Houlihan Lokey, Inc. (HLI)

Industry: Financial - Capital Markets Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
XP	35	XP Inc.	3,269	10.40	8.52	18.42	15.41	-	-
LAZ	36	Lazard Ltd	3,073	18.73	18.95	15.96	17.03	20.83	19.49
BGCP	37	BGC Partners, Inc.	2,939	8.78	4.46	-	-	-	-
600958.SS	38	Orient Securities	2,829	18.71	17.55	44.55	41.57	34.02	41.18
IGG.L	39	IG Group Holdings	2,754	4.27	3.34	6.46	1.15	3.70	3.75
BGC	40	BGC Group, Inc	2,704	27.40	19.98	13.08	11.52	15.00	15.36
0QL7.L	41	Compagnie Financi�	2,626	7.62	5.46	5.22	1.18	4.49	4.70
HLI	42	Houlihan Lokey, In	2,566	32.23	27.78	20.17	16.79	21.90	22.14
CRCL	43	Circle Internet Gr	2,412	-	-	-	-	92.11	-
VIL.PA	44	VIEL & Cie, S.A.	2,362	4.71	3.28	2.81	0.73	2.22	2.20
039490.KS	45	Kiwoom Securities	2,356	5.82	5.20	2.77	2.49	2.24	2.61
ROTH.PA	46	Rothschild & Co SC	2,295	8.15	6.02	-2.39	-2.07	-3.10	-2.46
016360.KS	47	Samsung Securities	2,250	6.81	5.93	-2.85	-2.50	-2.31	-2.62
600705.SS	48	AVIC Industry-Fina	2,249	163.83	283.21	25.39	27.85	35.32	56.70
BRBI11.SA	49	BRBI BR Partners S	2,235	11.01	11.01	60.00	60.00	55.45	62.31
601377.SS	50	Industrial Securit	2,207	16.78	16.44	41.26	40.96	28.35	40.84

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	8.46	5.97	13.08	11.52	15.00	15.36
Full Range Median Multiple	9.59	7.27	15.96	15.41	20.83	17.42
Industry Multiple	22.36	29.24	21.45	19.99	26.70	24.91
Market Implied Multiple	29.81	25.69	18.60	15.48	20.20	20.41
Company (HLI) Multiple	32.23	27.78	20.17	16.79	21.90	22.14
(*) Net Income / EBITDA / Revenue	427	495	657	790	605	599
Winsorized Enterprise Value	N/A	N/A	8,600	9,098	9,080	9,201
Full Range Median Enterprise Value	N/A	N/A	10,488	12,169	12,610	10,436
(-) Net Debt	-491	-491	-491	-491	-491	-491
Winsorized Equity Value	3,610	2,957	9,090	9,589	9,571	9,691
Full Range Median Equity Value	4,090	3,597	10,979	12,660	13,100	10,927
(/) Shares Outstanding	67	67	67	67	67	67
Winsorized Fair Value	$53.91	$44.15	$135.75	$143.19	$142.92	$144.73
Full Range Median Fair Value	$61.08	$53.71	$163.95	$189.05	$195.64	$163.18
Current Price	$189.90	$189.90	$189.90	$189.90	$189.90	$189.90
Upside / Downside	-71.61%	-76.75%	-28.51%	-24.60%	-24.74%	-23.79%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$37.73	$30.91	$95.03	$100.23	$100.05	$101.31
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy