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Greenhill (GHL) Stock Overview

GHL fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	1/6
Past Performance	0/6
Financial Health	1/6
Dividends	2/6

Rewards

Revenue is forecast to grow 11.91% per year

Risk Analysis

Debt is not well covered by operating cash flow

Shareholders have been diluted in the past year

Dividend of 2.67% is not well covered by earnings

GHL Community Fair Values

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Greenhill & Co., Inc. Competitors

Price History & Performance

Summary of share price highs, lows and changes for Greenhill
Historical stock prices
Current Share Price	US$14.99
52 Week High	US$15.07
52 Week Low	US$6.14
Beta	1.08
1 Month Change	0.94%
3 Month Change	1.49%
1 Year Change	52.18%
3 Year Change	4.75%
5 Year Change	-39.97%
Change since IPO	-26.88%

Recent updates

Analysis Article • May 07

Greenhill (NYSE:GHL) Has Announced A Dividend Of $0.10

The board of Greenhill & Co., Inc. ( NYSE:GHL ) has announced that it will pay a dividend on the 21st of June, with...

Seeking Alpha • Feb 16

Greenhill Saw That Q4 Pop, But Optimism Maybe Premature

Summary Management really leaned into the notion that 2023 would be a strong rebound year. We think that things will be less vigorous than hoped. Management was accurate with their assertions in Q3 that Q4 would be a stronger quarter with deals shifting right, and that continues and operating leverage continues to be evident. Industrial and telco are still good M&A markets, and strength in industrial M&A should be considered a leading indicator for the economy. Greenhill works with corporates, but resolutions in the private debt markets may mean sponsors are a more attractive area this year where corporates could be disappointed with rates. Comparing them to PWP, Greenhill seems the better deal, but we're not overweight the advisor bucket anymore. Greenhill (GHL) is a pretty well respected advisory house and a plucky stock which has managed to stay relatively resilient among its peers. It was resilient even with the 'red-shift' in deal cycles that sees elongated decision making and slower booking, which put major wins into Q4 as described by management in Q3. We've seen it happen now, and the company has impressed with about 33% sequential net income growth. Things look good for Greenhill, but we don't like how much management is leaning into the positives of 2023, because we still think there are risks and it may not be the rebound year they hope for. Overall, with the run-up since our last article, we are no longer overweight this sector. Q4 Notes Firstly, we are finally seeing signs of the 'months' of dialogue related to restructuring finally coming to pass. Not super distressed opportunities, but stuff that should finally be a tailwind to peers like PJT Partners (PJT). I would say, toward the end of the year, we started seeing a significant pickup in opportunities. I would say that most of the activity is in what I would call like classic restructuring like companies that are in some degree of distress, not necessarily Chapter 11 style but some degree of distress. Scott Bok, CEO of GHL Moreover, management reports on continued struggles in credit markets making some restructuring activity difficult. It also explains continued pressure on sponsor business, which remains very depressed. Still, there should be some rebound here, even if it's only partial, because the LevFin problems were being caused by a shutdown in the secondary market at the worst of the rate-related volatility. Yes. Look, I think financing markets, I do expect, frankly, that they will continue to improve. But I mean they've got a long way to go to get back to being kind of available for everybody. So I think credit markets will be discerning, what I would call discerning for a good while. Scott Bok, CEO of GHL The company mentioned that its current business is pretty corporate focused. Its idiosyncratic and corporate focused business is much of the reason why Greenhill managed to avoid extreme downturns in their deal activity. For 2023 they are already guiding vaguely to some kind of rebound year. While we saw deal activity shift from Q3 to Q4 leading to a sequential 33% jump in net income, and this red-shift should support upcoming quarters too, we think optimism is still premature given macroeconomic factors. Look, I'd also say that, whereas a year ago, I think everybody was incredibly optimistic, right? That was before the Ukraine invasion and higher inflation and interest rates and all the rest. If you look at where we are now, we're kind of at probably very recently a sort of peak pessimism in some senses in the market. But clearly, rates are now starting to come down on the long end, inflation starting to come down. Scott Bok Bok goes on to say that they expect continued caution, but that things look clearer. We think that while there is some peaking going on, we still have some dangers. Consider some comments from FOMC members. The longer high inflation persists, the more likely it is that households and businesses may come to expect higher inflation in the longer term. Governor Bowman, FOMC member

Analysis Article • Feb 05

Greenhill (NYSE:GHL) Is Due To Pay A Dividend Of $0.10

Greenhill & Co., Inc. ( NYSE:GHL ) has announced that it will pay a dividend of $0.10 per share on the 22nd of March...

Seeking Alpha • Feb 01

Greenhill Q4 GAAP EPS, revenue down, share buybacks authorized

Greenhill press release (NYSE:GHL): Q4 GAAP EPS of $0.95 (vs. $1.21 Y/Y). Revenue of $95.8M (-17.9% Y/Y). Board authorized repurchases of common shares and share equivalents of up to $30.0 million

Seeking Alpha • Sep 12

Greenhill goes ex-dividend tomorrow

Greenhill (NYSE:GHL) had declared $0.10/share quarterly dividend, in line with previous. Payable Sept. 28; for shareholders of record Sept. 14; ex-div Sept. 13. See GHL Dividend Scorecard, Yield Chart, & Dividend Growth.

Seeking Alpha • Aug 02

Greenhill GAAP EPS of -$1.03 misses by $0.58, revenue of $36M misses by $3.77M

Greenhill press release (NYSE:GHL): Q2 GAAP EPS of -$1.03 misses by $0.58. Revenue of $36M (-16.7% Y/Y) misses by $3.77M.

Seeking Alpha • Jul 08

Piper Sandler cuts PT on Greenhill, reaffirms Neutral rating

Piper Sandler on Friday lowered its price target on Greenhill (NYSE:GHL) to $10 from $14.50, implying a potential upside of 11.4% to its last close. The brokerage maintained its Neutral rating on GHL, in-line with sell-side rating of Hold. However, SA Quant system rates the stock Sell, saying GHL is at high risk of performing badly due to decelerating momentum and negative EPS revisions vs. other financial stocks GHL stock, which fell ~4% on Friday, has declined ~54% YTD.

Analysis Article • Feb 08

Greenhill (NYSE:GHL) Has Announced That It Will Be Increasing Its Dividend To US$0.10

Greenhill & Co., Inc. ( NYSE:GHL ) will increase its dividend on the 16th of March to US$0.10. This takes the annual...

Shareholder Returns

	GHL	US Capital Markets	US Market
7D	1.1%	6.4%	-0.7%
1Y	52.2%	4.9%	20.3%

Return vs Industry: GHL exceeded the US Capital Markets industry which returned 8% over the past year.

Return vs Market: GHL exceeded the US Market which returned 14.1% over the past year.

Price Volatility

Is GHL's price volatile compared to industry and market?
GHL volatility
GHL Average Weekly Movement	0.7%
Capital Markets Industry Average Movement	3.9%
Market Average Movement	7.3%
10% most volatile stocks in US Market	16.8%
10% least volatile stocks in US Market	3.2%

Stable Share Price: GHL has not had significant price volatility in the past 3 months.

Volatility Over Time: GHL's weekly volatility has decreased from 17% to 1% over the past year.

About the Company

Founded	Employees	CEO	Website
1996	382	Scott Bok	www.greenhill.com

Greenhill & Co., Inc., an independent investment bank, provides financial and strategic advisory services to corporations, partnerships, institutional investors, and governments worldwide. The company offers advisory services related to mergers and acquisitions, divestitures, restructurings, financings, private capital raising, and other similar transactions. It also advises clients on strategic matters, including activist shareholder defense, special committee projects, licensing deals, and joint ventures; and valuation, negotiation tactics, industry dynamics, structuring alternatives, and timing and pricing of transactions, as well as financing alternatives.

Greenhill & Co., Inc. Fundamentals Summary

How do Greenhill's earnings and revenue compare to its market cap?
GHL fundamental statistics
Market cap	US$282.04m
Earnings (TTM)	-US$27.12m
Revenue (TTM)	US$223.31m

1.3x

P/S Ratio

-10.4x

P/E Ratio

Is GHL overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
GHL income statement (TTM)
Revenue	US$223.31m
Cost of Revenue	US$18.63m
Gross Profit	US$204.68m
Other Expenses	US$231.80m
Earnings	-US$27.12m

Last Reported Earnings

Sep 30, 2023

Next Earnings Date

n/a

Earnings per share (EPS)	-1.44
Gross Margin	91.66%
Net Profit Margin	-12.15%
Debt/Equity Ratio	961.2%

How did GHL perform over the long term?

See historical performance and comparison

Dividends

2.7%

Current Dividend Yield

-27%

Payout Ratio

Does GHL pay a reliable dividends?

See GHL dividend history and benchmarks

When do you need to buy GHL by to receive an upcoming dividend?
Greenhill dividend dates
Ex Dividend Date	Dec 12 2023
Dividend Pay Date	Dec 27 2023
Days until Ex dividend	940 days
Days until Dividend pay date	925 days

Does GHL pay a reliable dividends?

See GHL dividend history and benchmarks

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2023/12/02 17:18
End of Day Share Price	2023/11/30 00:00
Earnings	2023/09/30
Annual Earnings	2022/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Greenhill & Co., Inc. is covered by 13 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Charles Hintz	Bernstein
Michael Anthony Needham	BofA Global Research
Devin Ryan	Citizens JMP Securities, LLC

This company has been acquired

Greenhill (GHL) Stock Overview

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Greenhill & Co., Inc. Competitors

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Price History & Performance

Recent News & Updates

Greenhill & Co., Inc. Files Form 15

Mizuho Americas LLC completed the acquisition of Greenhill & Co., Inc. (NYSE:GHL) from Bok Family Partners, L.P. and others.

Greenhill & Co., Inc. Announces Directors Changes

Greenhill & Co., Inc. Declares Dividend, Payable on December 27, 2023

Third quarter 2023 earnings: EPS and revenues miss analyst expectations

Upcoming dividend of US$0.10 per share at 2.7% yield

Recent updates

Greenhill & Co., Inc. Files Form 15

Mizuho Americas LLC completed the acquisition of Greenhill & Co., Inc. (NYSE:GHL) from Bok Family Partners, L.P. and others.

Greenhill & Co., Inc. Announces Directors Changes

Greenhill & Co., Inc. Declares Dividend, Payable on December 27, 2023

Third quarter 2023 earnings: EPS and revenues miss analyst expectations

Upcoming dividend of US$0.10 per share at 2.7% yield

Second quarter 2023 earnings: EPS in line with expectations, revenues disappoint

Upcoming dividend of US$0.10 per share at 2.8% yield

Mizuho Americas LLC entered into an agreement and plan of merger to acquire Greenhill & Co., Inc. (NYSE:GHL) from Bok Family Partners, L.P. and others for approximately $380 million.

Price target decreased by 7.6% to US$11.08

Greenhill (NYSE:GHL) Has Announced A Dividend Of $0.10

First quarter 2023 earnings: EPS and revenues miss analyst expectations

Greenhill & Co., Inc. Declares Dividend, Payable on June 21, 2023

Price target decreased by 7.3% to US$11.58

Consensus EPS estimates fall by 52%

Consensus EPS estimates fall by 16%

Investor sentiment deteriorates as stock falls 23%

Consensus EPS estimates increase by 13%

Investor sentiment deteriorates as stock falls 18%

Now 22% undervalued

Full year 2022 earnings: EPS and revenues miss analyst expectations

Upcoming dividend of US$0.10 per share at 3.6% yield

Greenhill Saw That Q4 Pop, But Optimism Maybe Premature

President and Co-Head of U.S. M&A exercised options to buy US$759k worth of stock.

Investor sentiment deteriorates as stock falls 15%

Greenhill (NYSE:GHL) Is Due To Pay A Dividend Of $0.10

Full year 2022 earnings: EPS and revenues miss analyst expectations

Greenhill & Co. Declares Dividend, Payable on March 22, 2023

Greenhill Q4 GAAP EPS, revenue down, share buybacks authorized

Price target increased by 15% to US$9.75

Consensus forecasts updated

Price target increased to US$12.33

Greenhill & Co., Inc. to Report Q4, 2022 Results on Feb 01, 2023

Consensus EPS estimates have been upgraded.

Investor sentiment improved over the past week

Upcoming dividend of US$0.10 per share

Chairman & CEO recently bought US$483k worth of stock

Price target increased to US$11.00

Chairman & CEO exercised options to buy US$813k worth of stock.

MD, COO & CFO exercised options to buy US$466k worth of stock.

Investor sentiment improved over the past week

Price target increased to US$10.67

Price target decreased to US$6.25

Consensus EPS estimates fall by 17%

Greenhill goes ex-dividend tomorrow

Chairman & CEO recently bought US$233k worth of stock

Upcoming dividend of US$0.10 per share

Chairman & CEO recently bought US$1.1m worth of stock

Now 22% undervalued after recent price drop

Second quarter 2022 earnings: EPS and revenues miss analyst expectations

Greenhill GAAP EPS of -$1.03 misses by $0.58, revenue of $36M misses by $3.77M

Consensus forecasts updated

Consensus EPS estimates fall by 21%

Price target decreased to US$13.25

Piper Sandler cuts PT on Greenhill, reaffirms Neutral rating

Investor sentiment deteriorated over the past week

Now 23% undervalued after recent price drop

Chairman & CEO recently bought US$911k worth of stock

Upcoming dividend of US$0.10 per share

Now 23% undervalued after recent price drop

Independent Director recently bought US$122k worth of stock