The Moelis Australia Ltd (ASX: MOE) share price has continued its strong run and climbed 10% to $4.40 today.
This means that the global investment bank's shares have now gained over 40% in just three months.
Why are its shares higher today?
This morning Moelis announced that its half-year underlying EBITDA has increased 200% on the prior corresponding period to $12.0 million.
The strong first-half performance and the fact that traditionally the second half is the stronger of the two, led to management upgrading its full-year EBITDA guidance.
Moelis now expects underlying EBITDA for FY 2017 to be $33 million. This is up almost 14% from its previous guidance of $29 million, which itself was 25% higher than its IPO prospectus forecast of $23.2 million.
In light of this, it isn't hard to see why Moelis' shares have gone gangbusters since hitting the ASX boards earlier this year.
