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1. Company Snapshot

1.a. Company Description

Perella Weinberg Partners, an independent investment banking company, provides strategic and financial advice services in the United States and internationally.The company offers advice services related to mission-critical strategic and financial decisions, mergers and acquisition execution, shareholder and defense advisory, capital raising, structure and restructuring, capital markets advisory, energy underwriting, and equity research.It serves public multinational corporations, mid-sized public and private companies, individual entrepreneurs, private and institutional investors, creditor committees, and government institutions in various industries comprising consumer and retail; energy; financial institutions; healthcare; industrials; and technology, media, and telecommunications.


The company was founded in 2006 and is based in New York, New York.

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1.b. Last Insights on PWP

Perella Weinberg Partners' recent performance was negatively impacted by a significant decline in revenues, down 41% year-over-year to $165 million, and a decrease in adjusted pre-tax income to $20 million. The firm's Q3 2025 earnings call revealed a challenging environment, with a record-low revenue comparison. Despite adding 12 partners and 9 managing directors, and closing the acquisition of Devon Park Advisors, the firm's financials were under pressure. The company, however, has a strong balance sheet with $186 million in cash and no debt.

1.c. Company Highlights

2. Perella Weinberg's Q3 2025 Earnings: A Mixed Bag

Perella Weinberg reported third-quarter revenues of $165 million, with year-to-date revenues reaching $532 million, demonstrating strong underlying fundamentals. The adjusted compensation margin stood at 67% of revenues, while adjusted non-compensation expenses were $37 million for the quarter. However, the company's EPS came in at $0.13, missing estimates of $0.21. The revenue growth was driven by a record number of active engagements and a significant increase in the European business, which was up over 50% from the previous year.

Publication Date: Nov -20

📋 Highlights
  • Q3 Revenue Growth:: Reported $165 million in Q3 revenues with year-to-date revenues of $532 million.
  • European Business Expansion:: European operations surged by over 50% year-over-year.
  • Strategic Acquisitions:: Acquisition of Devon Park added new capital relationships and expanded revenue potential.
  • Financial Efficiency:: Adjusted compensation margin reached 67%, with $37 million in noncompensation expenses.
  • Strong Liquidity:: Closed the quarter with $186 million in cash and declared a $0.07 per share dividend.

Business Highlights

The company has been investing heavily in its business, adding 25 senior bankers across various sectors and regions, with 9 already integrated into the platform. The acquisition of Devon Park has brought in new capabilities, capital relationships, and sponsor clients, expanding the addressable market and revenue potential. As Andrew Bednar, CEO, noted, the pipeline is more geared towards non-traditional M&A, indicating a shift in the company's strategy.

Outlook and Valuation

Despite lowering its guidance to a low single-digit increase for the full year 2025, analysts estimate next year's revenue growth at 38.1%. With a current P/S Ratio of 3.02, the market is pricing in a certain level of growth. Additionally, the EV/EBITDA ratio stands at 29.54, indicating that the company's valuation is sensitive to changes in its EBITDA. The Dividend Yield is 1.62%, providing some return to shareholders. The company's financial position remains strong, with $186 million in cash and no debt.

Growth Prospects

The company's recent investments and acquisitions are expected to drive growth in the coming years. With 16 external hires, including those from Devon Park, expected to contribute to the business in 2026, the stage is set for an improvement in performance. The liability management business is also seeing a steady pace of activity, and the Devon Park business is expected to make a positive contribution.

3. NewsRoom

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Geode Capital Management LLC Has $28.95 Million Stock Position in Perella Weinberg Partners $PWP

Nov -29

Source: defenseworld.net

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Ceredex Value Advisors LLC Has $8.32 Million Holdings in Perella Weinberg Partners $PWP

Nov -29

Source: defenseworld.net

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Boston Partners Has $11.39 Million Stake in Perella Weinberg Partners $PWP

Nov -29

Source: defenseworld.net

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Perella Weinberg Partners (PWP) Q3 2025 Earnings Call Transcript

Nov -07

Source: seekingalpha.com

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Perella Weinberg Reports Third Quarter 2025 Results

Nov -07

Source: globenewswire.com

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Perella Weinberg to Announce Third Quarter 2025 Financial Results and to Host Conference Call on November 7, 2025

Oct -24

Source: globenewswire.com

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Hanadi Al Hamoui Joins Perella Weinberg as Partner

Sep -23

Source: globenewswire.com

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Barry Blake Joins Perella Weinberg as Partner

Sep -23

Source: globenewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.00%)

6. Segments

Advisory Services

Expected Growth: 13%

Perella Weinberg Partners' 13% growth in Advisory Services is driven by increasing demand for strategic M&A advice, expansion into new markets, and growth in activism defense. Additionally, the firm's expertise in complex cross-border transactions, strong relationships with corporate clients, and ability to provide independent advice have contributed to its growth.

7. Detailed Products

Advisory Services

Perella Weinberg Partners provides strategic advisory services to clients on mergers and acquisitions, divestitures, and other strategic transactions.

Restructuring and Recapitalization

The firm provides restructuring and recapitalization services to companies facing financial distress or seeking to optimize their capital structure.

Capital Markets Advisory

Perella Weinberg Partners advises clients on capital markets transactions, including equity and debt offerings, and provides guidance on capital structure optimization.

Risk Management and Hedging

The firm provides risk management and hedging solutions to clients seeking to mitigate financial risks, including interest rate, foreign exchange, and commodity risks.

Equity and Debt Capital Raising

Perella Weinberg Partners advises clients on equity and debt capital raising transactions, including private placements, public offerings, and high-yield debt issuances.

8. Perella Weinberg Partners's Porter Forces

Forces Ranking

Threat Of Substitutes

Perella Weinberg Partners operates in a niche market, providing advisory services to clients. The threat of substitutes is medium, as clients may opt for in-house advisory services or seek alternative advisory firms.

Bargaining Power Of Customers

Perella Weinberg Partners' clients are typically large corporations and financial institutions, which have limited bargaining power due to the specialized nature of the services provided.

Bargaining Power Of Suppliers

Perella Weinberg Partners has a strong reputation and is a leading advisory firm, giving it significant bargaining power over its suppliers.

Threat Of New Entrants

The investment banking and advisory services industry has high barriers to entry, including regulatory requirements and the need for specialized expertise, making it difficult for new entrants to compete with established firms like Perella Weinberg Partners.

Intensity Of Rivalry

The investment banking and advisory services industry is highly competitive, with many established firms competing for clients and deals. Perella Weinberg Partners must differentiate itself through its expertise and services to maintain its market position.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 53.54%
Debt Cost 3.95%
Equity Weight 46.46%
Equity Cost 11.52%
WACC 7.46%
Leverage 115.23%

11. Quality Control: Perella Weinberg Partners passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Oppenheimer

A-Score: 6.6/10

Value: 8.3

Growth: 4.0

Quality: 6.8

Yield: 4.0

Momentum: 9.0

Volatility: 7.7

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Siebert Financial

A-Score: 5.0/10

Value: 7.0

Growth: 6.9

Quality: 7.2

Yield: 0.0

Momentum: 7.0

Volatility: 2.0

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A-Mark Precious Metals

A-Score: 4.7/10

Value: 6.2

Growth: 5.1

Quality: 3.7

Yield: 8.0

Momentum: 0.5

Volatility: 4.7

1-Year Total Return ->

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Perella Weinberg

A-Score: 4.7/10

Value: 5.3

Growth: 2.8

Quality: 6.6

Yield: 4.0

Momentum: 4.5

Volatility: 4.7

1-Year Total Return ->

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Bitcoin Depot

A-Score: 3.9/10

Value: 6.3

Growth: 2.1

Quality: 3.9

Yield: 0.0

Momentum: 10.0

Volatility: 1.0

1-Year Total Return ->

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Donnelley Financial Solutions

A-Score: 3.5/10

Value: 4.2

Growth: 4.6

Quality: 5.3

Yield: 0.0

Momentum: 2.0

Volatility: 4.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

18.63$

Current Price

18.63$

Potential

-0.00%

Expected Cash-Flows