Intrinsic value of Moelis - MC

Previous Close

$43.45

  Intrinsic Value

$284.87

stock screener

  Rating & Target

str. buy

+556%

  Value-price divergence*

+1440%

Previous close

$43.45

 
Intrinsic value

$284.87

 
Up/down potential

+556%

 
Rating

str. buy

 
Value-price divergence*

+1440%

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 2.3

 

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
  30.30
  27.77
  25.49
  23.44
  21.60
  19.94
  18.45
  17.10
  15.89
  14.80
  13.82
  12.94
  12.15
  11.43
  10.79
  10.21
  9.69
  9.22
  8.80
  8.42
  8.08
  7.77
  7.49
  7.24
  7.02
  6.82
  6.63
  6.47
  6.32
  6.19
Revenue, $m
  613
  799
  1,021
  1,281
  1,581
  1,922
  2,306
  2,731
  3,198
  3,706
  4,255
  4,843
  5,470
  6,134
  6,835
  7,573
  8,346
  9,154
  9,998
  10,878
  11,793
  12,746
  13,736
  14,765
  15,834
  16,945
  18,101
  19,301
  20,550
  21,850
  23,203
Variable operating expenses, $m
 
  498
  636
  798
  985
  1,198
  1,436
  1,701
  1,992
  2,309
  2,651
  3,017
  3,408
  3,821
  4,258
  4,718
  5,199
  5,703
  6,229
  6,777
  7,347
  7,941
  8,557
  9,199
  9,865
  10,557
  11,277
  12,025
  12,803
  13,613
  14,455
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
  572
  712
  876
  1,064
  1,279
  1,519
  1,787
  2,080
  2,399
  2,743
  3,111
  3,505
  3,920
  4,360
  4,822
  5,306
  5,813
  6,341
  6,892
  7,465
  8,062
  8,681
  9,326
  9,995
  10,690
  11,414
  12,165
  12,947
  13,760
  14,606
Operating income, $m
  161
  227
  309
  405
  517
  643
  786
  944
  1,118
  1,307
  1,512
  1,731
  1,965
  2,213
  2,475
  2,751
  3,039
  3,342
  3,657
  3,986
  4,328
  4,684
  5,054
  5,439
  5,839
  6,255
  6,687
  7,136
  7,604
  8,090
  8,596
EBITDA, $m
  164
  230
  312
  409
  521
  649
  792
  952
  1,127
  1,318
  1,524
  1,745
  1,981
  2,230
  2,494
  2,772
  3,063
  3,367
  3,685
  4,016
  4,361
  4,720
  5,093
  5,481
  5,884
  6,302
  6,738
  7,190
  7,661
  8,151
  8,661
Interest expense (income), $m
  0
  0
  -2
  1
  5
  9
  14
  20
  26
  32
  40
  48
  56
  65
  75
  85
  95
  107
  118
  130
  143
  156
  170
  184
  199
  214
  230
  247
  264
  282
  301
Earnings before tax, $m
  167
  227
  311
  404
  512
  634
  772
  924
  1,092
  1,275
  1,472
  1,684
  1,909
  2,148
  2,400
  2,666
  2,944
  3,235
  3,539
  3,855
  4,185
  4,528
  4,885
  5,255
  5,640
  6,041
  6,457
  6,889
  7,340
  7,808
  8,296
Tax expense, $m
  25
  61
  84
  109
  138
  171
  208
  250
  295
  344
  397
  455
  515
  580
  648
  720
  795
  873
  955
  1,041
  1,130
  1,223
  1,319
  1,419
  1,523
  1,631
  1,743
  1,860
  1,982
  2,108
  2,240
Net income, $m
  38
  166
  227
  295
  374
  463
  563
  675
  797
  931
  1,075
  1,229
  1,394
  1,568
  1,752
  1,946
  2,149
  2,362
  2,583
  2,814
  3,055
  3,305
  3,566
  3,836
  4,117
  4,410
  4,713
  5,029
  5,358
  5,700
  6,056

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
  365
  466
  585
  722
  878
  1,053
  1,248
  1,461
  1,693
  1,944
  2,212
  2,499
  2,802
  3,123
  3,459
  3,813
  4,182
  4,567
  4,969
  5,388
  5,823
  6,275
  6,745
  7,234
  7,741
  8,269
  8,817
  9,388
  9,982
  10,600
Adjusted assets (=assets-cash), $m
  280
  365
  466
  585
  722
  878
  1,053
  1,248
  1,461
  1,693
  1,944
  2,212
  2,499
  2,802
  3,123
  3,459
  3,813
  4,182
  4,567
  4,969
  5,388
  5,823
  6,275
  6,745
  7,234
  7,741
  8,269
  8,817
  9,388
  9,982
  10,600
Revenue / Adjusted assets
  2.189
  2.189
  2.191
  2.190
  2.190
  2.189
  2.190
  2.188
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
  2.189
Average production assets, $m
  9
  11
  14
  18
  22
  27
  32
  38
  45
  52
  60
  68
  77
  86
  96
  106
  117
  128
  140
  152
  165
  178
  192
  207
  222
  237
  253
  270
  288
  306
  325
Working capital, $m
  0
  -415
  -531
  -666
  -822
  -1,000
  -1,199
  -1,420
  -1,663
  -1,927
  -2,213
  -2,518
  -2,844
  -3,190
  -3,554
  -3,938
  -4,340
  -4,760
  -5,199
  -5,656
  -6,133
  -6,628
  -7,143
  -7,678
  -8,234
  -8,812
  -9,412
  -10,037
  -10,686
  -11,362
  -12,066
Total debt, $m
  0
  -59
  33
  140
  263
  403
  561
  736
  928
  1,137
  1,362
  1,604
  1,862
  2,135
  2,423
  2,726
  3,044
  3,377
  3,724
  4,085
  4,462
  4,853
  5,260
  5,684
  6,123
  6,580
  7,055
  7,549
  8,062
  8,597
  9,153
Total liabilities, $m
  387
  328
  420
  527
  650
  790
  948
  1,123
  1,315
  1,524
  1,749
  1,991
  2,249
  2,522
  2,810
  3,113
  3,431
  3,764
  4,111
  4,472
  4,849
  5,240
  5,647
  6,071
  6,510
  6,967
  7,442
  7,936
  8,449
  8,984
  9,540
Total equity, $m
  212
  36
  47
  59
  72
  88
  105
  125
  146
  169
  194
  221
  250
  280
  312
  346
  381
  418
  457
  497
  539
  582
  627
  675
  723
  774
  827
  882
  939
  998
  1,060
Total liabilities and equity, $m
  599
  364
  467
  586
  722
  878
  1,053
  1,248
  1,461
  1,693
  1,943
  2,212
  2,499
  2,802
  3,122
  3,459
  3,812
  4,182
  4,568
  4,969
  5,388
  5,822
  6,274
  6,746
  7,233
  7,741
  8,269
  8,818
  9,388
  9,982
  10,600
Debt-to-equity ratio
  0.000
  -1.610
  0.700
  2.390
  3.640
  4.590
  5.330
  5.900
  6.350
  6.710
  7.010
  7.250
  7.450
  7.620
  7.760
  7.880
  7.980
  8.070
  8.150
  8.220
  8.280
  8.340
  8.380
  8.430
  8.460
  8.500
  8.530
  8.560
  8.590
  8.610
  8.630
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
  166
  227
  295
  374
  463
  563
  675
  797
  931
  1,075
  1,229
  1,394
  1,568
  1,752
  1,946
  2,149
  2,362
  2,583
  2,814
  3,055
  3,305
  3,566
  3,836
  4,117
  4,410
  4,713
  5,029
  5,358
  5,700
  6,056
Depreciation, amort., depletion, $m
  3
  2
  3
  4
  4
  5
  6
  8
  9
  10
  12
  14
  15
  17
  19
  21
  23
  26
  28
  30
  33
  36
  38
  41
  44
  47
  51
  54
  58
  61
  65
Funds from operations, $m
  245
  168
  230
  299
  378
  468
  570
  682
  806
  941
  1,087
  1,243
  1,409
  1,585
  1,771
  1,967
  2,172
  2,387
  2,611
  2,845
  3,088
  3,341
  3,604
  3,878
  4,162
  4,457
  4,764
  5,083
  5,415
  5,761
  6,121
Change in working capital, $m
  14
  -97
  -115
  -135
  -156
  -178
  -199
  -221
  -243
  -264
  -285
  -306
  -326
  -345
  -365
  -383
  -402
  -420
  -439
  -457
  -476
  -495
  -515
  -535
  -556
  -578
  -601
  -624
  -649
  -676
  -703
Cash from operations, $m
  231
  265
  345
  434
  534
  646
  769
  904
  1,049
  1,205
  1,372
  1,548
  1,735
  1,931
  2,136
  2,351
  2,574
  2,808
  3,050
  3,302
  3,564
  3,836
  4,119
  4,413
  4,718
  5,035
  5,365
  5,708
  6,065
  6,437
  6,824
Maintenance CAPEX, $m
  0
  -2
  -2
  -3
  -4
  -4
  -5
  -6
  -8
  -9
  -10
  -12
  -14
  -15
  -17
  -19
  -21
  -23
  -26
  -28
  -30
  -33
  -36
  -38
  -41
  -44
  -47
  -51
  -54
  -58
  -61
New CAPEX, $m
  -3
  -3
  -3
  -4
  -4
  -5
  -5
  -6
  -7
  -7
  -8
  -8
  -9
  -9
  -10
  -10
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -17
  -18
  -19
Cash from investing activities, $m
  1
  -5
  -5
  -7
  -8
  -9
  -10
  -12
  -15
  -16
  -18
  -20
  -23
  -24
  -27
  -29
  -32
  -34
  -38
  -40
  -43
  -46
  -50
  -52
  -56
  -60
  -63
  -68
  -71
  -76
  -80
Free cash flow, $m
  232
  260
  340
  427
  526
  637
  758
  891
  1,035
  1,189
  1,354
  1,528
  1,712
  1,906
  2,109
  2,321
  2,542
  2,773
  3,013
  3,262
  3,521
  3,790
  4,070
  4,360
  4,662
  4,975
  5,301
  5,640
  5,993
  6,361
  6,744
Issuance/(repayment) of debt, $m
  0
  -59
  91
  107
  123
  140
  158
  175
  192
  209
  226
  242
  258
  273
  288
  303
  318
  332
  347
  362
  376
  392
  407
  423
  440
  457
  475
  494
  514
  534
  556
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
  0
Cash from financing (excl. dividends), $m  
  -3
  -59
  91
  107
  123
  140
  158
  175
  192
  209
  226
  242
  258
  273
  288
  303
  318
  332
  347
  362
  376
  392
  407
  423
  440
  457
  475
  494
  514
  534
  556
Total cash flow (excl. dividends), $m
  226
  202
  431
  534
  650
  777
  916
  1,066
  1,227
  1,398
  1,579
  1,770
  1,970
  2,179
  2,397
  2,624
  2,860
  3,105
  3,360
  3,624
  3,897
  4,182
  4,477
  4,783
  5,101
  5,432
  5,776
  6,134
  6,507
  6,895
  7,300
Retained Cash Flow (-), $m
  -44
  -143
  -10
  -12
  -14
  -16
  -18
  -19
  -21
  -23
  -25
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -40
  -42
  -44
  -45
  -47
  -49
  -51
  -53
  -55
  -57
  -59
  -62
Prev. year cash balance distribution, $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
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
 
  377
  421
  522
  636
  761
  898
  1,047
  1,206
  1,375
  1,554
  1,743
  1,941
  2,149
  2,365
  2,591
  2,825
  3,068
  3,321
  3,583
  3,856
  4,138
  4,431
  4,736
  5,052
  5,381
  5,723
  6,079
  6,450
  6,836
  7,239
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
 
  362
  385
  455
  524
  590
  652
  707
  754
  790
  815
  828
  829
  817
  794
  761
  718
  668
  612
  552
  490
  428
  368
  310
  257
  209
  167
  130
  100
  75
  55
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 is an investment banking advisory company. The Company provides strategic and financial advice to a client base, including corporations, governments and financial sponsors. The Company offers financial advisory services across various industry sectors. It advices its clients on decisions, including mergers and acquisitions (M&A), recapitalizations and restructurings, and other corporate finance matters. With 17 offices located in North and South America, Europe, the Middle East, Asia and Australia, the Company provided information flow and cross-border solutions as of December 31, 2016. The Company offers advisory services in all industries, including consumer, retail and restaurants; energy, power and infrastructure; financial institutions; financial sponsors; general industrials; healthcare; real estate, gaming, lodging and leisure, and technology, media and telecommunications. It advises clients on all aspects of public and private debt and equity transactions.

FINANCIAL RATIOS  of  Moelis (MC)

Valuation Ratios
P/E Ratio 59.1
Price to Sales 3.7
Price to Book 10.6
Price to Tangible Book
Price to Cash Flow 9.7
Price to Free Cash Flow 9.9
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 30.3% 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 2.8 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 -52%. 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 53.758 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 $2.3 billion.

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COMPANY NEWS

▶ [$$] Dual-class shares should build in expiration plan   [Oct-16-17 06:36AM  Financial Times]
▶ Highly Rated Moelis & Company Near Buy Zone Ahead Of Earnings   [Oct-11-17 03:00AM  Investor's Business Daily]
▶ Is Moelis & Company (MC) A Sell At Its Current Price?   [Oct-06-17 05:39PM  Simply Wall St.]
▶ ETFs with exposure to Moelis & Co. : October 3, 2017   [Oct-03-17 11:23AM  Capital Cube]
▶ Dior CEO on New Designer, LVMH Partnership and E-Commerce   [Sep-26-17 02:05PM  Bloomberg Video]
▶ ETFs with exposure to Moelis & Co. : September 18, 2017   [Sep-18-17 06:16PM  Capital Cube]
▶ [$$] Ken Moelis imagines relationships with robots   [Sep-14-17 11:09PM  Financial Times]
▶ 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]
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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