Release date 11-26-2017 Page 1 of 5

Morningstar Analyst Rating

Greenhill & Co Inc GHL .
Last Price Day Change Open Price Day Range 52-Week Range Proj. Yield Market Cap Volume Avg Vol. Forward P/E P/B P/S P/CF

$ 20.20 [-0.05 | -0.25 % $ 20.30 20.05-20.30 13.80-32.45 6.93 530.52 mil 125,632 901,171 23.52 1.81 2.39 9.3

Stock Price 2017-01-02 - 2017-11-24 Dividends

XNYS:GHL: -7.50|-27.08% Declared Date 18/10/2017
45.00
Ex-Dividend Date 05/12/2017
30.00 Latest Indicated Dividend Amount 0.05
Projected Yield 6.93 %
15.00

Recent Dividends & Type Amount

Splits
09/12/2017 Cash Dividends 0.4500
2017 06/05/2017 Cash Dividends 0.4500
Morningstars Take 03/06/2017 Cash Dividends 0.4500
Following a 2017 lull from political uncertainties across Fair Value Estimate $ 22.00 12/05/2016 Cash Dividends 0.4500
the globe, we believe there will still be a couple of years Consider Buying $ 11.00
left to the overall upturn in merger volumes. That said, Competitors
we are... Consider Selling $ 38.50
Fair Value Uncertainty Name Price % Chg TTM Sales
$ mil
Economic Moat Narrow
Stewardship Standard Greenhill & Co Inc $20.20 -0.25 [ 274
Growth Morgan Stanley $49.06 -0.06 [ 37,466
C
Profitability Goldman Sachs Group $235.95 -0.20 [ 32,409
C Inc
Morningstar Credit Rating Goldman Sachs Group $28.04 0.31 ] 32,409
Inc Shs Repr 1/1000th
Key Stats 6.30 % Non-Cum Pfd
Shs Series -N
Stock Ind Avg Relative to Industry Charles Schwab Corp $45.78 -0.04 [ 8,348
Price/Earnings TTM 28.1 17.2 Plus500 Ltd $12.32 0.54 ] 358
Price/Book 1.8 2.1
Price/Sales TTM 2.4 2.8 Recommendations
Rev Growth (3 Yr Avg) 5.3 -4.4 Current 2.5
Net Income Growth (3 Yr Avg) 9.2 10.6
Total Analysts: 2 5.0 3.0 1.0
Operating Margin % TTM 12.4 19 Buy Hold Sell
Net Margin % TTM 8.5 16.4
ROA TTM 5.5 1.1
ROE TTM 8.1 12.3 Ownership
Debt/Equity 0.3 2.1 Fund Owners Star % Shares % Total
Rating Held Assets
- Avg +
Fidelity Global Intrinsic 0.22 0.09
Value Class T8
Financials DFA US Core Equity Class QQQ 0.01 0.00
Annual Quarterly F
Income Statement 2016-12 2015-12 2014-12 2017-09 2016-09 Fidelity Global Monthly QQQQQ 0.01 0.00
Income Series T8
Revenue 336 262 275 48 77 DFA US Vector Equity QQQ 0.01 0.01
Net Interest Income -3 -2 -1 -1 -1 Class F
HSBC US Equity Pool 0.00 0.00
Net Income 61 26 43 -6 13
Earnings Per Share 1.89 0.82 1.43 -0.18 0.41
Shares Outstanding 32 31 30 32 32 Insiders % Change % Shares
TTM Outstanding
Balance Sheet Scott L. Bok 571,482 2.29
Net Loans Robert F. Greenhill 40,691 1.06
Total Assets 457 424 338 424 427 Steven F. Goldstone 5,184 0.12
Deposits Stephen L. Key 2,916 0.07
Total Liabilities 165 140 82 132 146 Kevin M. Costantino 12,223 0.06
Stockholders' Equity 291 283 256 293 282

Cash Flow
Cash From Operations 124 93 103 -6 14
Cash From Investing -1 -34 -2 -0 -0
Cash From Financing -87 -39 -91 -12 -21
In millions except "EPS". Currency in USD.
2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Release date 11-26-2017 Page 2 of 5

Greenhill & Co Inc GHL

Morningstar Rating TM
Quote Stock Type
High Yield
Last Close 24/11/2017
20.20
Fair Value Estimate
$ 22.00 QQQ

Industry Classification Company Profile

NAICS Investment Banking and Securities Dealing (523110) Greenhill & Co Inc is an investment bank providing
SIC Commodity Brokers (7413);Security Brokers, Dealers, and Flotation Companies (6211) financial advice on mergers, acquisitions, restructurings,
financing and capital-raising to corporations,
ISIC Security and Commodity Contracts Brokerage (6612) partnerships, institutions and governments.
30-day Avg Volume 0.7Mil
Operation Details Market Cap 0.5Bil
Fiscal Year Ends 2017-12-31 Net Income 23.3Mil
CIK 1282977 Sales 0.3Bil
Year Established Sector Financial Services
Employees (31/12/2016) Industry Capital Markets
Full Time Stock Style 9 Small Growth
Part Time Direct Investment No
Auditor (31/12/2016) Ernst & Young LLP Dividend Reinvestment No
Legal Advisor (03/05/2010) Davis Polk & Wardwell LLP
Key Executives Scott L. Bok/Chief Executive Officer and Director; Kevin M. Costantino/Co-President;
Harold J. Rodriguez/Chief Financial Officer and Chief Compliance Officer; David A.
Wyles/Co-President

2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Release date 11-26-2017 Page 3 of 5

Greenhill & Co Inc GHL

Morningstar Rating TM
Quote Stock Type
High Yield
Last Close 24/11/2017
20.20
Fair Value Estimate
$ 22.00 QQQ

Industry Peers
Morningstar Market Net P/S P/B P/E Dividend 5 Yr Rev Med Oper. Interest D/E
Rating Cap $Mil Income $Mil Yield% CAGR% Margin% Coverage
Greenhill & Co Inc QQQ 530 23 2.4 1.8 28.1 8.9 2.7 24.7 28.2 0.3
Plus500 Ltd (USD) 139,314 163 4.0 9.4 8.7 5.0 45.7 48.1 71.4
Goldman Sachs Group Inc (USD) 89,001 8,561 0.4 0.1 1.5 5.6 1.2 33.7 2.5 3.1
Goldman Sachs Group Inc (USD) QQQ 89,001 8,561 3.0 1.2 12.3 1.2 1.2 33.7 2.5 3.1
Morgan Stanley (USD) QQQ 88,695 7,134 2.4 1.3 13.6 1.8 1.4 14.0 3.7 2.7
Charles Schwab Corp (USD) QQQ 61,371 2,279 7.4 4.0 29.2 0.7 9.7 34.9 18.5 0.2
S&P Global Inc (USD) 41,855 1,771 7.3 49.9 24.1 1.0 7.4 28.9 4.3
CITIC Securities Co Ltd (USD,CNY) 33,530 10,351 4.8 1.3 18.2 8.7 45.1 1.1
Thomson Reuters Corp (USD) QQ 31,559 3,045 2.9 2.5 29.9 3.1 -4.2 13.6 3.5 0.4
CITIC Securities Co Ltd (USD,CNY) 30,635 10,351 4.2 1.1 16.0 2.6 8.7 45.1 5.4 1.1
Moody's Corporation (USD) 28,708 546 7.3 53.1 1.0 9.6 41.5 4.7
TD Ameritrade Holding Corp (USD) QQQ 27,848 872 7.2 3.8 30.0 1.5 6.6 39.4 20.1 0.4
Macquarie Group Ltd (USD,AUD) 26,127 2,415 7.8 2.2 15.3 5.5 5.2 -67.8 2.1 3.3
Macquarie Group Ltd (USD,AUD) 25,893 2,415 7.9 2.2 15.5 4.8 5.2 -67.8 2.1 3.3
Interactive Brokers Group Inc (USD) 22,894 650 16.6 3.6 48.4 0.7 0.5 46.6 10.6
Haitong Securities Co Ltd (USD,CNY) 22,743 7,824 4.5 1.1 16.0 2.0 24.7 51.1 1.8
Haitong Securities Co Ltd (USD,CNY) 22,743 7,824 4.3 1.0 15.0 2.1 24.7 51.1 8.5 1.8
Nomura Holdings Inc (USD,JPY) QQQ 19,960 240,318 1.6 0.8 9.6 1.7 -1.8 22.3 2.0 2.8
Nomura Holdings Inc (USD,JPY) 19,960 240,318 1.6 0.8 9.7 1.7 -1.8 22.3 2.0 2.8
China Galaxy Securities Co Ltd (USD,CNY) 14,652 5,010 5.0 1.0 11.7 43.8 2.4 0.8
Raymond James Financial Inc (USD) QQQ 12,266 636 2.0 2.2 19.6 1.0 10.7 17.4 7.0 0.5
E*TRADE Financial Corp (USD) 12,099 612 5.5 1.9 21.1 -1.0 11.9 10.9 0.3
MSCI Inc (USD) QQ 11,609 307 9.7 32.2 38.7 1.0 5.0 37.6 4.8 5.8
Daiwa Securities Group Inc (USD,JPY) 10,531 100,354 2.4 0.9 11.8 1.8 7.1 30.6 2.4 7.7
Daiwa Securities Group Inc (USD,JPY) 10,531 100,354 2.5 0.9 11.9 7.1 30.6 2.4 7.7
FactSet Research Systems Inc (USD) Q 7,771 258 6.5 13.9 30.5 1.1 8.7 31.9 1.0
MarketAxess Holdings Inc (USD) QQQ 7,074 147 18.2 13.8 48.4 0.7 16.6 46.8
Lazard Ltd (USD) QQQQ 5,702 465 2.4 4.4 13.5 3.4 5.0 10.9 11.3 0.9
BGC Partners Inc (USD) 4,601 133 2.4 6.7 35.4 4.4 12.3 -3.1 4.3 2.9
LPL Financial Holdings Inc (USD) 4,477 216 1.1 4.8 21.0 2.0 3.0 7.3 4.1 2.7
Stifel Financial Corp (USD) QQQ 3,608 211 1.5 1.3 20.9 0.2 13.1 9.4 3.1 0.6
TP ICap PLC (USD,GBP) 3,576 71 1.4 1.4 30.3 3.3 -0.4 8.2 5.1 0.3
Evercore Inc (USD) QQ 3,299 188 2.3 6.9 20.3 1.7 21.8 16.7 17.0 0.4
IG Group Holdings PLC (USD,GBP) 3,247 169 4.4 3.1 13.6 5.0 5.0 41.5 713.3
IG Group Holdings PLC (USD,GBP) 3,247 169 4.7 3.4 14.7 4.7 5.0 41.5 713.3
Haitong International Securities Group Ltd (USD,HKD) 3,246 1,908 5.6 1.1 14.3 1.6 34.6 57.4 2.4 0.6
Houlihan Lokey Inc (USD) 2,918 140 3.1 3.7 21.0 1.7 18.6 0.0
Virtu Financial Inc (USD) 2,883 0 1.2 3.4 6.2 7.9 30.0 3.1 1.7
NEX Group PLC (USD,GBP) 2,869 1,258 3.8 2.6 31.3 6.4 -20.2 14.5 5.4 0.4
NEX Group PLC (USD,GBP) 2,869 1,258 4.2 2.9 34.4 5.9 -20.2 14.5 5.4 0.4
Rothschild & Co SCA (USD,EUR) 2,770 185 1.2 1.2 11.4 9.5 19.8 10.7
Envestnet Inc (USD) 2,213 -53 3.3 5.4 36.2 2.3 -1.4 0.6
Matsui Securities Co Ltd (USD,JPY) 2,181 11,162 9.1 2.6 22.2 9.6 66.6 13.5 1.1
FS Investment Corp (USD) 2,002 219 5.9 0.9 9.2 10.9 27.3 61.0 5.0 0.7
Hamilton Lane Inc (USD) 1,571 10 8.1 23.9 146.0 1.0 43.7 6.1 1.3
China Internet Nationwide Financial Services Inc 1,363 16 80.8 39.7 98.2 81.2
(USD)
Flow Traders NV (USD,EUR) 948 66 4.5 3.7 14.4 42.6
China LNG Group Ltd (USD,HKD) 892 2 3.3 0.8 7.3 0.9 135.8 92.1
Monex Group Inc (USD,JPY) 888 2,414 2.0 1.1 180.3 1.7 7.9 11.9 1.2 2.5
Egyptian Financial Group-Hermes Holding Co 817 2,452 3.2 0.9 4.7 14.1 -12.5 16.3 0.1
(USD,EGP)

2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Release date 11-26-2017 Page 4 of 5

Greenhill & Co Inc GHL

Morningstar Rating TM
Quote Stock Type
High Yield
Last Close 24/11/2017
20.20
Fair Value Estimate
$ 22.00 QQQ

Industry Peers
INTL FCStone Inc (USD) 812 46 0.0 1.7 17.5 -27.6 0.2 3.6
Yintech Investment Holdings Ltd (USD,CNY) 807 1,047 1.5 1.5 5.0 6.9 38.8
Associated Capital Group Inc (USD) 804 -3 25.9 0.9 0.6 -59.0 25.3
Monex Group Inc (USD,JPY) 804 2,414 2.0 1.1 37.2 0.8 7.9 11.9 1.2 2.5
PJT Partners Inc (USD) 777 11 1.9 72.1 0.5 -1.5
Donnelley Financial Solutions Inc (USD) 680 32 0.7 3.9 21.0 12.8 9.1 2.8
Compagnie Financiere Tradition SA (USD,CHF) 674 48 0.9 1.9 14.6 -5.6 4.9 10.0 0.7
CMC Markets PLC (USD,GBP) 672 49 2.2 2.2 9.2 5.4 27.2 89.3 0.0
Ladenburg Thalmann Financial Services Inc (USD) 642 1 0.5 1.8 0.3 32.8 -1.0 -1.9 0.1
Asia Equity Exchange Group Inc (USD) 609 1 352.5 1,084.9 523.7 -45.4
Investment Technology Group Inc (USD) 606 -31 1.3 1.6 1.5 -3.9 8.1 -18.5 0.0
The Crypto Co (USD) 557 0 156.0 -1,789.0 -145.6
Cowen Inc (USD) 444 13 0.7 0.5 71.5 14.9 -14.6 0.1
Canaccord Genuity Group Inc (USD,CAD) 416 22 0.5 1.0 37.1 0.5 7.8 2.7 5.2 0.2
GAIN Capital Holdings Inc (USD) 375 13 1.2 1.3 27.8 2.9 17.2 11.8 5.3 0.5
Oppenheimer Holdings Inc (USD) 359 0 0.4 0.7 1.6 -1.9 -0.1 -0.1 0.7
ABG Sundal Collier Holding ASA (USD,NOK) 317 250 2.1 3.3 10.8 5.3 21.5 18.1
HIVE Blockchain Technologies Ltd (USD,CAD) 223 1 503.9 141.8 -0.1
China Strategic Holdings Ltd (USD,HKD) 213 -193 0.9 0.2 96.2 -5.8 -75.9 0.5
Riot Blockchain Inc (USD) 196 -13 1,090.9 18.4 -17.7 -5,943.7 -139.5
CASH Financial Services Group Ltd (USD,HKD) 147 -57 5.8 1.3 -34.0 -26.7 -9.6 0.0
APAC Resources Ltd (USD,HKD) 147 548 14.3 0.5 2.6 1.0 -37.5 36.1
GMP Capital Inc (USD,CAD) 132 -50 0.8 1.0 -8.3 3.5 -1.6
Blackboxstocks Inc (USD) 120 -1 154.0 569.9 -854.2 -218.8
Currency Exchange International Corp (USD) 120 3 3.9 2.2 31.6 29.6 56.7
JMP Group LLC (USD) 118 2 0.9 1.0 42.5 6.5 3.8 9.2 1.1 0.8
Bitcoin Services Inc 111
A-Mark Precious Metals Inc (USD) 104 5 0.0 1.5 18.5 2.2 -2.1 0.2 2.1 0.1
Capstone Financial Group Inc (USD) 98 -2 2,046.8 14.5 -909.0 -517.1
Siebert Financial Corp (USD) 84 -1 7.8 18.9 -13.4 -33.7
TheStreet Inc (USD) 71 -12 0.8 1.6 1.9 -7.3
China Finance Online Co Ltd (USD) 46 -41 0.9 0.7 9.4 -24.0 -2,990.5
BTCS Inc (USD) 31 -62 2,309.8 -26.0 -410.0 -5,964.7
National Holdings Corp (USD) 31 3 0.2 0.9 8.8 6.8 0.8 -47.4
Financial Gravity Companies Inc (USD) 23 -1 6.5 13.4 -75.5 -250.9
AnalytixInsight Inc (USD,CAD) 21 0 11.8 6.2 -13.2 -344.2 -269.1
Pinetree Capital Ltd (USD,CAD) 21 -2 1.4 8.4 -48.9 -48.4
360 Blockchain Inc (USD,CAD) 20 0 311.9 13.9 23.6 -1,037.8 0.0
Mentor Capital Inc (USD) 18 -1 6.0 3.0 -41.5 -19.8 0.0
CreditRiskMonitor.com Inc (USD) 17 0 1.3 4.7 3.0 4.8 5.7
Digatrade Financial Corp (USD,CAD) 12 0 -4.9
Global Arena Holding Inc (USD) 12 -6 9.4 2.2 -32.4 -188.4 -0.1
Cohen & Co Inc (USD) 9 0 0.3 0.2 11.3 10.5 -11.7 -8.0 2.0 1.1
Fineqia International Inc (USD,CAD) 8 -1 1.4 -9,862.2
Armada Mercantile Ltd (USD,CAD) 4 0 -14.5 32.0 -1,782.4
QuoteMedia Inc (USD) 3 -1 0.4 -0.2 -6.9 -0.7
Waterfront Capital Corp (USD,CAD) 1 0 45.0 -128.6 -143.1
Capital Financial Holdings Inc (USD) 1 0 0.1 0.6 -0.5 -0.2 -113.2 0.3
Gunpowder Capital Corp (USD,CAD) 1 -1 5.2 -892.3 -79.3
PHI Group Inc (USD) 1 -1 5.2 -27.6 -316.6 -2.0
Jaguar Financial Corp (USD,CAD) 0 0 2.0 1.2 -45.5 39.6 -1,880.2
Merriman Holdings Inc (USD) 0 -7 0.0 -5.8 -28.7 -3.3
EZTD Inc (USD) 0 -13 0.0 166.9 -77.3 -106.6

2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.
Release date 11-26-2017 Page 5 of 5

Greenhill & Co Inc GHL

Morningstar Rating TM
Quote Stock Type
High Yield
Last Close 24/11/2017
20.20
Fair Value Estimate
$ 22.00 QQQ

Industry Peers
Indo Global Exchange(s) Pte Ltd (USD) 0 -2 19.8 0.0 -5,034.0 -1.9
SoOum Corp (USD) 0 5 0.0 -2,854.2 10.2
Network 1 Financial Group Inc (USD) 0 -20.7
KOALA Financial Group Ltd (USD,HKD) -56 -38.5 -75.8 -7.0 0.2
Bright Kindle Resources & Investments Inc (USD,PHP) 67 -76.5 -3.6
GMO Financial Holdings Inc (USD,JPY) 6,109 48.5 32.7 0.3
Fossal SAA
Vaulted Gold Bullion Trust (USD)
Aditya Birla Capital Ltd 5,300 1.5 2.7
Guotai Junan Securities Co Ltd (USD,CNY) 9,230 28.2 51.3 0.9
Guotai Junan International Holdings Ltd (USD,HKD) 1,210 29.2 60.6 4.5
Swissquote Group Holding SA (USD,CHF) 27 3.0 15.6 3.1
Indiabulls Ventures Ltd (USD,INR) 1,701 17.3 26.7 2.1 2.0
BinckBank NV (USD,EUR) 5 -4.3 19.4 2.8
Poalim IBI Managing & Underwriting Ltd
Nihon M&A Center Inc (USD,JPY) 7,432 26.0 48.7 2,570.0 0.1
Financial Products Group Co Ltd (USD,JPY) 9,539 56.8 59.0 37.8 0.4
Link Administration Holdings Ltd (USD,AUD) 84 13.6 9.3 0.5
China Merchants Securities Co Ltd (USD,CNY) 5,596 17.5 45.1 1.1
Vaulted Gold Bullion Trust (USD)
Central China Securities Co Ltd (USD,CNY) 545 45.5 2.2 0.7
Oppenheimer Holdings Inc (USD) 0 -1.9 -0.1 -0.1 0.7
Kyokuto Securities Co Ltd (USD,JPY) 2,501 1.8 46.7 61.5 0.3
Central Bancompany 0.6
Corporativo GBM SAB de CV (USD,MXN) 384 12.0 2.6 52.7 0.0 18.7 55.0 1.9
Egyptian Financial Group-Hermes Holding Co 2,452 -12.5 16.3 0.1
(USD,EGP)
Costas Inc
Central Bancompany 0.7
Finotec Group Inc (USD) -3 -120.4
Halitron Inc (USD) -1 -213,149.1
United Consortium Ltd
ANGO World Holdings Inc
Banco Bilbao Vizcaya Argentaria Brasil SA 1.0
Matsui Securities Co Ltd (USD,JPY) 11,162 9.6 66.6 13.5 1.1
Ziegler Companies Inc (USD) 0 3.5 -0.9 0.6 0.5
Kiley Group Inc
Woodstock Holdings Inc (USD) 0 8.5 -1.4 0.6
Rocky Mountain Ayre Inc
Sunrise Consulting Group Inc
MidasTrade.com Ltd
Added Capital Inc (USD,CAD) 0 2.3 3.4 -32.5 -27.7 11.6
PAM Holdings Inc (USD) 47
Omni Financial Services Inc (USD) 6 82.7 23.2 1.4 1.7
Future World Financial Holdings Ltd (USD,HKD) 421 -14.9 -113.6 30.7
First Bitcoin Capital Corp
LBO Capital Corp (USD) -1 -22,179.5 0.2
Westech Capital Corp (USD) -7 -22.6 0.2

Industry Average 9,368 6,369 2.8 2.1 17.2 1.4 6.6 -2,049.6 -98.2 2.1

2017 Morningstar. All Rights Reserved. Unless otherwise provided in a separate agreement, you may use this report only in the country in which its original distributor is based. Data as originally reported. The
information contained herein is not represented or warranted to be accurate, correct, complete, or timely. This report is for information purposes only, and should not be considered a solicitation to buy or sell any security.
Redistribution is prohibited without written permission. To order reprints, call +1 312-696-6100. To license the research, call +1 312-696-6869.