16 Comments
 

how the hell is PWP so high when their dealflow is worse this year than GHL or GUGG

 

Where did this narrative about PWP I keep seeing come from? They literally set a Q1 revenue record for the firm at $212m with 700 employees… that’s on par with EVR at $700m with 2200 employees ($/employee), and much better than MOE at $307m with 1300 employees or LAZ at $648m with 3300 employees.

I feel like there was one post asking about PWP deal flow a few months back and since then WSO has done a 180 in thinking PWP is lower tier now. I just don’t get the logic

 

I think the discrepancy for PWP comes from their M&A deals v.s their RX deals. On the RX side they've done huge deals this year, FTX $20B, and Ligado ~$9B, both in Q1 which they no doubt collected massive fees from (RX fees tend to be much higher than M&A). On the M&A side they've done close to nothing in 6 months accounting for just over $1B in total transaction value YTD according to their website. So from an RX standpoint they're killing it (announced another ~2B+ transaction in June) but from an M&A standpoint $1B transaction value for 6 months is abysmal by any standard. 

On a side note, GUGG's deal flow is not much better as they're ~3x bigger than PWP and have done ~$10B in M&A YTD according to their website which is also substantially low and GHL started off the year strong but hasn't done much in the last two months.

 

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