$Moelis & Co (MC.US)$It is an investment banking business. W...
$Moelis & Co(MC.US$It is an investment banking business. While revenue fluctuated little in the first three years in the past 5 years, it increased sharply by 63% in 2021, fell 36% in 2022 to the level of 2020, with an average growth rate of 7.5% over the past 5 years, operating profit surged 86.6% in 2021, and a sharp decline of 56.4% in 2022 back to 2018 levels. The 5-year average growth rate was 5.6%, net profit increased sharply by 94% in 2021, and an average growth rate of 6% over 5 years.
In the first half of 2023, revenue shrank sharply by 32.5%, operating profit lost 111 million yuan, and net profit was affected by income tax refunds and lost only 0.1 million yuan.
Currently, the price-earnings ratio is 20.8, and the price-earnings ratio TTM has risen to 84. If we calculate the 5-year average net profit of 230 million yuan, the price-earnings ratio is 12.9. The valuation is too high regardless of growth or cycle.
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