<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Depositphotos_95271016_S.jpg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Depositphotos_95271016_S.jpg"/></p>
<p>今年，美國精品銀行股表現良好，跡象顯示交易活動正在復甦。截至 8 月 15 日，Piper Sandler（PIPR）股票今年的總回報率達到 50.50%，Evercore（EVR）和 Lazard（LAZ）幾乎上漲了 50%。Moelis（MC）、PJT Partners（PJT）和 Houlihan Lokey（HLI）分別上漲了 15%、19% 和 26%。</p>
<h2>投資銀行業正在復甦</h2>
<p>在過去幾年中，投資銀行業經歷了一段動盪時期，經歷了新冠疫情期間的繁榮後的低迷。</p>
<p>該行業主要受到兩個關鍵因素的影響：高利率和監管。在美國，美聯儲將利率推高至 20 多年來的最高點。</p>
<p>較高的利率通過使公司借錢收購其他公司變得更加昂貴來影響該行業。</p>
<p>美國監管機構也對大型交易持高度批評態度。例如，美國聯邦貿易委員會（FTC）曾起訴阻止 JetBlue 和 Spirit Airlines 的合併。</p>
<p>此外，FTC 曾起訴阻止英偉達收購 Arm Holdings、洛克希德·馬丁收購 Aerojet Rocketdyne 以及 Kroger 收購 Albertson。微軟收購動視暴雪的批准也需要更長時間執行。</p>
<p>人們也對過去交易的影響表示擔憂。例如，Teladoc Health 以 180 億美元收購了 Livongo Health，而今天，合併後的公司市值不到 20 億美元。</p>
<p>現在，隨着全球利率開始下降，有跡象顯示併購活動正在加速，這將使頂級精品銀行受益。</p>
<p>2023 年，埃克森美孚以 600 億美元收購了先鋒自然資源，而雪佛龍則以 530 億美元收購了赫斯。</p>
<p>就在本週，馬斯宣佈將以 300 億美元收購 Kellanova，而家得寶則以 183 億美元收購了 SRS Distribution。其他重要交易包括輝瑞收購 Seagen、安進收購 Horizon Therapeutics 以及博通收購 VMware。</p>
<p>該行業面臨的主要挑戰之一是首次公開募股（IPO）幾乎已經枯竭。今年上市的主要公司包括 Reddit、Viking Holdings、Zeekr 和 Waystar。</p>
<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/chart-comparison-31-1024x354.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="Evercore vs Lazard vs Moelis vs Houlihan Lokey vs PJT vs Piper Sandler" original-src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/chart-comparison-31-1024x354.png"/></p>
<h2>Lazard 和 Piper Sandler 看到更多交易</h2>
<p>最近的財務結果顯示，像摩根大通、美國銀行這樣的大銀行以及 Evercore、Piper Sandler、Lazard、PJT 和 Moelis 等精品銀行的投資銀行部門表現出改善。</p>
<p>例如，該行業前五大參與者在第二季度的投資銀行費用超過 82 億美元，比 2022 年同期增長 40%。</p>
<p>Lazard，作為美國最知名的精品銀行之一，表示其第二季度淨收入增長了 7%，達到 6.85 億美元。上半年收入增長了 22%，達到 14.5 億美元。其中大部分收益來自其金融諮詢業務，包括 IPO 和併購等服務。</p>
<p>Lazard 今年參與了多筆交易，包括價值 335 億美元的 WestRick 和 Smurfit Kappa 的合併、Vertex Pharmaceuticals 收購 Alpine Immunosciences 以及大眾汽車對 Rivian 的投資。</p>
<p>另一方面，Piper Sandler 第二季度淨收入下降了 1%，達到 3.39 億美元。然而，其諮詢服務收入在第二季度增長了 42%，達到 1.84 億美元，得益於更高的費用和交易量。其投資銀行收入增至 2.59 億美元。</p>
<h2>Evercore、PJT 和 Houlihan Lokey 表現出色</h2>
<p>Evercore 在本季度也表現強勁，其收入從 2023 年同期的 4.994 億美元增至 6.89 億美元。上半年收入從 10.8 億美元增至 12.8 億美元。更高的費用也帶來了更多的利潤，其運營利潤率提高至 15.7%。</p>
<p>PJT Partners 和 Houlihan Lokey 等其他精品銀行也表現強勁，顯示出該行業正在復甦的跡象。PJT Partners 的收入增長了 4%，達到 3.6 億美元，上半年收入增長了 26%，達到 6.9 億美元。</p>
<p>Houlihan Lokey 的收入從 2023 年的 4.15 億美元增至截至 6 月的超過 5.13 億美元。Houlihan 主要受益於併購活動和財務重組的改善。</p>
<p>很少有人聽説過 Houlihan Lokey。然而，大多數公司和投資銀行家都知道它，因為它在重組方面具有專業知識。多年來，它處理了華盛頓互助銀行、雷曼兄弟、世通、安然和通用汽車等公司的破產。</p>
<p>展望未來，大多數這些公司發佈了積極的展望，因為該行業繼續復甦。值得關注的關鍵推動因素將是可能導致更多交易的美聯儲降息。</p>
<p>此外，這些公司正在關注美國政治發展。從理論上講，這些公司希望唐納德·特朗普和共和黨在 11 月贏得勝利，因為他們更支持併購。例如，特朗普將為更親企業的人選改變聯邦貿易委員會（FTC）主席。</p>
<p>本文來源：Evercore, Lazard, Piper Sandler stocks rise as deals recover，首發於 Invezz</p>

<p>精品投行股票，包括 Piper Sandler 和 Evercore，在疫情後交易活動復甦的推動下出現反彈。Piper Sandler 今年的總回報率達到了 50.50%，而 Evercore 和 Lazard 也幾乎實現了 50% 的增長。儘管面臨高利率和監管審查的挑戰，但併購活動正在加速，像埃克森收購先鋒自然資源這樣的重大交易也在進行中。投資銀行報告表現改善，Lazard 的收入增長了 7%，Evercore 的增長了 15%。隨着潛在的美聯儲降息預期，行業展望積極，預示着可能會出現更多交易</p>

<p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/Depositphotos_95271016_S.jpg" alt="" original-src="https://invezz.com/wp-content/uploads/2024/08/Depositphotos_95271016_S.jpg"/></p>
<p>US boutique bank stocks are doing well this year as signs show that deal-making is coming back to life. Piper Sandler (PIPR) stock’s total return this year stood at 50.50% on August 15 while Evercore (EVR) and Lazard (LAZ) rose by almost 50%. Moelis (MC), PJT Partners (PJT), and Houlihan Lokey (HLI) have risen by 15%, 19%, and 26%, respectively.</p>
<div class="lb-trans"><p>今年，美國精品銀行股表現良好，跡象顯示交易活動正在復甦。截至 8 月 15 日，Piper Sandler（PIPR）股票今年的總回報率達到 50.50%，Evercore（EVR）和 Lazard（LAZ）幾乎上漲了 50%。Moelis（MC）、PJT Partners（PJT）和 Houlihan Lokey（HLI）分別上漲了 15%、19% 和 26%。</p>
</div><h2>Investment banking is recovering</h2>
<div class="lb-trans"><h2>投資銀行業正在復甦</h2>
</div><p>The investment banking industry has gone through a period of turmoil in the past few years after booming during the Covid-19 pandemic.</p>
<div class="lb-trans"><p>在過去幾年中，投資銀行業經歷了一段動盪時期，經歷了新冠疫情期間的繁榮後的低迷。</p>
</div><p>This sector has primarily been impacted by two key factors: high interest rates and regulations. In the United States, the Federal Reserve has pushed interest rates to the highest point in over two decades.</p>
<div class="lb-trans"><p>該行業主要受到兩個關鍵因素的影響：高利率和監管。在美國，美聯儲將利率推高至 20 多年來的最高點。</p>
</div><p>Higher rates affect the industry by making it expensive for companies to borrow money to acquire other firms.</p>
<div class="lb-trans"><p>較高的利率通過使公司借錢收購其他公司變得更加昂貴來影響該行業。</p>
</div><p>American regulators have also been highly critical of big deals. For example, the Federal Trade Commission (FTC) sued to block the JetBlue and Spirit Airlines merger.</p>
<div class="lb-trans"><p>美國監管機構也對大型交易持高度批評態度。例如，美國聯邦貿易委員會（FTC）曾起訴阻止 JetBlue 和 Spirit Airlines 的合併。</p>
</div><p>Further, the FTC sued to block the merger of Nvidia and Arm Holdings, Lockheed Martin and Aerojet Rocketdyne, and Kroger and Albertson. The approval of Microsoft’s buyout of Activision Blizzard also took longer to execute.</p>
<div class="lb-trans"><p>此外，FTC 曾起訴阻止英偉達收購 Arm Holdings、洛克希德·馬丁收購 Aerojet Rocketdyne 以及 Kroger 收購 Albertson。微軟收購動視暴雪的批准也需要更長時間執行。</p>
</div><p>There are also some concerns about the impact of past deals. For example, Teladoc Health acquired Livongo Health for $18 billion, and today, the combined company is valued at less than $2 billion.</p>
<div class="lb-trans"><p>人們也對過去交易的影響表示擔憂。例如，Teladoc Health 以 180 億美元收購了 Livongo Health，而今天，合併後的公司市值不到 20 億美元。</p>
</div><p>Now, with interest rates starting to fall globally, there are signs that M&amp;A activity is picking up, a move that will benefit the top boutique banks.</p>
<div class="lb-trans"><p>現在，隨着全球利率開始下降，有跡象顯示併購活動正在加速，這將使頂級精品銀行受益。</p>
</div><p>In 2023, ExxonMobil acquired Pioneer Natural Resources in a $60 billion deal while Chevron responded by acquiring Hess for $53 billion.</p>
<div class="lb-trans"><p>2023 年，埃克森美孚以 600 億美元收購了先鋒自然資源，而雪佛龍則以 530 億美元收購了赫斯。</p>
</div><p>Just this week, Mars announced that it will acquire Kellanova in a $30 billion deal while Home Depot acquired SRS Distribution for $18.3 billion. Other top deals were Pfizer’s buyout of Seagen, Amgen’s buyout of Horizon Therapeutics, and Broadcom’s acquisition of VMware.</p>
<div class="lb-trans"><p>就在本週，馬斯宣佈將以 300 億美元收購 Kellanova，而家得寶則以 183 億美元收購了 SRS Distribution。其他重要交易包括輝瑞收購 Seagen、安進收購 Horizon Therapeutics 以及博通收購 VMware。</p>
</div><p>One of the top challenges in the industry is that Initial Public Offering (IPO) has almost dried up. The top companies to IPO this year were Reddit, Viking Holdings, Zeekr, and Waystar.</p>
<div class="lb-trans"><p>該行業面臨的主要挑戰之一是首次公開募股（IPO）幾乎已經枯竭。今年上市的主要公司包括 Reddit、Viking Holdings、Zeekr 和 Waystar。</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://invezz.com/wp-content/uploads/2024/08/chart-comparison-31-1024x354.png" alt="Evercore vs Lazard vs Moelis vs Houlihan Lokey vs PJT vs Piper Sandler" original-src="https://invezz.com/wp-content/uploads/2024/08/chart-comparison-31-1024x354.png"/></p>
<h2>Lazard, and Piper Sandler are seeing more deals</h2>
<div class="lb-trans"><h2>Lazard 和 Piper Sandler 看到更多交易</h2>
</div><p>Recent financial results show that big banks like JPMorgan and Bank of America and boutique ones like Evercore, Piper Sandler, Lazard, PJT, and Moelis are seeing improved performance in their investment banking divisions.</p>
<div class="lb-trans"><p>最近的財務結果顯示，像摩根大通、美國銀行這樣的大銀行以及 Evercore、Piper Sandler、Lazard、PJT 和 Moelis 等精品銀行的投資銀行部門表現出改善。</p>
</div><p>For example, the five biggest players in the industry made investment banking fees of over $8.2 billion in the second quarter, a 40% increase from the same period in 2022.</p>
<div class="lb-trans"><p>例如，該行業前五大參與者在第二季度的投資銀行費用超過 82 億美元，比 2022 年同期增長 40%。</p>
</div><p>Lazard, one of the most prominent US boutique banks, said that its net revenue rose by 7% in the second quarter to $685 million. Its half-year revenue rose by 22% to $1.45 billion. Most of these gains came from its financial advisory business, which houses its services like IPOs and M&amp;A.</p>
<div class="lb-trans"><p>Lazard，作為美國最知名的精品銀行之一，表示其第二季度淨收入增長了 7%，達到 6.85 億美元。上半年收入增長了 22%，達到 14.5 億美元。其中大部分收益來自其金融諮詢業務，包括 IPO 和併購等服務。</p>
</div><p>Lazard participated in several deals this year, including the merger of WestRick and Smurfit Kappa in a $33.5 billion deal,  Vertex Pharmaceuticals’ buyout of Alpine Immunosciences, and Volkswagen’s investment in Rivian.</p>
<div class="lb-trans"><p>Lazard 今年參與了多筆交易，包括價值 335 億美元的 WestRick 和 Smurfit Kappa 的合併、Vertex Pharmaceuticals 收購 Alpine Immunosciences 以及大眾汽車對 Rivian 的投資。</p>
</div><p>Piper Sandler, on the other hand, saw its net revenue drop by 1% in the second quarter to $339 million. However, its advisory services revenue rose by 42% in Q2 to $184 million, helped by higher fees and volume. Its investment banking revenue rose to $259 million.</p>
<div class="lb-trans"><p>另一方面，Piper Sandler 第二季度淨收入下降了 1%，達到 3.39 億美元。然而，其諮詢服務收入在第二季度增長了 42%，達到 1.84 億美元，得益於更高的費用和交易量。其投資銀行收入增至 2.59 億美元。</p>
</div><h2>Evercore, PJT, and Houlihan Lokey did well</h2>
<div class="lb-trans"><h2>Evercore、PJT 和 Houlihan Lokey 表現出色</h2>
</div><p>Evercore also had a strong performance during the quarter as its revenue jumped to $689 million in Q2 from $499.4 million in the same period in 2023. Its half-year revenue rose to $1.28 billion from $1.08 billion. Higher fees also led to more margins as its operating margin rose to 15.7%.</p>
<div class="lb-trans"><p>Evercore 在本季度也表現強勁，其收入從 2023 年同期的 4.994 億美元增至 6.89 億美元。上半年收入從 10.8 億美元增至 12.8 億美元。更高的費用也帶來了更多的利潤，其運營利潤率提高至 15.7%。</p>
</div><p>Other boutique banks like PJT Partners and Houlihan Lokey also had a strong performance, showing signs that the industry was recovering. PJT Partners’ revenue rose by 4% to $360 million while its half-year revenue jumped by 26% to $690 million.</p>
<div class="lb-trans"><p>PJT Partners 和 Houlihan Lokey 等其他精品銀行也表現強勁，顯示出該行業正在復甦的跡象。PJT Partners 的收入增長了 4%，達到 3.6 億美元，上半年收入增長了 26%，達到 6.9 億美元。</p>
</div><p>Houlihan Lokey’s revenue rose from $415 million in 2023 to over $513 million in the three months to June. Houlihan has mostly benefited from the improving M&amp;A activity and financial restructuring.</p>
<div class="lb-trans"><p>Houlihan Lokey 的收入從 2023 年的 4.15 億美元增至截至 6 月的超過 5.13 億美元。Houlihan 主要受益於併購活動和財務重組的改善。</p>
</div><p>Few people have ever heard about Houlihan Lokey. However, most companies and investment bankers know it because of its expertise in restructurings. Over the years, it has handled bankruptcies of companies like Washington Mutual, Lehman Brothers, Worldcom, Enron, and General Motors.</p>
<div class="lb-trans"><p>很少有人聽説過 Houlihan Lokey。然而，大多數公司和投資銀行家都知道它，因為它在重組方面具有專業知識。多年來，它處理了華盛頓互助銀行、雷曼兄弟、世通、安然和通用汽車等公司的破產。</p>
</div><p>Looking forward, most of these companies have published positive outlooks as the industry continues bouncing back. The key catalysts to watch will be Federal Reserve interest rate cuts that will likely lead to more deals.</p>
<div class="lb-trans"><p>展望未來，大多數這些公司發佈了積極的展望，因為該行業繼續復甦。值得關注的關鍵推動因素將是可能導致更多交易的美聯儲降息。</p>
</div><p>Also, the companies are watching the American political developments. In theory, most of these firms hope that Donald Trump and Republicans will win in November since they are more supportive of mergers. For example, Trump would change the Federal Trade Commission (FTC) chair for a more corporate-friendly one.</p>
<div class="lb-trans"><p>此外，這些公司正在關注美國政治發展。從理論上講，這些公司希望唐納德·特朗普和共和黨在 11 月贏得勝利，因為他們更支持併購。例如，特朗普將為更親企業的人選改變聯邦貿易委員會（FTC）主席。</p>
</div><p>The post Evercore, Lazard, Piper Sandler stocks rise as deals recover appeared first on Invezz</p>
<div class="lb-trans"><p>本文來源：Evercore, Lazard, Piper Sandler stocks rise as deals recover，首發於 Invezz</p>
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Evercore、Lazard 和 Piper Sandler 的股票隨着交易的恢復而上漲