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Lazard Inc LAZ

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Stock XNYS Rating as of
$38.99 +0.10 (0.26%)
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As of Delayed Price Closed
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Company Report

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Lazard Earnings: Remarkably Strong First Quarter, but Unsure If It Can Last

Michael Wong

Narrow-moat Lazard reported record first-quarter net revenue, but most investment banking management teams have had a cautiously optimistic tone in their outlook for merger advisory. Lazard reported net income to common shareholders of $38 million, or $0.35 per diluted share, on $765 million of net revenue. Financial advisory revenue was a first-quarter record at $447 million, while asset-management revenue was its highest since the first quarter of 2022. We don’t anticipate making a material change to our $48 fair value estimate. We assess the shares as moderately undervalued.

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Price vs Fair Value

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LAZ is trading at a 17% discount.
Price
$39.63
Fair Value
$42.00
Uncertainty
High
1-Star Price
$47.20
5-Star Price
$47.60
Economic Moat
Trqhmnp
Capital Allocation
Dyscxqss

Bulls Say, Bears Say

Bulls

Lazard has the largest geographic footprint among financial advisory-focused investment banks and is in a strong position when global M&A accelerates. The company is well-recognized for its expertise in restructuring, which provides some counterbalance in a recession.

Bears

While the company's restructuring revenue is countercyclical, the majority of its revenue being in merger advisory and asset management is procyclical.

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News

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Trading Information

Previous Close Price
$38.89
Day Range
$38.32–39.26
52-Week Range
$25.82–42.24
Bid/Ask
$39.00 / $41.14
Market Cap
$3.41 Bil
Volume/Avg
798,552 / 1.1 Mil

Key Statistics

Price/Earnings (Normalized)
52.62
Price/Sales
1.29
Dividend Yield (Trailing)
5.13%
Dividend Yield (Forward)
5.13%
Total Yield
8.14%

Company Profile

Lazard has a storied history that can be traced back to 1848. The company's revenue is nearly equally split between financial advisory, such as acquisition and restructuring advisory, and asset management. The company's asset management business is primarily equities (over 80% of assets under management), has an international focus, and is geared toward institutional clients. By geography, the company earns approximately 60% of revenue in the Americas, 35% in EMEA, and 5% in Asia-Pacific. Lazard has offices across more than 20 countries and over 3,000 employees.
Sector
Financial Services
Industry
Capital Markets
Stock Style Box
Small Value
Total Number of Employees
3,291
Website
https://www.lazard.com

Competitors

Valuation

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Metric
LAZ
SF
EVR
Price/Earnings (Normalized)
 52.6216.7128.51
Price/Book Value
 8.681.764.40
Price/Sales
 1.292.033.04
Price/Cash Flow
 8.5610.969.06
Price/Earnings
LAZ
SF
EVR

Financial Strength

Metric
LAZ
SF
EVR
Quick Ratio
 1.96——
Current Ratio
 2.22——
Interest Coverage
 −0.57——
Quick Ratio
LAZ
SF
EVR

Profitability

Metric
LAZ
SF
EVR
Return on Assets (Normalized)
 1.57%1.41%8.47%
Return on Equity (Normalized)
 17.42%11.50%18.84%
Return on Invested Capital (Normalized)
 3.50%——
Return on Assets
LAZ
SF
EVR
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