180
  10,152
  11,169
  12,233
  13,342
  14,498
  15,700
  16,951
  18,251
  19,602
  21,007
  22,466
  23,983
  25,560
  27,200
  28,908
  30,685
Variable operating expenses, $m
 
  766
  958
  1,182
  1,440
  1,732
  2,058
  2,418
  2,812
  3,240
  3,701
  4,142
  4,666
  5,221
  5,806
  6,421
  7,064
  7,737
  8,439
  9,170
  9,930
  10,721
  11,544
  12,398
  13,286
  14,209
  15,168
  16,166
  17,204
  18,284
  19,408
Fixed operating expenses, $m
 
  91
  94
  96
  98
  101
  103
  106
  108
  111
  114
  117
  120
  123
  126
  129
  132
  135
  139
  142
  146
  149
  153
  157
  161
  165
  169
  173
  178
  182
  187
Total operating expenses, $m
  690
  857
  1,052
  1,278
  1,538
  1,833
  2,161
  2,524
  2,920
  3,351
  3,815
  4,259
  4,786
  5,344
  5,932
  6,550
  7,196
  7,872
  8,578
  9,312
  10,076
  10,870
  11,697
  12,555
  13,447
  14,374
  15,337
  16,339
  17,382
  18,466
  19,595
Operating income, $m
  182
  272
  381
  509
  656
  823
  1,010
  1,217
  1,444
  1,690
  1,955
  2,290
  2,592
  2,911
  3,248
  3,602
  3,973
  4,360
  4,765
  5,186
  5,624
  6,080
  6,554
  7,047
  7,559
  8,092
  8,645
  9,220
  9,819
  10,442
  11,091
EBITDA, $m
  191
  333
  445
  576
  727
  898
  1,089
  1,301
  1,533
  1,785
  2,056
  2,346
  2,655
  2,982
  3,327
  3,689
  4,068
  4,465
  4,879
  5,310
  5,759
  6,226
  6,711
  7,215
  7,739
  8,284
  8,850
  9,439
  10,052
  10,690
  11,354
Interest expense (income), $m
  2
  1
  8
  16
  26
  37
  50
  64
  79
  96
  115
  134
  156
  178
  202
  227
  254
  281
  310
  341
  372
  405
  439
  474
  511
  549
  589
  630
  673
  718
  764
Earnings before tax, $m
  178
  270
  373
  493
  630
  786
  961
  1,153
  1,364
  1,593
  1,840
  2,156
  2,436
  2,733
  3,046
  3,375
  3,719
  4,079
  4,454
  4,845
  5,252
  5,676
  6,116
  6,573
  7,048
  7,542
  8,056
  8,590
  9,146
  9,724
  10,327
Tax expense, $m
  70
  73
  101
  133
  170
  212
  259
  311
  368
  430
  497
  582
  658
  738
  822
  911
  1,004
  1,101
  1,203
  1,308
  1,418
  1,532
  1,651
  1,775
  1,903
  2,036
  2,175
  2,319
  2,469
  2,626
  2,788
Net income, $m
  108
  197
  272
  360
  460
  574
  701
  842
  996
  1,163
  1,343
  1,574
  1,778
  1,995
  2,224
  2,464
  2,715
  2,978
  3,252
  3,537
  3,834
  4,143
  4,464
  4,798
  5,145
  5,506
  5,881
  6,271
  6,677
  7,099
  7,538

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  300
  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
  1,386
  1,405
  1,784
  2,226
  2,733
  3,307
  3,949
  4,659
  5,435
  6,278
  7,185
  8,156
  9,188
  10,281
  11,432
  12,642
  13,909
  15,234
  16,615
  18,054
  19,552
  21,110
  22,729
  24,412
  26,160
  27,977
  29,866
  31,830
  33,873
  36,000
  38,213
Adjusted assets (=assets-cash), $m
  1,086
  1,405
  1,784
  2,226
  2,733
  3,307
  3,949
  4,659
  5,435
  6,278
  7,185
  8,156
  9,188
  10,281
  11,432
  12,642
  13,909
  15,234
  16,615
  18,054
  19,552
  21,110
  22,729
  24,412
  26,160
  27,977
  29,866
  31,830
  33,873
  36,000
  38,213
Revenue / Adjusted assets
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
  0.803
Average production assets, $m
  224
  290
  368
  459
  564
  683
  815
  961
  1,122
  1,296
  1,483
  1,683
  1,896
  2,122
  2,359
  2,609
  2,870
  3,144
  3,429
  3,726
  4,035
  4,356
  4,691
  5,038
  5,399
  5,774
  6,164
  6,569
  6,990
  7,429
  7,886
Working capital, $m
  0
  -388
  -493
  -615
  -755
  -914
  -1,091
  -1,287
  -1,501
  -1,734
  -1,985
  -2,253
  -2,538
  -2,840
  -3,158
  -3,492
  -3,842
  -4,208
  -4,590
  -4,987
  -5,401
  -5,831
  -6,278
  -6,743
  -7,226
  -7,728
  -8,250
  -8,793
  -9,357
  -9,944
  -10,556
Total debt, $m
  33
  227
  457
  725
  1,033
  1,381
  1,771
  2,202
  2,673
  3,185
  3,735
  4,325
  4,951
  5,614
  6,313
  7,048
  7,817
  8,621
  9,459
  10,333
  11,242
  12,188
  13,170
  14,192
  15,253
  16,356
  17,503
  18,695
  19,935
  21,226
  22,570
Total liabilities, $m
  659
  853
  1,083
  1,351
  1,659
  2,007
  2,397
  2,828
  3,299
  3,811
  4,361
  4,951
  5,577
  6,240
  6,939
  7,674
  8,443
  9,247
  10,085
  10,959
  11,868
  12,814
  13,796
  14,818
  15,879
  16,982
  18,129
  19,321
  20,561
  21,852
  23,196
Total equity, $m
  727
  552
  701
  875
  1,074
  1,300
  1,552
  1,831
  2,136
  2,467
  2,824
  3,205
  3,611
  4,040
  4,493
  4,968
  5,466
  5,987
  6,530
  7,095
  7,684
  8,296
  8,932
  9,594
  10,281
  10,995
  11,737
  12,509
  13,312
  14,148
  15,018
Total liabilities and equity, $m
  1,386
  1,405
  1,784
  2,226
  2,733
  3,307
  3,949
  4,659
  5,435
  6,278
  7,185
  8,156
  9,188
  10,280
  11,432
  12,642
  13,909
  15,234
  16,615
  18,054
  19,552
  21,110
  22,728
  24,412
  26,160
  27,977
  29,866
  31,830
  33,873
  36,000
  38,214
Debt-to-equity ratio
  0.045
  0.410
  0.650
  0.830
  0.960
  1.060
  1.140
  1.200
  1.250
  1.290
  1.320
  1.350
  1.370
  1.390
  1.410
  1.420
  1.430
  1.440
  1.450
  1.460
  1.460
  1.470
  1.470
  1.480
  1.480
  1.490
  1.490
  1.490
  1.500
  1.500
  1.500
Adjusted equity ratio
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393
  0.393

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  108
  197
  272
  360
  460
  574
  701
  842
  996
  1,163
  1,343
  1,574
  1,778
  1,995
  2,224
  2,464
  2,715
  2,978
  3,252
  3,537
  3,834
  4,143
  4,464
  4,798
  5,145
  5,506
  5,881
  6,271
  6,677
  7,099
  7,538
Depreciation, amort., depletion, $m
  9
  62
  64
  67
  71
  75
  79
  84
  89
  95
  101
  56
  63
  71
  79
  87
  96
  105
  114
  124
  135
  145
  156
  168
  180
  192
  205
  219
  233
  248
  263
Funds from operations, $m
  304
  259
  336
  427
  531
  649
  780
  926
  1,085
  1,258
  1,445
  1,630
  1,842
  2,066
  2,302
  2,551
  2,811
  3,082
  3,366
  3,661
  3,969
  4,288
  4,621
  4,966
  5,325
  5,698
  6,086
  6,490
  6,910
  7,346
  7,801
Change in working capital, $m
  75
  -88
  -105
  -122
  -140
  -159
  -177
  -196
  -215
  -233
  -251
  -268
  -285
  -302
  -318
  -334
  -350
  -366
  -382
  -398
  -414
  -430
  -447
  -465
  -483
  -502
  -522
  -543
  -564
  -587
  -611
Cash from operations, $m
  229
  347
  441
  549
  671
  807
  958
  1,122
  1,300
  1,491
  1,695
  1,898
  2,127
  2,368
  2,620
  2,885
  3,161
  3,448
  3,748
  4,059
  4,382
  4,719
  5,068
  5,431
  5,808
  6,200
  6,608
  7,032
  7,474
  7,934
  8,413
Maintenance CAPEX, $m
  0
  -7
  -10
  -12
  -15
  -19
  -23
  -27
  -32
  -37
  -43
  -49
  -56
  -63
  -71
  -79
  -87
  -96
  -105
  -114
  -124
  -135
  -145
  -156
  -168
  -180
  -192
  -205
  -219
  -233
  -248
New CAPEX, $m
  -14
  -66
  -78
  -91
  -105
  -118
  -132
  -146
  -160
  -174
  -187
  -200
  -213
  -225
  -238
  -250
  -262
  -273
  -285
  -297
  -309
  -321
  -334
  -347
  -361
  -375
  -390
  -405
  -422
  -439
  -457
Cash from investing activities, $m
  -2
  -73
  -88
  -103
  -120
  -137
  -155
  -173
  -192
  -211
  -230
  -249
  -269
  -288
  -309
  -329
  -349
  -369
  -390
  -411
  -433
  -456
  -479
  -503
  -529
  -555
  -582
  -610
  -641
  -672
  -705
Free cash flow, $m
  227
  274
  353
  445
  551
  670
  802
  948
  1,108
  1,280
  1,465
  1,648
  1,858
  2,079
  2,312
  2,556
  2,812
  3,079
  3,358
  3,648
  3,949
  4,263
  4,589
  4,927
  5,280
  5,645
  6,026
  6,422
  6,833
  7,262
  7,708
Issuance/(repayment) of debt, $m
  -41
  194
  230
  268
  308
  349
  390
  431
  471
  511
  551
  589
  627
  663
  699
  734
  769
  804
  839
  874
  909
  945
  983
  1,021
  1,061
  1,103
  1,147
  1,192
  1,240
  1,291
  1,344
Issuance/(repurchase) of shares, $m
  194
  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  
  158
  194
  230
  268
  308
  349
  390
  431
  471
  511
  551
  589
  627
  663
  699
  734
  769
  804
  839
  874
  909
  945
  983
  1,021
  1,061
  1,103
  1,147
  1,192
  1,240
  1,291
  1,344
Total cash flow (excl. dividends), $m
  382
  468
  583
  714
  859
  1,018
  1,192
  1,379
  1,579
  1,791
  2,015
  2,237
  2,484
  2,742
  3,011
  3,291
  3,581
  3,883
  4,196
  4,521
  4,858
  5,208
  5,572
  5,949
  6,341
  6,748
  7,172
  7,614
  8,074
  8,553
  9,052
Retained Cash Flow (-), $m
  -76
  -125
  -149
  -174
  -199
  -226
  -252
  -279
  -305
  -331
  -357
  -381
  -406
  -429
  -453
  -475
  -498
  -520
  -543
  -566
  -589
  -612
  -636
  -661
  -687
  -714
  -742
  -772
  -803
  -836
  -870
Prev. year cash balance distribution, $m
 
  300
  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
 
  642
  434
  540
  660
  793
  940
  1,100
  1,274
  1,460
  1,659
  1,856
  2,079
  2,313
  2,558
  2,815
  3,083
  3,363
  3,653
  3,956
  4,270
  4,596
  4,935
  5,288
  5,654
  6,034
  6,430
  6,842
  7,271
  7,717
  8,182
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
 
  616
  398
  470
  543
  615
  682
  743
  796
  839
  870
  881
  887
  879
  859
  827
  784
  732
  673
  609
  543
  475
  409
  347
  288
  235
  188
  147
  112
  84
  62
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

Houlihan Lokey, Inc. is a global independent investment bank that focuses on mergers and acquisitions (M&A), capital markets, financial restructuring, valuation, and strategic consulting. The Company operates through four segments: Corporate Finance, Financial Restructuring, Financial Advisory Services and Strategic Consulting. The Company provides financial professionals with an integrated platform that enables them to deliver advice to its clients. The Corporate Finance activities include two categories: M&A and capital markets advisory. The Financial Advisory Services segment includes financial opinions, and a range of valuation and financial consulting services in the United States. The Financial Restructuring segment provides advice to debtors and creditors. The Strategic Consulting segment thinks beyond traditional business models to help companies compete in new ways and exploit opportunities to achieve profitable growth.

FINANCIAL RATIOS  of  Houlihan Lokey Cl A (HLI)

Valuation Ratios
P/E Ratio 28.2
Price to Sales 3.5
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 13.3
Price to Free Cash Flow 14.2
Growth Rates
Sales Growth Rate 25.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 55.6%
Cap. Spend. - 3 Yr. Gr. Rate 47.6%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 4.5%
Total Debt to Equity 4.5%
Interest Coverage 90
Management Effectiveness
Return On Assets 8.9%
Ret/ On Assets - 3 Yr. Avg. 7.3%
Return On Total Capital 14.5%
Ret/ On T. Cap. - 3 Yr. Avg. 11.3%
Return On Equity 15.7%
Return On Equity - 3 Yr. Avg. 11.9%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 21.7%
EBITDA Margin - 3 Yr. Avg. 20.5%
Operating Margin 20.9%
Oper. Margin - 3 Yr. Avg. 19.4%
Pre-Tax Margin 20.4%
Pre-Tax Margin - 3 Yr. Avg. 19.3%
Net Profit Margin 12.4%
Net Profit Margin - 3 Yr. Avg. 11.4%
Effective Tax Rate 39.3%
Eff/ Tax Rate - 3 Yr. Avg. 41.1%
Payout Ratio 50.9%

HLI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the HLI stock intrinsic value calculation we used $872 million for the last fiscal year's total revenue generated by Houlihan Lokey Cl A. The default revenue input number comes from 2017 income statement of Houlihan Lokey Cl A. 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 HLI stock valuation model: a) initial revenue growth rate of 29.4% 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 HLI is calculated based on our internal credit rating of Houlihan Lokey Cl A, 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 Houlihan Lokey Cl A.
    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 HLI stock the variable cost ratio is equal to 69.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $89 million in the base year in the intrinsic value calculation for HLI 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 3.6% for Houlihan Lokey Cl A.

Corporate tax rate of 27% is the nominal tax rate for Houlihan Lokey Cl A. 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 HLI 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 HLI are equal to 25.7%.

Life of production assets of 82.6 years is the average useful life of capital assets used in Houlihan Lokey Cl A 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 HLI is equal to -34.4%. 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 - $727 million for Houlihan Lokey Cl A - 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 66.256 million for Houlihan Lokey Cl A 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 Houlihan Lokey Cl A at the current share price and the inputted number of shares is $3.1 billion.

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COMPANY NEWS

▶ [$$] Bridgepoint Buys Safety Technology Holdings From Golden Gate   [Feb-13-18 05:18PM  The Wall Street Journal]
▶ Houlihan Lokey posts 3Q profit   [Jan-29-18 04:29PM  Associated Press]
▶ Houlihan Lokey's Earnings Preview   [09:57AM  Benzinga]
▶ Jean Stack and John Song reveal why they switched investment banking firms   [Jan-24-18 10:09AM  American City Business Journals]
▶ Blog Exposure - Houlihan Lokey To Acquire Quayle Munro   [Jan-18-18 07:00AM  ACCESSWIRE]
▶ New Strong Buy Stocks for January 15th   [Jan-15-18 09:39AM  Zacks]
▶ Houlihan Lokey adds local boutique investment bank to gov-con team   [Dec-22-17 09:36AM  American City Business Journals]
▶ Houlihan Lokey Adds Seasoned Banker to Its Oil & Gas Group   [Dec-14-17 11:00AM  Business Wire]
▶ Go-to government contracting investment banking duo leaves firm   [Dec-07-17 04:37PM  American City Business Journals]
▶ Houlihan Lokey posts 2Q profit   [Oct-24-17 05:19PM  Associated Press]
▶ Highly Rated Moelis & Company Near Buy Zone Ahead Of Earnings   [03:00AM  Investor's Business Daily]
▶ [$$] Midwest Dental Considers a Sale   [Sep-14-17 07:30AM  The Wall Street Journal]
▶ MOVES- HSBC, Lazard, Baird   [Aug-14-17 04:02PM  Reuters]
▶ Houlihan Lokey posts 1Q profit   [Jul-25-17 11:05PM  Associated Press]
▶ Houlihan Lokey posts 4Q profit   [May-09-17 07:28PM  Associated Press]
Financial statements of HLI
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