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Back of Napkin

Piper Sandler Companies PIPR

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Piper Sandler just printed the best first half in its history, advisory revenue up 34% to a record, and the stock sits 22% below its February high anyway.

The setup turns on how much of a boutique bank's boom year an owner should ever capitalize, because every number below is cyclical and the cycle is currently smiling.

PIPR · price with moving averages

Daily · 6MWeekly · 3Y
$29$46$64$81$99 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Piper Sandler is a mid-market investment bank out of Minneapolis: merger advice for companies too small for Goldman's attention, capital raising for banks and healthcare firms, a municipal bond desk, and equity research and brokerage. Revenue is fees on deals, so the P&L breathes with deal volume, and the largest cost walks out the door every evening. Roughly 62 cents of each revenue dollar goes to employee compensation, which is the tollbooth the shareholder stands behind. The moat is relationships and franchise density in chosen niches, healthcare, financial institutions, municipals, real but rented, renewed banker by banker.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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