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Why the Moelis Australia Ltd share price has gone gangbusters in 2017

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.

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Motley Fool contributor Motley Fool Staff has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.