Jefferies Financial Group (NYSE:JEF) shares gained more than 3% today after the company reported its Q4 results, with revenue coming in at $1.44 billion, better than the Street estimate of $1.17 billion. Q4 EPS was $0.57, in line with the Street estimate.

Despite being down 38% from an off-the-charts 2021, the company's investment banking revenue had its second-best year and was significantly higher than in 2019.

According to the analysts at Oppenheimer, the key point is that even at the very bottom of perhaps the biggest retreat in investment banking activity ever, the company remains profitable, financially strong, and has significant hidden assets that can provide incremental upside.