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Lazard Inc LAZ

Morningstar Rating
$38.78 +0.27 (0.70%)
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Company Report

Lazard Earnings: Good End to the Year; Company Hopes for the Beginning of Growth Runway

Lazard ended a tough 2023 on a strong note, with the company positioning itself for what it hopes is the start of a long runway of growth. Lazard reported fourth-quarter net income to common shareholders of $64 million, or $0.65 per diluted share, on $806 million of net revenue. We were encouraged to see a swing in market sentiment during the quarter, which left revenue for the period 41% higher than the average of the prior three quarters.

Price vs Fair Value

LAZ is trading at a 3% premium.
Price
$38.54
Fair Value
$41.70
Uncertainty
High
1-Star Price
$31.21
5-Star Price
$79.90
Economic Moat
Wpcwd
Capital Allocation
Rnjmgktm

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

Trading Information

Previous Close Price
$38.51
Day Range
$38.2839.00
52-Week Range
$25.8441.91
Bid/Ask
$38.79 / $38.86
Market Cap
$3.39 Bil
Volume/Avg
183,776 / 1.1 Mil

Key Statistics

Price/Earnings (Normalized)
52.02
Price/Sales
1.34
Dividend Yield (Trailing)
5.19%
Dividend Yield (Forward)
5.19%
Total Yield
8.22%

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

Competitors

Valuation

Metric
LAZ
RJF
SF
Price/Earnings (Normalized)
52.0214.3116.14
Price/Book Value
7.952.341.66
Price/Sales
1.342.222.01
Price/Cash Flow
8.4612.0910.59
Price/Earnings
LAZ
RJF
SF

Financial Strength

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

Profitability

Metric
LAZ
RJF
SF
Return on Assets (Normalized)
1.57%2.31%1.41%
Return on Equity (Normalized)
17.42%18.04%11.50%
Return on Invested Capital (Normalized)
3.50%
Return on Assets
LAZ
RJF
SF
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Name
Morningstar Rating for Stocks
Economic Moat
Market Cap
MS
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GS
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SCHW
Charles Schwab CorpBqrb$121.8 Bil
RJF
Raymond James Financial IncBfzm$25.2 Bil
TW
Tradeweb Markets IncPsjj$22.5 Bil
LPLA
LPL Financial Holdings IncJxvstm$19.9 Bil
IBKR
Interactive Brokers Group Inc Class AXbjgqq$11.6 Bil
MKTX
MarketAxess Holdings IncYvnnm$8.1 Bil
SF
Stifel Financial CorpGwdw$7.8 Bil
EVR
Evercore Inc Class ASsqqtnw$7.2 Bil

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