Ticonderoga Reiterates a 'Sell' on Greenhill (GHL); Lowering Estimates After Loss Reported
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Price: $14.99 --0%
Rating Summary:
1 Buy, 9 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 22 | New: 20
Rating Summary:
1 Buy, 9 Hold, 4 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 12 | Down: 22 | New: 20
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Ticonderoga reiterates a 'Sell' on Greenhill (NYSE: GHL), PT $50.
Ticonderoga analyst says, "GHL reported a loss of $0.05 per share, below our $0.16 EPS estimate. The shortfall was largely related to compensation. Total compensation costs were $36 million, higher than our $28 million estimate. Advisory revenues were $48 million, in line with our estimate. The compensation ratio was 74.9%, the highest in company history."
"Backlog Slowly Improving. Backlog is showing some encouraging signs, highlighted by AT&T (NYSE: T)(NotRated) and some wins in Australia. However, we believe a combination of faster backlog growth and some rationalizing of the cost base is needed to get profitability back in line."
"Lowering Full-Year 2011 and 2012 EPS Estimates - We are lowering our EPS estimates for 2011 and 2012 to $1.10 and $1.65, respectively, from $1.49 and $1.91. The revision reflects higher compensation than previously expected."
For more ratings news on Greenhill click here and for the rating history of Greenhill click here.
Shares of Greenhill closed at $60.96 yesterday.
Ticonderoga analyst says, "GHL reported a loss of $0.05 per share, below our $0.16 EPS estimate. The shortfall was largely related to compensation. Total compensation costs were $36 million, higher than our $28 million estimate. Advisory revenues were $48 million, in line with our estimate. The compensation ratio was 74.9%, the highest in company history."
"Backlog Slowly Improving. Backlog is showing some encouraging signs, highlighted by AT&T (NYSE: T)(NotRated) and some wins in Australia. However, we believe a combination of faster backlog growth and some rationalizing of the cost base is needed to get profitability back in line."
"Lowering Full-Year 2011 and 2012 EPS Estimates - We are lowering our EPS estimates for 2011 and 2012 to $1.10 and $1.65, respectively, from $1.49 and $1.91. The revision reflects higher compensation than previously expected."
For more ratings news on Greenhill click here and for the rating history of Greenhill click here.
Shares of Greenhill closed at $60.96 yesterday.
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