Lazard（LAZ）株式概要ラザード, Inc.は米州、欧州、中東、アフリカ、アジア太平洋地域でファイナンシャル・アドバイザリーおよび資産運用会社として事業を展開している。 詳細LAZ ファンダメンタル分析スノーフレーク・スコア評価5/6将来の成長5/6過去の実績1/6財務の健全性2/6配当金4/6報酬当社が推定した公正価値より47.2%で取引されている 収益は年間31.3%増加すると予測されています 同業他社や業界と比較して、良好な取引価格 リスク分析不安定な配当実績 多額の負債を抱えている すべてのリスクチェックを見るLAZ Community Fair Values Create NarrativeSee what 14 others think this stock is worth. Follow their fair value or set your own to get alerts.Analyst Price TargetsAN8.2% undervaluedAnalystConsensusTarget•16d agoLAZ: Revenue Acceleration And Danish Office Will Fuel Future Upside10404AN23.7% undervaluedAnalystHighTarget•1mo agoGlobalization And Technology Will Expand International Advisory Opportunities1700AN9.3% undervaluedAnalystLowTarget•3mo agoOvervaluation Will Intensify Fee Erosion Amid AI Disruption1702Top Analyst NarrativesAN8.2% undervaluedAnalystConsensusTarget•16d agoLAZ: Revenue Acceleration And Danish Office Will Fuel Future Upside10404AN23.7% undervaluedAnalystHighTarget•1mo agoGlobalization And Technology Will Expand International Advisory Opportunities1700AN9.3% undervaluedAnalystLowTarget•3mo agoOvervaluation Will Intensify Fee Erosion Amid AI Disruption1702View all narrativesLazard, Inc. 競合他社Piper Sandler CompaniesSymbol: NYSE:PIPRMarket cap: US$5.7bBGC GroupSymbol: NasdaqGS:BGCMarket cap: US$5.3beToro GroupSymbol: NasdaqGS:ETORMarket cap: US$3.1bMarex GroupSymbol: NasdaqGS:MRXMarket cap: US$3.9b価格と性能株価の高値、安値、推移の概要Lazard過去の株価現在の株価US$48.0652週高値US$58.7552週安値US$38.67ベータ1.431ヶ月の変化1.37%3ヶ月変化-6.37%1年変化11.77%3年間の変化67.11%5年間の変化1.87%IPOからの変化100.25%最新ニュースライブニュース • May 13Lazard Q1 Revenue Surges as Campbell Lutyens Acquisition Targets Growth Despite Earnings MissLazard reported Q1 2026 revenue of US$757 million to US$779.4 million, which was 17% to 21.2% higher year over year and met or exceeded Wall Street expectations. Asset Management net revenue rose 42%, supported by a record US$9b in net inflows, while Financial Advisory revenue declined slightly due to delayed transaction timing. Adjusted EPS came in at US$0.42, missing analyst estimates, while GAAP diluted EPS of US$0.91 beat expectations. The company also announced a deal to acquire global private capital advisor Campbell Lutyens, with a target of about US$500 million of combined revenue in 2027 under its Lazard 2030 plan. The mix of stronger revenue and softer adjusted earnings points to margin and compensation pressure, while the company is investing in expanding its advisory platform through the Campbell Lutyens acquisition. Readers may want to track how quickly Lazard integrates this acquisition and whether expected benefits to its private capital and fundraising capabilities offset the near-term earnings volatility that recently coincided with an 8% share price decline and a US$0.50 per-share quarterly dividend.Seeking Alpha • May 09Lazard: Attractive Yield Is Not Enough To Buy Its SharesSummary Lazard lacks a durable competitive moat in investment banking or asset management, raising doubts about its ambitious growth targets. LAZ's business is highly cyclical, with recent revenue declines and volatile profitability tied to capital market activity. The company aims to double annual revenues by 2030, but its muted growth history and weak operating momentum make this target questionable. Despite an attractive 4.3% dividend yield, I rate LAZ as 'hold' due to limited growth prospects and a valuation premium to the sector. Read the full article on Seeking Alphaナラティブの更新 • May 06LAZ: Ongoing Buybacks Will Support Future Upside PotentialAnalysts now see Lazard’s fair value at $52.38, down from $56.89. This reflects a view that higher projected revenue growth of about 12.86% and a higher future P/E of roughly 15.17 are balanced by lower expected profit margins around 11.33% and a slightly reduced discount rate near 8.94%.Reported Earnings • May 05First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2026 results: EPS: US$1.02 (up from US$0.61 in 1Q 2025). Revenue: US$756.6m (up 16% from 1Q 2025). Net income: US$100.9m (up 72% from 1Q 2025). Profit margin: 13% (up from 9.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) exceeded analyst estimates by 133%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.Declared Dividend • May 04First quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 11th May 2026 Payment date: 22nd May 2026 Dividend yield will be 4.4%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 116% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • May 02Lazard, Inc. announces Quarterly dividend, payable on May 22, 2026Lazard, Inc. announced Quarterly dividend of USD 0.5000 per share payable on May 22, 2026, ex-date on May 11, 2026 and record date on May 11, 2026.最新情報をもっと見るRecent updatesライブニュース • May 13Lazard Q1 Revenue Surges as Campbell Lutyens Acquisition Targets Growth Despite Earnings MissLazard reported Q1 2026 revenue of US$757 million to US$779.4 million, which was 17% to 21.2% higher year over year and met or exceeded Wall Street expectations. Asset Management net revenue rose 42%, supported by a record US$9b in net inflows, while Financial Advisory revenue declined slightly due to delayed transaction timing. Adjusted EPS came in at US$0.42, missing analyst estimates, while GAAP diluted EPS of US$0.91 beat expectations. The company also announced a deal to acquire global private capital advisor Campbell Lutyens, with a target of about US$500 million of combined revenue in 2027 under its Lazard 2030 plan. The mix of stronger revenue and softer adjusted earnings points to margin and compensation pressure, while the company is investing in expanding its advisory platform through the Campbell Lutyens acquisition. Readers may want to track how quickly Lazard integrates this acquisition and whether expected benefits to its private capital and fundraising capabilities offset the near-term earnings volatility that recently coincided with an 8% share price decline and a US$0.50 per-share quarterly dividend.Seeking Alpha • May 09Lazard: Attractive Yield Is Not Enough To Buy Its SharesSummary Lazard lacks a durable competitive moat in investment banking or asset management, raising doubts about its ambitious growth targets. LAZ's business is highly cyclical, with recent revenue declines and volatile profitability tied to capital market activity. The company aims to double annual revenues by 2030, but its muted growth history and weak operating momentum make this target questionable. Despite an attractive 4.3% dividend yield, I rate LAZ as 'hold' due to limited growth prospects and a valuation premium to the sector. Read the full article on Seeking Alphaナラティブの更新 • May 06LAZ: Ongoing Buybacks Will Support Future Upside PotentialAnalysts now see Lazard’s fair value at $52.38, down from $56.89. This reflects a view that higher projected revenue growth of about 12.86% and a higher future P/E of roughly 15.17 are balanced by lower expected profit margins around 11.33% and a slightly reduced discount rate near 8.94%.Reported Earnings • May 05First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2026 results: EPS: US$1.02 (up from US$0.61 in 1Q 2025). Revenue: US$756.6m (up 16% from 1Q 2025). Net income: US$100.9m (up 72% from 1Q 2025). Profit margin: 13% (up from 9.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) exceeded analyst estimates by 133%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.Declared Dividend • May 04First quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 11th May 2026 Payment date: 22nd May 2026 Dividend yield will be 4.4%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 116% over the next 3 years, which should provide support to the dividend and adequate earnings cover.お知らせ • May 02Lazard, Inc. announces Quarterly dividend, payable on May 22, 2026Lazard, Inc. announced Quarterly dividend of USD 0.5000 per share payable on May 22, 2026, ex-date on May 11, 2026 and record date on May 11, 2026.New Risk • May 01New major risk - Revenue and earnings growthEarnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks High level of debt (44% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.お知らせ • May 01Lazard, Inc. (NYSE:LAZ) entered into a definitive agreement to acquire Campbell Lutyens Holdings Limited for $660 million.Lazard, Inc. (NYSE:LAZ) entered into a definitive agreement to acquire Campbell Lutyens Holdings Limited for $660 million on April 30, 2026. The consideration consists of common equity of Lazard, Inc. having a value of $460 million to be issued for common equity of Campbell Lutyens Holdings Limited. Lazard, Inc. will pay an earnout/contingent payment of $115 million common equity and of up to $85 million additional consideration based on achievement of defined performance criteria over a multi -year period. As part of consideration, $660 million is paid towards common equity of Campbell Lutyens Holdings Limited. The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is in 2026. The transaction is expected to be accretive to 2027 earnings and thereafter.ナラティブの更新 • Apr 17LAZ: Ongoing Buybacks And New Finance Leadership Will Support Future UpsideAnalysts have trimmed their price target on Lazard by $2 to $63, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E that now point to a slightly different risk and earnings profile for the stock. What's in the News Lazard repurchased 1,017,849 shares for US$50 million between October 1, 2025 and December 31, 2025, representing 1.07% of shares under its existing buyback program (company filing).お知らせ • Apr 14Lazard, Inc. to Report Q1, 2026 Results on May 01, 2026Lazard, Inc. announced that they will report Q1, 2026 results Pre-Market on May 01, 2026Valuation Update With 7 Day Price Move • Apr 13Investor sentiment improves as stock rises 16%After last week's 16% share price gain to US$48.24, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Capital Markets industry in the US. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$89.11 per share.Major Estimate Revision • Apr 12Consensus EPS estimates fall by 21%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$3.51b to US$3.43b. EPS estimate also fell from US$3.47 per share to US$2.75 per share. Net income forecast to grow 52% next year vs 16% growth forecast for Capital Markets industry in the US. Consensus price target down from US$56.89 to US$51.89. Share price rose 13% to US$46.68 over the past week.Price Target Changed • Apr 08Price target decreased by 7.1% to US$53.44Down from US$57.56, the current price target is an average from 9 analysts. New target price is 19% above last closing price of US$44.80. Stock is up 17% over the past year. The company is forecast to post earnings per share of US$3.24 for next year compared to US$2.37 last year.ナラティブの更新 • Apr 03LAZ: Ongoing Buybacks And New Finance Leadership Will Drive Further UpsideAnalysts have trimmed their price target for Lazard to about $56.89 from roughly $57.56. This reflects updated views on discount rate assumptions, revenue growth expectations, profit margins and future P/E levels.お知らせ • Mar 24Lazard, Inc., Annual General Meeting, May 21, 2026Lazard, Inc., Annual General Meeting, May 21, 2026.ナラティブの更新 • Mar 20LAZ: Share Repurchases And New Finance Leadership Will Support Further UpsideAnalysts have trimmed their Lazard price target by about $2, reflecting a slightly higher discount rate and modest adjustments to fair value assumptions, while keeping growth and margin expectations broadly in line. What's in the News Lazard completed a share repurchase tranche between October 1, 2025 and December 31, 2025, buying 1,017,849 shares, or 1.07% of shares, for $50 million under its existing buyback program.Recent Insider Transactions Derivative • Mar 18CEO & Chairman notifies of intention to sell stockPeter Orszag intends to sell 69k shares in the next 90 days after lodging an Intent To Sell Form on the 17th of March. If the sale is conducted around the recent share price of US$40.40, it would amount to US$2.8m. For the year to December 2020, Peter's total compensation was 8% salary and 92% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2025, Peter has owned 183.27k shares directly. Company insiders have collectively sold US$13m more than they bought, via options and on-market transactions in the last 12 months.Valuation Update With 7 Day Price Move • Mar 09Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to US$43.18, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Capital Markets industry in the US. Total returns to shareholders of 51% over the past three years.ナラティブの更新 • Mar 05LAZ: Share Repurchases And Margin Outlook Will Drive Further UpsideAnalysts have lifted their price target on Lazard from about $58.17 to roughly $59.56, citing updated assumptions that combine a lower discount rate and P/E with a higher profit margin outlook. What's in the News Lazard appointed Tracy Farr as Chief Financial Officer, effective February 1, 2026, succeeding Mary Ann Betsch, who will remain as a senior advisor during the transition (Key Developments).New Risk • Feb 24New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.ナラティブの更新 • Feb 19LAZ: Buybacks And Higher Margin Outlook Will Support Future UpsideAnalysts are keeping Lazard's price target steady at $65.00. The latest update reflects adjusted assumptions around discount rate, revenue growth, profit margin, and future P/E to better align with their current outlook on the business.お知らせ • Feb 18Lazard, Inc. Announces Executive AppointmentsLazard, Inc. announced that John Koski and Rob Lowe joined the firm in New York as Managing Directors in the Healthcare Group, advising on transactions across the healthcare services sector. Prior to joining Lazard, John served as Managing Director at Allen & Co. where he advised healthcare companies across the healthcare services sector, including payors, providers, distributors, and companies at the intersection of healthcare and technology. Earlier in his career, he was a Resident in Orthopedic Surgery at the Hospital for Special Surgery. John holds an MBA from Harvard Business School, an MD from the Yale School of Medicine, and a BA in Biology from Harvard University. Rob also joins Lazard from Allen & Co., where he was a Managing Director, advising on transactions across healthcare, including payors, providers, distributors, and companies at the intersection of healthcare and technology. Previously, Rob served as a Director in Healthcare at Citi as part of the Global Healthcare Investment Banking Group. He earned his MBA from NYU Stern and his bachelor's degree from Colgate University.ナラティブの更新 • Feb 05LAZ: Fair Outlook Will Balance CFO Transition With Ongoing Share RepurchasesAnalysts have lifted their price target on Lazard from US$49.00 to US$53.00, citing updated assumptions that include a slightly lower discount rate, a modestly different revenue growth outlook, a higher projected profit margin, and a small change in future P/E expectations. What's in the News Tracy Farr has been appointed Chief Financial Officer of Lazard, effective February 1, 2026, after more than a decade at the firm, including his role as a Managing Director in the Capital Structure Advisory group and senior member of the corporate development and strategy team (Key Developments).分析記事 • Feb 01Lazard (NYSE:LAZ) Is Paying Out A Dividend Of $0.50Lazard, Inc.'s ( NYSE:LAZ ) investors are due to receive a payment of $0.50 per share on 20th of February. This means...Declared Dividend • Feb 01Fourth quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 9th February 2026 Payment date: 20th February 2026 Dividend yield will be 3.7%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 98% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Jan 30Full year 2025 earnings releasedFull year 2025 results: Net income: (down US$273.0m from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.New Risk • Jan 29New major risk - Revenue and earnings growthEarnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks High level of debt (77% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.お知らせ • Jan 29+ 1 more updateLazard, Inc. Announces Chief Financial Officer ChangesLazard, Inc. announced that Tracy Farr has been appointed Chief Financial Officer, effective February 1, 2026. Mr. Farr is an accomplished finance professional with 20 years of experience. This includes over a decade at Lazard where he most recently served as a Managing Director in the firm's Capital Structure Advisory group and worked closely with executive management as a senior member of its corporate development and strategy team. Before joining Lazard, he was a Certified Public Accountant and consultant at EY, and a researcher at the Financial Accounting Standards Board. With deep corporate finance expertise and extensive experience advising clients on complex M&A transactions, growth initiatives, and capital structure, Mr. Farr is a proven leader in aligning financial strategy with long-term growth objectives. Mr. Farr joined Lazard in 2013 and most recently served as a Managing Director in the firm's Capital Structure Advisory group. In that role, he designed deal structures and provided financing solutions while advising Lazard's clients on some of the most notable and complex M&A transactions. In addition, he led the firm's separations practice and served as a member of its valuation and fairness opinion committees. His work has spanned industries and geographies, from large public-company transactions to founder-led private clients. Mr. Farr's background includes roles in consulting, forensic accounting, and internal audit, providing him with a broad and rigorous financial foundation. Before joining Lazard, he was a Certified Public Accountant and consultant at EY, and a researcher at the Financial Accounting Standards Board. He holds Bachelor of Science and Master of Science degrees in Accounting from Brigham Young University's Marriott School of Business, where he also serves on its National Advisory Council. Mr. Farr succeeds Mary Ann Betsch, who will serve as a senior advisor to help complete the transition. Ms. Betsch joined Lazard in 2022 and has played a significant leadership role in strengthening the firm's financial foundation and advancing its reporting and planning capabilities. Her collaborative approach to leadership and focus on team building has been instrumental in elevating and integrating global finance function. As CFO, she guided the firm's transition to a C-corporation and expanded shareholder engagement to help bring new, long-term investors to Lazard.ナラティブの更新 • Jan 22LAZ: Fair Outlook Will Balance Higher Revenue Assumptions With Softer Margin ExpectationsAnalysts have lifted their price target for Lazard from US$47.00 to US$49.00, reflecting updated views on its revenue growth outlook, profit margin profile, and expected future P/E multiple. Valuation Changes Fair Value: Updated from US$47.00 to US$49.00, representing a small upward adjustment to the estimated intrinsic value per share.お知らせ • Jan 14Lazard, Inc. to Report Q4, 2025 Results on Jan 29, 2026Lazard, Inc. announced that they will report Q4, 2025 results Pre-Market on Jan 29, 2026ナラティブの更新 • Jan 07LAZ: Future Earnings Multiple Will Support Upside As Buybacks ContinueAnalysts have kept their price target for Lazard steady at $65.00, highlighting only modest tweaks to assumptions for discount rate, revenue growth, profit margin and future P/E that fine tune rather than change their overall view. What's in the News The company repurchased 19,485 shares between July 1, 2025 and September 30, 2025 for US$1.08 million, equal to 0.02% of shares under its existing buyback program (Key Developments).ナラティブの更新 • Dec 14LAZ: Future Earnings Multiple Will Drive Upside Despite Margin HeadwindsAnalysts have modestly raised their price target on Lazard, reflecting expectations for stronger revenue growth and a higher future earnings multiple, which are partially offset by a reduced profit margin and a slightly higher discount rate. What's in the News Lazard completed a share repurchase tranche, buying back 19,485 shares for $1.08 million in Q3 2025, bringing total repurchases under its long running program to 81,111,580 shares, or 75.1 percent, for $3.20 billion (company filing).ナラティブの更新 • Nov 30LAZ: Share Buyback Completion And Denmark Office Will Drive Further UpsideAnalysts have maintained their price target for Lazard at $58.17 per share, citing minor adjustments to key financial estimates but no significant change to their overall outlook. What's in the News From July 1, 2025 to September 30, 2025, Lazard repurchased 19,485 shares for $1.08 million.お知らせ • Nov 25Lazard, Inc. Announces Executive AppointmentsLazard, Inc. announced the appointments of Bill Young, Jean Greene, and Paolo Battaglia as Managing Directors in the firm’s Global Industrials Group, all based in New York. Bill Young Joins the Firm as a Managing Director and Head of Diversified Industrials, Jean Greene Rejoins the Firm as a Managing Director and Paolo Battaglia to Join the Firm as a Managing Director. These appointments further strengthen Lazard’s market-leading global Industrials franchise, which advises clients across diversified industrials, building products, chemicals, paper & packaging, transportation & logistics, industrial technology, and aerospace & defense. Bill Young will serve as Head of Diversified Industrials. Jean Greene returns to Lazard, previously spending two decades at the firm. She will continue as a Managing Director, focused on advising clients across the industrials sector. Paolo Battaglia will join the firm in December as a Managing Director in Industrials and will advise clients across the sector. Bill Young is a Managing Director and Head of Diversified Industrials at Lazard, advising on transactions across the diversified industrial, industrial technology, and aerospace & defense sectors. Prior to joining Lazard, Bill was Co-Head of the North American Industrials Group as well as Global Co-Head of Diversified and Advanced Industrials sector coverage at Bank of America. Previously, Bill had been at Credit Suisse as Global Head of Diversified Industrials and Aerospace & Defense, where he originated and executed strategic transactions for a wide range of corporate and financial sponsor clients. Prior to Credit Suisse, Bill spent time at Wasserstein Perella as well as Rothschild & Co. Bill holds an MBA from Columbia Business School, an MSc in Economic History from the University of Oxford, and a BA in Economics and Government from Cornell University. Jean Greene is a Managing Director in Lazard’s Industrials Group with over 25 years of investment banking experience. She rejoined Lazard after serving as a Managing Director at Bank of America, following two decades at Lazard earlier in her career. Jean began her investment banking career at Smith Barney, focusing on oil and gas financing and advisory. She serves on the Board of Directors of Dress for Success and the Board of Trustees of Goodspeed Musicals. Jean holds an undergraduate degree in Economics and French from Wellesley College and an MBA in Finance and Accounting from the University of Chicago Booth School of Business. Paolo Battaglia will join Lazard as a Managing Director in the Industrials Group, most recently serving as a Managing Director at Goldman Sachs. He began his career in private equity real estate at Lehman Brothers. Paolo serves as a Board Member at Friends of Bocconi in New York and is an Associate Member at the Economic Club of New York. He holds an M.Sc. in Finance and an undergraduate degree in Business Administration and Law from Bocconi University, both awarded cum laude, and has studied at NYU Stern.ナラティブの更新 • Nov 16LAZ: Share Buyback Completion And Danish Expansion Signal Continued UpsideAnalysts have marginally adjusted their price target for Lazard, increasing it from $58.17 to $58.17. They cite minimal changes in valuation factors and updated discount rates as reasons for this adjustment.ナラティブの更新 • Nov 01LAZ: Revenue Acceleration And Danish Office Will Fuel Future UpsideAnalysts have modestly increased their price target for Lazard to $58.17, citing improved revenue growth projections even though the profit margin outlook is slightly lower. What's in the News Between July 1, 2025 and September 30, 2025, Lazard repurchased 40,151 shares, representing 0.04 percent for $1 million.Declared Dividend • Oct 26Third quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 3rd November 2025 Payment date: 14th November 2025 Dividend yield will be 4.1%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 62% over the next 2 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Oct 24Third quarter 2025 earnings: EPS exceeds analyst expectationsThird quarter 2025 results: EPS: US$0.73 (down from US$1.13 in 3Q 2024). Revenue: US$748.1m (down 5.4% from 3Q 2024). Net income: US$71.2m (down 32% from 3Q 2024). Profit margin: 9.5% (down from 13% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 55%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 8% per year.お知らせ • Oct 23Lazard, Inc. Declares Quarterly Dividend, Payable on November 14, 2025Lazard, Inc. announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on November 14, 2025, to stockholders of record on November 3, 2025.お知らせ • Oct 21Lazard, Inc. Appoints Edouard Panié as Managing Director and Co-Head of European Financial Sponsors CoverageLazard, Inc. announced the appointment of Edouard Panié as Managing Director and Co-Head of the European Financial Sponsors Coverage. He will report to Klaus H. Hessberger, Global Co-Head and Head of Europe for Lazard’s Financial Sponsors Group, to further strengthen the firm’s presence and partnerships with financial sponsors across the region. Mr. Panié joins from Goldman Sachs, where he was a Managing Director for nearly two decades, advising on more than 60 landmark M&A, debt, and equity transactions for leading alternative asset managers in private equity, growth equity, and infrastructure, as well as entrepreneurs, families, and corporates. Mr. Panié, who will be based in London, began his early career as an engineer at General Electric and holds an MBA from Harvard Business School and an engineering degree from CentraleSupélec.ナラティブの更新 • Oct 18Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresAnalysts have revised their price target for Lazard slightly downward, decreasing it from $60.17 to $58.17 as they reassess growth expectations and profit margins. What's in the News Lazard, Inc.お知らせ • Oct 08Lazard, Inc. to Report Q3, 2025 Results on Oct 23, 2025Lazard, Inc. announced that they will report Q3, 2025 results Pre-Market on Oct 23, 2025ナラティブの更新 • Oct 04Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresAnalysts have revised Lazard's price target slightly downward from $61.00 to approximately $60.17, citing minor adjustments in growth expectations and profit outlook. What's in the News Lazard, Inc.お知らせ • Oct 04Michael “Erik” Kurilla Joins Lazard, Inc. as Senior Advisor in Geopolitical Advisory Group, Effective Oct 3, 2025Lazard, Inc. announced that Retired Four-Star U.S. Army General and Former Commander of U.S. Central Command Michael “Erik” Kurilla has joined as Senior Advisor in Lazard’s Geopolitical Advisory group, effective immediately. General Kurilla brings deep expertise in strategic command within complex environments, most notably in the Middle East and Central Asia. His appointment builds on the success of Lazard Geopolitical Advisory, which was launched three years ago to advise clients navigating the intersection of geopolitics and policy developments with business and investment strategy. Michael “Erik” Kurilla, a retired U.S. Army General, most recently served as the 15 Commander of United States Central Command (CENTCOM) for the last three and half years. Previously, he commanded the XVIII Airborne Corps, 82 Airborne Division, was the Director of Operations and Assistant Commanding General for Joint Special Operations Command, and commanded the 75Ranger Regiment. Over a career spanningfour decades, he led Airborne, Mechanized, Stryker, Ranger, and Joint Special Operations units in combat and operational deployments across the globe. General Kurilla has been a driving force in innovation and technology initiatives that significantly advanced warfighting capabilities across the Department of Defense. He was wounded twice in combat and was involved in some of the most strategic and consequential missions affecting the United States and regional security and stability. General Kurilla has strong personal and professional relationships spanning the Middle East, Levant, Central Asia, South Asia, and Europe. General Kurilla was commissioned from the United States Military Academy at West Point in 1988. He holds a B.S. in Aerospace Engineering from West Point, an M.B.A. from Regis University, and an M.S. in National Security Studies from the National War College.お知らせ • Oct 01Lazard, Inc. Appoints Cyrille Cotte as Managing Director and Head of Insurance for European Financial InstitutionsLazard, Inc. announced the appointment of Cyrille Cotte as Managing Director and Head of Insurance for its European Financial Institutions Group (FIG), based in London and working across Europe with regional Co-Heads of Financial Services Coverage Nick Millar and Corso Bavagnoli. Cyrille joins Lazard from Evercore, where he was a Partner and Senior Managing Director in the European Financial Institutions Group. Over his career, he has focused on advising a broad range of insurers and other financial services firms on mergers, acquisitions, capital raising, and strategic initiatives across Europe and internationally. With over 20 years of experience, Cyrille has advised insurers and financial institutions on numerous landmark transactions globally, including mergers, acquisitions, sales, public market transactions, capital raisings and strategic partnerships. His track record includes leading roles in the acquisition of German life insurer Viridium by Allianz, BlackRock, and T&D Holdings; Athora’s sale of its Irish Life business; and MetLife’s sale of its UK Pension Risk Transfer business. He has also worked on AXA’s acquisition of HSBC’s insurance operations in Asia and Latin America. Before joining Evercore in 2016, Cyrille held senior roles at Citi’s EMEA Financial Institutions Group, Macquarie, Fox-Pitt Kelton, and EY in London and Paris. He holds a Master’s in Management from EDHEC Business School in Lille, France.Buy Or Sell Opportunity • Sep 24Now 21% undervaluedOver the last 90 days, the stock has risen 16% to US$54.97. The fair value is estimated to be US$69.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 8.1% in a year. Earnings are forecast to grow by 20% in the next year.Recent Insider Transactions Derivative • Sep 21CEO & Chairman exercised options and sold US$2.8m worth of stockOn the 16th of September, Peter Orszag exercised options to acquire 52k shares at no cost and sold these for an average price of US$54.65 per share. This trade did not impact their existing holding. For the year to December 2020, Peter's total compensation was 8% salary and 92% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Peter has owned 170.29k shares directly. Company insiders have collectively sold US$34m more than they bought, via options and on-market transactions in the last 12 months.ナラティブの更新 • Sep 19Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresWith both the discount rate and future P/E ratio essentially unchanged, Lazard's consensus analyst price target remains steady at $61.00, indicating no material shifts in perceived valuation or risk. What's in the News Lazard announced the establishment of a new office in Denmark effective September 17.お知らせ • Sep 18Lazard, Inc. Appoints Geoffrey Porges as Managing Director in the Healthcare Advisory GroupLazard, Inc. announced that Dr. Geoffrey Porges has joined the firm as Managing Director in the Healthcare Advisory Group, advising on transactions across diversified biopharmaceuticals. Dr. Porges brings more than 30 years of experience in advisory, executive, and investment roles in the biopharmaceutical industry. Most recently, he served as EVP and Chief Financial Officer at Schrödinger, where he oversaw financial operations, investor relations, corporate communications, strategic planning and business development. Previously, he was the head of biopharma equity research at SVB Leerink and senior biotechnology equity research analyst Sanford C. Bernstein, consistently earning recognition as one of Wall Street’s top analysts. Earlier, Dr. Porges held senior roles at BTG PLC and Merck & Co. Dr. Porges earned his medical degree from the University of Sydney and an MBA from Harvard Business School, where he was a Baker Scholar.お知らせ • Sep 16Lazard, Inc. Appoints Jesper Jensen as Managing Director, Financial Advisory and CEO of DenmarkLazard, Inc. announced the expansion of Nordic operations with the appointment of Jesper Jensen as Managing Director, Financial Advisory and CEO of Denmark. With more than 25 years of experience and a deep connectivity in the local market, Jesper Jensen will enable Lazard to advance its presence in the country and strengthen client relationships in the Nordics. In the region, he will work closely with Gustaf Slettengren and Victor Kastensson, based in Sweden. Jesper Jensen joins from Rothschild & Co and was previously employed at JP Morgan in London among other positions. He earned an M.Sc. in Finance and Accounting from Copenhagen Business School.Recent Insider Transactions • Sep 14Insider recently sold US$4.2m worth of stockOn the 11th of September, Evan Russo sold around 75k shares on-market at roughly US$56.54 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$15m more than they bought in the last 12 months.お知らせ • Sep 12Lazard Ltd to Hire Two MDsLazard Ltd. is to hire two officials from Bank of America Corp. Lazard Ltd. has announced that it will expand its investment banking franchise in North America with two managing director hires. Bill Young and Jean Greene are to join the firm soon as MDs.Recent Insider Transactions Derivative • Sep 11Insider notifies of intention to sell stockEvan Russo intends to sell 25k shares in the next 90 days after lodging an Intent To Sell Form on the 10th of September. If the sale is conducted around the recent share price of US$55.71, it would amount to US$1.4m. Since December 2024, Evan's direct individual holding has increased from 307.78k shares to 337.25k. Company insiders have collectively sold US$30m more than they bought, via options and on-market transactions in the last 12 months.Price Target Changed • Sep 08Price target increased by 7.4% to US$61.00Up from US$56.80, the current price target is an average from 5 analysts. New target price is 8.6% above last closing price of US$56.17. Stock is up 20% over the past year. The company is forecast to post earnings per share of US$2.47 for next year compared to US$2.93 last year.ナラティブの更新 • Sep 04Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresWith no change in future P/E or consensus revenue growth forecasts, Lazard’s fair value estimate remains steady at $58.20. What's in the News Lazard repurchased 85,894 shares for $3.76 million from April 1, 2025 to June 30, 2025, representing 0.09% of shares.お知らせ • Sep 03Lazard, Inc. Announces Appointment of Dmitry Shevelenko to Its Board of Directors, Effective September 2, 2025Lazard, Inc. announced that Dmitry Shevelenko, Chief Business Officer of Perplexity, has been appointed to its Board of Directors, effective September 2, 2025 . Dmitry Shevelenko is the Chief Business Officer of Perplexity, where he is responsible for all operations of the company. Mr. Shevelenko is an accomplished technology leader who has served in senior roles at Uber, LinkedIn, and Meta. As a startup founder, he has focused on retail commerce, holding multiple patents related to social networking and transport technology, and deploying robotic technologies for partners such as Walmart and Aramark. He is an active mentor in the technology community and fluent in several languages. Mr. Shevelenko is a graduate of Columbia University.Buy Or Sell Opportunity • Aug 29Now 20% undervaluedOver the last 90 days, the stock has risen 32% to US$57.16. The fair value is estimated to be US$71.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 8.4% in a year. Earnings are forecast to grow by 20% in the next year.Price Target Changed • Aug 25Price target increased by 7.7% to US$57.80Up from US$53.67, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of US$56.80. Stock is up 15% over the past year. The company is forecast to post earnings per share of US$2.47 for next year compared to US$2.93 last year.ナラティブの更新 • Aug 20Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresWith Lazard’s consensus analyst price target and key valuation metrics such as future P/E and discount rate remaining effectively unchanged, analysts see limited change in the company’s fair value, which stands at $56.80 per share. What's in the News Lazard repurchased 85,894 shares for $3.76 million from April to June 2025, completing a total repurchase of 81,092,095 shares ($3,193.96 million) under its ongoing buyback program.ナラティブの更新 • Aug 06Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresDespite a higher discount rate rising from 8.87% to 9.43%, indicating increased perceived risk, Lazard’s consensus analyst price target remained unchanged at $56.80. What's in the News Lazard repurchased 85,894 shares for $3.76 million between April and June, completing 75.08% of its long-standing buyback program (81,092,095 shares, $3,193.96 million).Declared Dividend • Jul 27Second quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 4th August 2025 Payment date: 15th August 2025 Dividend yield will be 3.6%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 88% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Jul 25Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: US$0.57 (up from US$0.53 in 2Q 2024). Revenue: US$796.0m (up 17% from 2Q 2024). Net income: US$55.3m (up 13% from 2Q 2024). Profit margin: 7.0% (down from 7.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.0%. Earnings per share (EPS) also surpassed analyst estimates by 41%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings.New Risk • Jul 24New major risk - Revenue and earnings growthEarnings have declined by 23% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks High level of debt (130% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (US$3.8m sold).お知らせ • Jul 24Lazard, Inc. Declares Quarterly Dividend, Payable on August 15, 2025Lazard, Inc. announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on August 15, 2025, to stockholders of record on August 4, 2025.分析記事 • Jul 18Investors Still Aren't Entirely Convinced By Lazard, Inc.'s (NYSE:LAZ) Revenues Despite 26% Price JumpDespite an already strong run, Lazard, Inc. ( NYSE:LAZ ) shares have been powering on, with a gain of 26% in the last...Price Target Changed • Jul 14Price target increased by 17% to US$53.00Up from US$45.33, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of US$53.21. Stock is up 22% over the past year. The company is forecast to post earnings per share of US$2.33 for next year compared to US$2.93 last year.お知らせ • Jul 09Lazard, Inc. to Report Q2, 2025 Results on Jul 24, 2025Lazard, Inc. announced that they will report Q2, 2025 results on Jul 24, 2025お知らせ • Jul 02Lazard Announces Executive ChangesLazard, Inc. announced that Klaus H. Hessberger has been appointed to the firm as Managing Director, Global Co-Head, and Head of Europe for Lazard’s Financial Sponsors Group, based in London. Adam Cady, previously Lazard’s Head of Large-Cap Financial Sponsor Coverage North America in New York, has also been named Global Co-Head of the Global Financial Sponsors Group, running the team together with Klaus. These appointments reflect Lazard’s expanding connectivity and partnership with alternative asset managers, which continues to be a principal area of focus and a major source of future growth for the firm globally. Lazard’s recruiting efforts are also a key contributor to the firm’s long-term growth goals, with ongoing success in attracting top tier talent globally. Before joining Lazard, Klaus held various prominent roles over 25 years with J.P. Morgan, helping to build and co-running their market-leading European and later Global Financial Sponsors franchise, initially as European and later Global Co-Head. Klaus has most recently served as Vice Chair of the Global Financial Sponsors and Strategic Investors Coverage Group at J.P. Morgan. In these roles, Klaus covered top-tier global financial sponsor and strategic investor clients, including private equity and infrastructure funds, family offices, sovereign wealth and pension funds. In addition to his Financial Sponsor track record, Klaus brings a broad range of global industry sector and capital markets expertise, having previously co-run J.P. Morgan’s Equity Capital Markets origination business in EMEA for nine years. Adam Cady has nearly three decades of experience in investment banking and capital markets. Prior to joining Lazard’s New York office in February 2024, Adam held various senior positions at Bank of America, departing as Managing Director and Head of Americas Financial Sponsors Group. He started his career as a leveraged finance professional at Merrill Lynch and NationsBank.Recent Insider Transactions • Jun 15Chief Operating Officer recently sold US$3.8m worth of stockOn the 11th of June, Alexandra Soto sold around 86k shares on-market at roughly US$43.81 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Alexandra's only on-market trade for the last 12 months.Valuation Update With 7 Day Price Move • May 13Investor sentiment improves as stock rises 16%After last week's 16% share price gain to US$46.38, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Capital Markets industry in the US. Total returns to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$67.79 per share.分析記事 • May 09Lazard, Inc. (NYSE:LAZ) Stock Rockets 29% But Many Are Still Ignoring The CompanyThose holding Lazard, Inc. ( NYSE:LAZ ) shares would be relieved that the share price has rebounded 29% in the last...Reported Earnings • Apr 27First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2025 results: EPS: US$0.63 (up from US$0.38 in 1Q 2024). Revenue: US$648.1m (down 15% from 1Q 2024). Net income: US$60.4m (up 75% from 1Q 2024). Profit margin: 9.3% (up from 4.5% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 143%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings.お知らせ • Apr 25Lazard, Inc. Declares Quarterly Dividend, Payable on May 16, 2025Lazard, Inc. announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on May 16, 2025, to stockholders of record on May 5, 2025.お知らせ • Apr 15Lazard, Inc. Appoints Hussain Altajir as CEO of Lazard Financial Advisory in UAELazard, Inc. has appointed Hussain Altajir as CEO of Lazard Financial Advisory in UAE. With over 20 years of experience and a deep understanding of the region, Mr. Altajir will play a pivotal role in advancing Lazard’s strategic initiatives in the UAE and fostering stronger client relationships. Hussain Altajir will work closely with Sarah Al Suhaimi, Chairwoman, and Wassim Al Khatib, CEO of Financial Advisory for the MENA region, in expanding Lazard’s engagement with clients in the region. Before joining Lazard, Mr. Altajir served as Head of Dubai Coverage, Global Banking at HSBC where he established a distinguished career since 2003. Mr. Altajir holds a BSBA in Finance & Banking from the American University of Dubai, UAE.お知らせ • Apr 11Lazard, Inc. to Report Q1, 2025 Results on Apr 25, 2025Lazard, Inc. announced that they will report Q1, 2025 results on Apr 25, 2025Major Estimate Revision • Apr 10Consensus EPS estimates fall by 43%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$3.14b to US$2.96b. EPS estimate also fell from US$3.22 per share to US$1.83 per share. Net income forecast to grow 35% next year vs 17% growth forecast for Capital Markets industry in the US. Consensus price target down from US$53.38 to US$42.88. Share price fell 9.5% to US$34.97 over the past week.Price Target Changed • Apr 08Price target decreased by 10% to US$48.00Down from US$53.38, the current price target is an average from 8 analysts. New target price is 44% above last closing price of US$33.41. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$3.22 for next year compared to US$2.93 last year.お知らせ • Apr 08Lazard Asset Management Launches First Three Active ETFs in the U.SLazard Asset Management announced the launch of its first three actively managed ETFs in the United States, offering more investors access to compelling, differentiated strategies from Lazard's specialized investment teams. Each ETF investment strategy is backed by decades of experience, deep independent research and on-the-ground expertise, offering unique opportunities for growth and diversification. Details of Lazard's three ETFs, which began trading on Nasdaq, include: Lazard Equity Megatrends ETF is an actively managed ETF that seeks to capture the return opportunity from global megatrends that will shape the future economy. THMZ uses a proprietary and proven investment approach to identify significant megatrends and invests in multiple diversified themes expected to benefit from these trends. Lazard Japanese Equity ETF seeks to capitalize on growth opportunities and market in Japanese equities. Portfolio Manager, June-Yon Kim said: "Japan is undergoing significant economic and policy changes, helping its companies recapture growth after decades of stagnation. A gradual shift from a long period of inflation to inflation is transforming the economy, corporate behavior, and consumer habits. Regulatory reforms are also driving improvements in corporate governance, capital efficiency, and shareholder returns. JPY seeks to capitalize on these changes in the world's third-largest economy." The team comprises a local, bilingual team with decades of active investing experience in Japan, leveraging a global perspective to uncover inefficiencies and structural changes affecting Japanese companies. The fund is managed by June-Yon Kim, Matthew Bills, and Scott Anderson. Lazard Next Gen Technologies ETF provides investors with targeted exposure to high growth and profit-generating equities that are designed to capture value driven by productivity, AI, and automation. Portfolio Manager Tjeert Keijzer said: "Automation has been a core driver of productivity and economic growth for centuries, typically fueled by key technological advancements at specific points in time. The company believe that recent breakthroughs in artificial intelligence (AI) are unlocking the next generation of automation applications. Developments in AI technologies are poised to continue along a sustainable and accelerating path, promising to deliver new automation solutions for the foreseeable future." TEKY offers investors exposure to innovation leaders by investing globally in companies that are developing key automation-enabling AI technologies. The fund is managed by Tjeert Keijzer, Celine Woo, and Ario Kishida.Valuation Update With 7 Day Price Move • Apr 04Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to US$35.24, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Capital Markets industry in the US. Total returns to shareholders of 22% over the past three years.Board Change • Apr 01High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director Peter Harrison was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.お知らせ • Mar 26Lazard, Inc., Annual General Meeting, May 08, 2025Lazard, Inc., Annual General Meeting, May 08, 2025.Recent Insider Transactions Derivative • Mar 16CEO & Chairman notifies of intention to sell stockPeter Orszag intends to sell 65k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of March. If the sale is conducted around the recent share price of US$45.24, it would amount to US$2.9m. For the year to December 2020, Peter's total compensation was 3% salary and 97% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Peter has owned 118.66k shares directly. Company insiders have collectively sold US$9.9m more than they bought, via options and on-market transactions in the last 12 months.分析記事 • Mar 14Lazard, Inc. (NYSE:LAZ) Could Be Riskier Than It LooksYou may think that with a price-to-sales (or "P/S") ratio of 1.3x Lazard, Inc. ( NYSE:LAZ ) is a stock worth checking...お知らせ • Mar 03Lazard, Inc. Appoints Peter Harrison to Board of DirectorsLazard, Inc. announced that Peter Harrison has been appointed to its Board of Directors, effective March 3, 2025. Mr. Harrison has more than 35 years of experience in investment management, most recently serving as Group CEO of Schroders plc, from 2016 until his retirement in 2024. This appointment reinforces Lazard’s focus on further strengthening and diversifying its asset management business. Mr. Harrison is an accomplished global executive. As Group CEO of Schroders, the firm’s assets under management more than doubled to over £750 billion under his leadership, reflecting an evolution of the business into private markets and wealth management that included a transformative joint venture with Lloyds Banking Group. His prior experience also includes senior roles at J.P. Morgan and Deutsche Asset Management, and CEO and later Chairman of RWC Partners Limited. Mr. Harrison has served as a founding member of the UK Treasury’s Asset Management Taskforce and the Capital Markets Industry Taskforce, and he is Chair of Business in the Community, the King’s responsible business charity.New Risk • Feb 25New major risk - Revenue and earnings growthEarnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (US$6.7m sold).お知らせ • Feb 19Lazard, Inc. Appoints Chris Miller as A Managing DirectorLazard, Inc. announced that Chris Miller joined the firm as a Managing Director within the Power, Energy & Infrastructure Advisory business, based in Houston. Within his role, Chris will advise clients in the Energy industry, focused on Oil & Gas. This appointment demonstrates Lazard’s successful global recruiting efforts as the firm continues to execute its long-term growth strategy. Before joining Lazard, Chris was a Managing Director and Vice Chairman of Energy Investment Banking at Citigroup. Prior to this, Chris spent 13 years as an investment banker at Lehman Brothers, as well as serving as a banking officer at First Interstate Bank in Houston and beginning his career as an Analyst at H.D. Vest Investment Services. Chris currently serves on the Advisory Committee of the Spindletop Energy Investment Fund at Southern Methodist University and the Board of Directors for Strake Jesuit College Preparatory.Recent Insider Transactions • Feb 16Insider recently sold US$6.7m worth of stockOn the 14th of February, Evan Russo sold around 125k shares on-market at roughly US$53.92 per share. This transaction amounted to 41% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months.Recent Insider Transactions Derivative • Feb 13Insider notifies of intention to sell stockEvan Russo intends to sell 85k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of February. If the sale is conducted around the recent share price of US$53.50, it would amount to US$4.5m. Since March 2024, Evan's direct individual holding has decreased from 311.78k shares to 307.78k. Company insiders have collectively sold US$19m more than they bought, via options and on-market transactions in the last 12 months.Declared Dividend • Feb 02Fourth quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 10th February 2025 Payment date: 21st February 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.Reported Earnings • Jan 30Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: US$3.01 (up from US$0.90 loss in FY 2023). Revenue: US$3.05b (up 21% from FY 2023). Net income: US$279.9m (up US$359.8m from FY 2023). Profit margin: 9.2% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.お知らせ • Jan 30Lazard, Inc. Declares Quarterly Dividend, Payable on February 21, 2025Lazard, Inc. announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on February 21, 2025, to stockholders of record on February 10, 2025.Buy Or Sell Opportunity • Jan 23Now 20% undervaluedOver the last 90 days, the stock has risen 4.1% to US$53.20. The fair value is estimated to be US$66.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 76% in the next 2 years.Price Target Changed • Jan 21Price target decreased by 7.6% to US$54.00Down from US$58.43, the current price target is an average from 7 analysts. New target price is 5.6% above last closing price of US$51.15. Stock is up 30% over the past year. The company is forecast to post earnings per share of US$2.34 next year compared to a net loss per share of US$0.90 last year.お知らせ • Jan 10+ 1 more updateLazard, Inc. to Report Q4, 2024 Results on Jan 30, 2025Lazard, Inc. announced that they will report Q4, 2024 results on Jan 30, 2025New Risk • Jan 03New major risk - Revenue and earnings growthEarnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks High level of debt (128% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.5% increase in shares outstanding).お知らせ • Nov 26Lazard Announces Board and Directorate Changes, Effective January 1, 2025Lazard, Inc. announced that Dan Schulman, Board Member, has been appointed Lead Independent Director to succeed Richard D. Parsons, who remains on the Board, and that Peter R. Orszag, Lazard CEO and Board Member, has been appointed Chairman of the Board, effective January 1, 2025. Kenneth M. Jacobs, Executive Chairman and Board Member, will become Senior Chairman of the Firm and Senior Advisor to the Board, and relinquish his board seat effective December 31, 2024. In his role as Senior Chairman, Mr. Jacobs will continue to advise many of the firm’s most important clients and relationships globally. These transitions represent a successful, multi-year succession planning process across Board and senior leadership at the firm. Mr. Orszag became Lazard CEO on October 1, 2023, after joining the firm in 2016 and serving as its CEO of Financial Advisory, Head of North American Mergers & Acquisitions, and Global Co-Head of Healthcare. Prior to that, he served as the Director of the Office of Management and Budget in the Obama Administration, and before that as the Director of the Congressional Budget Office. Mr. Schulman joined Lazard as a Board member on February 1, 2024. He also serves on the boards of Cisco Systems and Verizon Communications, and prior management roles include CEO of PayPal, Group President at American Express, President at Sprint Nextel Corporation, founding CEO of Virgin Mobile USA, President and CEO of Priceline Group, and a series of positions at AT&T including President of the Consumer Markets Division. Mr. Jacobs joined Lazard in 1988, and over the past 36 years, he has led numerous landmark transactions for clients across the firm. Most recently, as Executive Chairman, he devoted his focus to advising clients on strategic and financial matters. Mr. Jacobs served as Chairman and Chief Executive Officer of Lazard from November 2009 to September 2023.お知らせ • Nov 19Lazard, Inc. Appoints Jennifer Tedesko as Managing Director Within the Private Capital Advisory BusinessLazard, Inc. announced that Jennifer (Jen) Tedesko joined the firm as a Managing Director within the Private Capital Advisory (PCA) business, based in San Francisco. Jen will focus on originating and advising on private equity secondary opportunities. In addition, the firm will add a Director focused on private equity distribution and recently transferred a PCA professional from the firm’s London office, who will focus on private equity transaction management. With these additions, Lazard continues its commitment to the West Coast - San Francisco and Los Angeles - as the second largest U.S. hub advising private equity clients in the primary fundraising and secondary markets. Lazard has a track record of advising on and acting as placement agent on several recent West Coast deals including Kingswood Capital ManagementFund II and III, Pacific Avenue Capital Partners I, and lead financial advisor on Altamont Capital Partners’ Tacala LLC continuation fund. This appointment demonstrates Lazard’s successful global recruiting efforts as the firm continues to execute its long-term growth strategy. Jen has more than 25 years of private equity advisory and fundraising experience. Prior to joining Lazard, Jen was a Managing Director at Campbell Lutyens, where she sourced and executed primary fundraisings and secondary transactions. Prior to Campbell Lutyens, Jen was a Partner at Atlantic Pacific Capital, where she spent 14 years focused on private capital advisory, project management, and origination. Jen started her career in Donaldson, Lufkin, and Jenrette'sPrivate Fund Group in San Francisco and subsequently was one of the first employees at Probitas Partners. She has been a member of PEWIN. Jen holds a B.A. in Environmental Science from Bucknell University.Major Estimate Revision • Nov 08Consensus EPS estimates increase by 22%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$2.11 to US$2.57. Revenue forecast steady at US$2.87b. Net income forecast to grow 50% next year vs 29% growth forecast for Capital Markets industry in the US. Consensus price target up from US$54.13 to US$57.63. Share price rose 11% to US$58.78 over the past week.株主還元LAZUS Capital MarketsUS 市場7D6.3%-1.1%-0.8%1Y11.8%10.3%27.1%株主還元を見る業界別リターン: LAZ過去 1 年間で10.3 % のリターンをもたらしたUS Capital Markets業界と一致しました。リターン対市場: LAZは、過去 1 年間で27.1 % のリターンを上げたUS市場を下回りました。価格変動Is LAZ's price volatile compared to industry and market?LAZ volatilityLAZ Average Weekly Movement6.8%Capital Markets Industry Average Movement3.6%Market Average Movement7.2%10% most volatile stocks in US Market16.3%10% least volatile stocks in US Market3.2%安定した株価: LAZ 、 US市場と比較して、過去 3 か月間で大きな価格変動はありませんでした。時間の経過による変動: LAZの 週次ボラティリティ ( 7% ) は過去 1 年間安定しています。会社概要設立従業員CEO（最高経営責任者ウェブサイト18483,293Peter Orszagwww.lazard.comラザード・インクは米州、欧州、中東、アフリカ、アジア太平洋地域でファイナンシャル・アドバイザリーおよびアセット・マネジメント会社として事業を展開している。同社はファイナンシャル・アドバイザリー部門とアセット・マネジメント部門の2つの部門で事業を展開している。ファイナンシャル・アドバイザリー部門は、M&A、資本市場、株主、ソブリン、地政学、その他の戦略的アドバイザリーなどのファイナンシャル・アドバイザリー・サービス、リストラクチャリング、ライアビリティ・マネジメント、資金調達、プレースメント・サービスなどを提供している。当部門は、法人、パートナーシップ、機関投資家、政府機関、ソブリン、個人など様々な業種の顧客に対し、消費者・小売、金融機関、金融スポンサー、ヘルスケア・ライフサイエンス、産業、メディア・娯楽・スポーツ、電力・エネルギー・インフラ、不動産、テクノロジー、通信・デジタルインフラなどのサービスを提供している。アセット・マネジメント部門は、様々な投資ソリューション、株式・債券戦略における投資・資産運用サービス、アセット・アロケーション戦略、オルタナティブ投資およびプライベート・エクイティ・ファンドを、企業、公的資金、政府系機関、寄付財団、労働者基金、金融仲介業者、個人顧客向けに提供している。ラザード・インクは1848年に設立され、ニューヨーク州ニューヨークに本社を置いている。もっと見るLazard, Inc. 基礎のまとめLazard の収益と売上を時価総額と比較するとどうか。LAZ 基礎統計学時価総額US$4.69b収益（TTM）US$269.93m売上高(TTM)US$3.20b17.5xPER（株価収益率1.5xP/SレシオLAZ は割高か？公正価値と評価分析を参照収益と収入最新の決算報告書（TTM）に基づく主な収益性統計LAZ 損益計算書（TTM）収益US$3.20b売上原価US$324.29m売上総利益US$2.87bその他の費用US$2.60b収益US$269.93m直近の収益報告Mar 31, 2026次回決算日該当なし一株当たり利益（EPS）2.74グロス・マージン89.86%純利益率8.44%有利子負債／自己資本比率191.3%LAZ の長期的なパフォーマンスは？過去の実績と比較を見る配当金4.2%現在の配当利回り73%配当性向LAZ 配当は確実ですか？LAZ 配当履歴とベンチマークを見るLAZ 、いつまでに購入すれば配当金を受け取れますか？Lazard 配当日配当落ち日May 11 2026配当支払日May 22 2026配当落ちまでの日数12 days配当支払日までの日数1 dayLAZ 配当は確実ですか？LAZ 配当履歴とベンチマークを見るView Valuation企業分析と財務データの現状データ最終更新日（UTC時間）企業分析2026/05/22 21:29終値2026/05/22 00:00収益2026/03/31年間収益2025/12/31データソース企業分析に使用したデータはS&P Global Market Intelligence LLC のものです。本レポートを作成するための分析モデルでは、以下のデータを使用しています。データは正規化されているため、ソースが利用可能になるまでに時間がかかる場合があります。パッケージデータタイムフレーム米国ソース例会社財務10年損益計算書キャッシュ・フロー計算書貸借対照表SECフォーム10-KSECフォーム10-Qアナリストのコンセンサス予想+プラス3年予想財務アナリストの目標株価アナリストリサーチレポートBlue Matrix市場価格30年株価配当、分割、措置ICEマーケットデータSECフォームS-1所有権10年トップ株主インサイダー取引SECフォーム4SECフォーム13Dマネジメント10年リーダーシップ・チーム取締役会SECフォーム10-KSECフォームDEF 14A主な進展10年会社からのお知らせSECフォーム8-K* 米国証券を対象とした例であり、非米国証券については、同等の規制書式および情報源を使用。特に断りのない限り、すべての財務データは1年ごとの期間に基づいていますが、四半期ごとに更新されます。これは、TTM（Trailing Twelve Month）またはLTM（Last Twelve Month）データとして知られています。詳細はこちら。分析モデルとスノーフレーク本レポートを生成するために使用した分析モデルの詳細は当社のGithubページでご覧いただけます。また、レポートの使用方法に関するガイドやYoutubeのチュートリアルも掲載しています。シンプリー・ウォールストリート分析モデルを設計・構築した世界トップクラスのチームについてご紹介します。業界およびセクターの指標私たちの業界とセクションの指標は、Simply Wall Stによって6時間ごとに計算されます。アナリスト筋Lazard, Inc. 7 これらのアナリストのうち、弊社レポートのインプットとして使用した売上高または利益の予想を提出したのは、 。アナリストの投稿は一日中更新されます。22 アナリスト機関Stephen BiggarArgus Research CompanyCharles HintzBernsteinBrennan HawkenBMO Capital Markets Equity Research19 その他のアナリストを表示
ライブニュース • May 13Lazard Q1 Revenue Surges as Campbell Lutyens Acquisition Targets Growth Despite Earnings MissLazard reported Q1 2026 revenue of US$757 million to US$779.4 million, which was 17% to 21.2% higher year over year and met or exceeded Wall Street expectations. Asset Management net revenue rose 42%, supported by a record US$9b in net inflows, while Financial Advisory revenue declined slightly due to delayed transaction timing. Adjusted EPS came in at US$0.42, missing analyst estimates, while GAAP diluted EPS of US$0.91 beat expectations. The company also announced a deal to acquire global private capital advisor Campbell Lutyens, with a target of about US$500 million of combined revenue in 2027 under its Lazard 2030 plan. The mix of stronger revenue and softer adjusted earnings points to margin and compensation pressure, while the company is investing in expanding its advisory platform through the Campbell Lutyens acquisition. Readers may want to track how quickly Lazard integrates this acquisition and whether expected benefits to its private capital and fundraising capabilities offset the near-term earnings volatility that recently coincided with an 8% share price decline and a US$0.50 per-share quarterly dividend.
Seeking Alpha • May 09Lazard: Attractive Yield Is Not Enough To Buy Its SharesSummary Lazard lacks a durable competitive moat in investment banking or asset management, raising doubts about its ambitious growth targets. LAZ's business is highly cyclical, with recent revenue declines and volatile profitability tied to capital market activity. The company aims to double annual revenues by 2030, but its muted growth history and weak operating momentum make this target questionable. Despite an attractive 4.3% dividend yield, I rate LAZ as 'hold' due to limited growth prospects and a valuation premium to the sector. Read the full article on Seeking Alpha
ナラティブの更新 • May 06LAZ: Ongoing Buybacks Will Support Future Upside PotentialAnalysts now see Lazard’s fair value at $52.38, down from $56.89. This reflects a view that higher projected revenue growth of about 12.86% and a higher future P/E of roughly 15.17 are balanced by lower expected profit margins around 11.33% and a slightly reduced discount rate near 8.94%.
Reported Earnings • May 05First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2026 results: EPS: US$1.02 (up from US$0.61 in 1Q 2025). Revenue: US$756.6m (up 16% from 1Q 2025). Net income: US$100.9m (up 72% from 1Q 2025). Profit margin: 13% (up from 9.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) exceeded analyst estimates by 133%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
Declared Dividend • May 04First quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 11th May 2026 Payment date: 22nd May 2026 Dividend yield will be 4.4%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 116% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • May 02Lazard, Inc. announces Quarterly dividend, payable on May 22, 2026Lazard, Inc. announced Quarterly dividend of USD 0.5000 per share payable on May 22, 2026, ex-date on May 11, 2026 and record date on May 11, 2026.
ライブニュース • May 13Lazard Q1 Revenue Surges as Campbell Lutyens Acquisition Targets Growth Despite Earnings MissLazard reported Q1 2026 revenue of US$757 million to US$779.4 million, which was 17% to 21.2% higher year over year and met or exceeded Wall Street expectations. Asset Management net revenue rose 42%, supported by a record US$9b in net inflows, while Financial Advisory revenue declined slightly due to delayed transaction timing. Adjusted EPS came in at US$0.42, missing analyst estimates, while GAAP diluted EPS of US$0.91 beat expectations. The company also announced a deal to acquire global private capital advisor Campbell Lutyens, with a target of about US$500 million of combined revenue in 2027 under its Lazard 2030 plan. The mix of stronger revenue and softer adjusted earnings points to margin and compensation pressure, while the company is investing in expanding its advisory platform through the Campbell Lutyens acquisition. Readers may want to track how quickly Lazard integrates this acquisition and whether expected benefits to its private capital and fundraising capabilities offset the near-term earnings volatility that recently coincided with an 8% share price decline and a US$0.50 per-share quarterly dividend.
Seeking Alpha • May 09Lazard: Attractive Yield Is Not Enough To Buy Its SharesSummary Lazard lacks a durable competitive moat in investment banking or asset management, raising doubts about its ambitious growth targets. LAZ's business is highly cyclical, with recent revenue declines and volatile profitability tied to capital market activity. The company aims to double annual revenues by 2030, but its muted growth history and weak operating momentum make this target questionable. Despite an attractive 4.3% dividend yield, I rate LAZ as 'hold' due to limited growth prospects and a valuation premium to the sector. Read the full article on Seeking Alpha
ナラティブの更新 • May 06LAZ: Ongoing Buybacks Will Support Future Upside PotentialAnalysts now see Lazard’s fair value at $52.38, down from $56.89. This reflects a view that higher projected revenue growth of about 12.86% and a higher future P/E of roughly 15.17 are balanced by lower expected profit margins around 11.33% and a slightly reduced discount rate near 8.94%.
Reported Earnings • May 05First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2026 results: EPS: US$1.02 (up from US$0.61 in 1Q 2025). Revenue: US$756.6m (up 16% from 1Q 2025). Net income: US$100.9m (up 72% from 1Q 2025). Profit margin: 13% (up from 9.0% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 5.6%. Earnings per share (EPS) exceeded analyst estimates by 133%. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 55% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth.
Declared Dividend • May 04First quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 11th May 2026 Payment date: 22nd May 2026 Dividend yield will be 4.4%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (84% earnings payout ratio) and cash flows (39% cash payout ratio). The dividend has increased by an average of 3.6% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 116% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
お知らせ • May 02Lazard, Inc. announces Quarterly dividend, payable on May 22, 2026Lazard, Inc. announced Quarterly dividend of USD 0.5000 per share payable on May 22, 2026, ex-date on May 11, 2026 and record date on May 11, 2026.
New Risk • May 01New major risk - Revenue and earnings growthEarnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks High level of debt (44% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
お知らせ • May 01Lazard, Inc. (NYSE:LAZ) entered into a definitive agreement to acquire Campbell Lutyens Holdings Limited for $660 million.Lazard, Inc. (NYSE:LAZ) entered into a definitive agreement to acquire Campbell Lutyens Holdings Limited for $660 million on April 30, 2026. The consideration consists of common equity of Lazard, Inc. having a value of $460 million to be issued for common equity of Campbell Lutyens Holdings Limited. Lazard, Inc. will pay an earnout/contingent payment of $115 million common equity and of up to $85 million additional consideration based on achievement of defined performance criteria over a multi -year period. As part of consideration, $660 million is paid towards common equity of Campbell Lutyens Holdings Limited. The transaction is subject to approval by regulatory board / committee. The expected completion of the transaction is in 2026. The transaction is expected to be accretive to 2027 earnings and thereafter.
ナラティブの更新 • Apr 17LAZ: Ongoing Buybacks And New Finance Leadership Will Support Future UpsideAnalysts have trimmed their price target on Lazard by $2 to $63, citing updated assumptions for the discount rate, revenue growth, profit margins, and future P/E that now point to a slightly different risk and earnings profile for the stock. What's in the News Lazard repurchased 1,017,849 shares for US$50 million between October 1, 2025 and December 31, 2025, representing 1.07% of shares under its existing buyback program (company filing).
お知らせ • Apr 14Lazard, Inc. to Report Q1, 2026 Results on May 01, 2026Lazard, Inc. announced that they will report Q1, 2026 results Pre-Market on May 01, 2026
Valuation Update With 7 Day Price Move • Apr 13Investor sentiment improves as stock rises 16%After last week's 16% share price gain to US$48.24, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 14x in the Capital Markets industry in the US. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$89.11 per share.
Major Estimate Revision • Apr 12Consensus EPS estimates fall by 21%The consensus outlook for earnings per share (EPS) in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from US$3.51b to US$3.43b. EPS estimate also fell from US$3.47 per share to US$2.75 per share. Net income forecast to grow 52% next year vs 16% growth forecast for Capital Markets industry in the US. Consensus price target down from US$56.89 to US$51.89. Share price rose 13% to US$46.68 over the past week.
Price Target Changed • Apr 08Price target decreased by 7.1% to US$53.44Down from US$57.56, the current price target is an average from 9 analysts. New target price is 19% above last closing price of US$44.80. Stock is up 17% over the past year. The company is forecast to post earnings per share of US$3.24 for next year compared to US$2.37 last year.
ナラティブの更新 • Apr 03LAZ: Ongoing Buybacks And New Finance Leadership Will Drive Further UpsideAnalysts have trimmed their price target for Lazard to about $56.89 from roughly $57.56. This reflects updated views on discount rate assumptions, revenue growth expectations, profit margins and future P/E levels.
お知らせ • Mar 24Lazard, Inc., Annual General Meeting, May 21, 2026Lazard, Inc., Annual General Meeting, May 21, 2026.
ナラティブの更新 • Mar 20LAZ: Share Repurchases And New Finance Leadership Will Support Further UpsideAnalysts have trimmed their Lazard price target by about $2, reflecting a slightly higher discount rate and modest adjustments to fair value assumptions, while keeping growth and margin expectations broadly in line. What's in the News Lazard completed a share repurchase tranche between October 1, 2025 and December 31, 2025, buying 1,017,849 shares, or 1.07% of shares, for $50 million under its existing buyback program.
Recent Insider Transactions Derivative • Mar 18CEO & Chairman notifies of intention to sell stockPeter Orszag intends to sell 69k shares in the next 90 days after lodging an Intent To Sell Form on the 17th of March. If the sale is conducted around the recent share price of US$40.40, it would amount to US$2.8m. For the year to December 2020, Peter's total compensation was 8% salary and 92% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2025, Peter has owned 183.27k shares directly. Company insiders have collectively sold US$13m more than they bought, via options and on-market transactions in the last 12 months.
Valuation Update With 7 Day Price Move • Mar 09Investor sentiment deteriorates as stock falls 15%After last week's 15% share price decline to US$43.18, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 14x in the Capital Markets industry in the US. Total returns to shareholders of 51% over the past three years.
ナラティブの更新 • Mar 05LAZ: Share Repurchases And Margin Outlook Will Drive Further UpsideAnalysts have lifted their price target on Lazard from about $58.17 to roughly $59.56, citing updated assumptions that combine a lower discount rate and P/E with a higher profit margin outlook. What's in the News Lazard appointed Tracy Farr as Chief Financial Officer, effective February 1, 2026, succeeding Mary Ann Betsch, who will remain as a senior advisor during the transition (Key Developments).
New Risk • Feb 24New minor risk - Financial positionThe company has a high level of debt. Net debt to equity ratio: 44% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Minor Risks High level of debt (44% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
ナラティブの更新 • Feb 19LAZ: Buybacks And Higher Margin Outlook Will Support Future UpsideAnalysts are keeping Lazard's price target steady at $65.00. The latest update reflects adjusted assumptions around discount rate, revenue growth, profit margin, and future P/E to better align with their current outlook on the business.
お知らせ • Feb 18Lazard, Inc. Announces Executive AppointmentsLazard, Inc. announced that John Koski and Rob Lowe joined the firm in New York as Managing Directors in the Healthcare Group, advising on transactions across the healthcare services sector. Prior to joining Lazard, John served as Managing Director at Allen & Co. where he advised healthcare companies across the healthcare services sector, including payors, providers, distributors, and companies at the intersection of healthcare and technology. Earlier in his career, he was a Resident in Orthopedic Surgery at the Hospital for Special Surgery. John holds an MBA from Harvard Business School, an MD from the Yale School of Medicine, and a BA in Biology from Harvard University. Rob also joins Lazard from Allen & Co., where he was a Managing Director, advising on transactions across healthcare, including payors, providers, distributors, and companies at the intersection of healthcare and technology. Previously, Rob served as a Director in Healthcare at Citi as part of the Global Healthcare Investment Banking Group. He earned his MBA from NYU Stern and his bachelor's degree from Colgate University.
ナラティブの更新 • Feb 05LAZ: Fair Outlook Will Balance CFO Transition With Ongoing Share RepurchasesAnalysts have lifted their price target on Lazard from US$49.00 to US$53.00, citing updated assumptions that include a slightly lower discount rate, a modestly different revenue growth outlook, a higher projected profit margin, and a small change in future P/E expectations. What's in the News Tracy Farr has been appointed Chief Financial Officer of Lazard, effective February 1, 2026, after more than a decade at the firm, including his role as a Managing Director in the Capital Structure Advisory group and senior member of the corporate development and strategy team (Key Developments).
分析記事 • Feb 01Lazard (NYSE:LAZ) Is Paying Out A Dividend Of $0.50Lazard, Inc.'s ( NYSE:LAZ ) investors are due to receive a payment of $0.50 per share on 20th of February. This means...
Declared Dividend • Feb 01Fourth quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 9th February 2026 Payment date: 20th February 2026 Dividend yield will be 3.7%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (82% earnings payout ratio) and cash flows (43% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 98% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Jan 30Full year 2025 earnings releasedFull year 2025 results: Net income: (down US$273.0m from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth.
New Risk • Jan 29New major risk - Revenue and earnings growthEarnings have declined by 24% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 24% per year over the past 5 years. Minor Risks High level of debt (77% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past.
お知らせ • Jan 29+ 1 more updateLazard, Inc. Announces Chief Financial Officer ChangesLazard, Inc. announced that Tracy Farr has been appointed Chief Financial Officer, effective February 1, 2026. Mr. Farr is an accomplished finance professional with 20 years of experience. This includes over a decade at Lazard where he most recently served as a Managing Director in the firm's Capital Structure Advisory group and worked closely with executive management as a senior member of its corporate development and strategy team. Before joining Lazard, he was a Certified Public Accountant and consultant at EY, and a researcher at the Financial Accounting Standards Board. With deep corporate finance expertise and extensive experience advising clients on complex M&A transactions, growth initiatives, and capital structure, Mr. Farr is a proven leader in aligning financial strategy with long-term growth objectives. Mr. Farr joined Lazard in 2013 and most recently served as a Managing Director in the firm's Capital Structure Advisory group. In that role, he designed deal structures and provided financing solutions while advising Lazard's clients on some of the most notable and complex M&A transactions. In addition, he led the firm's separations practice and served as a member of its valuation and fairness opinion committees. His work has spanned industries and geographies, from large public-company transactions to founder-led private clients. Mr. Farr's background includes roles in consulting, forensic accounting, and internal audit, providing him with a broad and rigorous financial foundation. Before joining Lazard, he was a Certified Public Accountant and consultant at EY, and a researcher at the Financial Accounting Standards Board. He holds Bachelor of Science and Master of Science degrees in Accounting from Brigham Young University's Marriott School of Business, where he also serves on its National Advisory Council. Mr. Farr succeeds Mary Ann Betsch, who will serve as a senior advisor to help complete the transition. Ms. Betsch joined Lazard in 2022 and has played a significant leadership role in strengthening the firm's financial foundation and advancing its reporting and planning capabilities. Her collaborative approach to leadership and focus on team building has been instrumental in elevating and integrating global finance function. As CFO, she guided the firm's transition to a C-corporation and expanded shareholder engagement to help bring new, long-term investors to Lazard.
ナラティブの更新 • Jan 22LAZ: Fair Outlook Will Balance Higher Revenue Assumptions With Softer Margin ExpectationsAnalysts have lifted their price target for Lazard from US$47.00 to US$49.00, reflecting updated views on its revenue growth outlook, profit margin profile, and expected future P/E multiple. Valuation Changes Fair Value: Updated from US$47.00 to US$49.00, representing a small upward adjustment to the estimated intrinsic value per share.
お知らせ • Jan 14Lazard, Inc. to Report Q4, 2025 Results on Jan 29, 2026Lazard, Inc. announced that they will report Q4, 2025 results Pre-Market on Jan 29, 2026
ナラティブの更新 • Jan 07LAZ: Future Earnings Multiple Will Support Upside As Buybacks ContinueAnalysts have kept their price target for Lazard steady at $65.00, highlighting only modest tweaks to assumptions for discount rate, revenue growth, profit margin and future P/E that fine tune rather than change their overall view. What's in the News The company repurchased 19,485 shares between July 1, 2025 and September 30, 2025 for US$1.08 million, equal to 0.02% of shares under its existing buyback program (Key Developments).
ナラティブの更新 • Dec 14LAZ: Future Earnings Multiple Will Drive Upside Despite Margin HeadwindsAnalysts have modestly raised their price target on Lazard, reflecting expectations for stronger revenue growth and a higher future earnings multiple, which are partially offset by a reduced profit margin and a slightly higher discount rate. What's in the News Lazard completed a share repurchase tranche, buying back 19,485 shares for $1.08 million in Q3 2025, bringing total repurchases under its long running program to 81,111,580 shares, or 75.1 percent, for $3.20 billion (company filing).
ナラティブの更新 • Nov 30LAZ: Share Buyback Completion And Denmark Office Will Drive Further UpsideAnalysts have maintained their price target for Lazard at $58.17 per share, citing minor adjustments to key financial estimates but no significant change to their overall outlook. What's in the News From July 1, 2025 to September 30, 2025, Lazard repurchased 19,485 shares for $1.08 million.
お知らせ • Nov 25Lazard, Inc. Announces Executive AppointmentsLazard, Inc. announced the appointments of Bill Young, Jean Greene, and Paolo Battaglia as Managing Directors in the firm’s Global Industrials Group, all based in New York. Bill Young Joins the Firm as a Managing Director and Head of Diversified Industrials, Jean Greene Rejoins the Firm as a Managing Director and Paolo Battaglia to Join the Firm as a Managing Director. These appointments further strengthen Lazard’s market-leading global Industrials franchise, which advises clients across diversified industrials, building products, chemicals, paper & packaging, transportation & logistics, industrial technology, and aerospace & defense. Bill Young will serve as Head of Diversified Industrials. Jean Greene returns to Lazard, previously spending two decades at the firm. She will continue as a Managing Director, focused on advising clients across the industrials sector. Paolo Battaglia will join the firm in December as a Managing Director in Industrials and will advise clients across the sector. Bill Young is a Managing Director and Head of Diversified Industrials at Lazard, advising on transactions across the diversified industrial, industrial technology, and aerospace & defense sectors. Prior to joining Lazard, Bill was Co-Head of the North American Industrials Group as well as Global Co-Head of Diversified and Advanced Industrials sector coverage at Bank of America. Previously, Bill had been at Credit Suisse as Global Head of Diversified Industrials and Aerospace & Defense, where he originated and executed strategic transactions for a wide range of corporate and financial sponsor clients. Prior to Credit Suisse, Bill spent time at Wasserstein Perella as well as Rothschild & Co. Bill holds an MBA from Columbia Business School, an MSc in Economic History from the University of Oxford, and a BA in Economics and Government from Cornell University. Jean Greene is a Managing Director in Lazard’s Industrials Group with over 25 years of investment banking experience. She rejoined Lazard after serving as a Managing Director at Bank of America, following two decades at Lazard earlier in her career. Jean began her investment banking career at Smith Barney, focusing on oil and gas financing and advisory. She serves on the Board of Directors of Dress for Success and the Board of Trustees of Goodspeed Musicals. Jean holds an undergraduate degree in Economics and French from Wellesley College and an MBA in Finance and Accounting from the University of Chicago Booth School of Business. Paolo Battaglia will join Lazard as a Managing Director in the Industrials Group, most recently serving as a Managing Director at Goldman Sachs. He began his career in private equity real estate at Lehman Brothers. Paolo serves as a Board Member at Friends of Bocconi in New York and is an Associate Member at the Economic Club of New York. He holds an M.Sc. in Finance and an undergraduate degree in Business Administration and Law from Bocconi University, both awarded cum laude, and has studied at NYU Stern.
ナラティブの更新 • Nov 16LAZ: Share Buyback Completion And Danish Expansion Signal Continued UpsideAnalysts have marginally adjusted their price target for Lazard, increasing it from $58.17 to $58.17. They cite minimal changes in valuation factors and updated discount rates as reasons for this adjustment.
ナラティブの更新 • Nov 01LAZ: Revenue Acceleration And Danish Office Will Fuel Future UpsideAnalysts have modestly increased their price target for Lazard to $58.17, citing improved revenue growth projections even though the profit margin outlook is slightly lower. What's in the News Between July 1, 2025 and September 30, 2025, Lazard repurchased 40,151 shares, representing 0.04 percent for $1 million.
Declared Dividend • Oct 26Third quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 3rd November 2025 Payment date: 14th November 2025 Dividend yield will be 4.1%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (72% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 62% over the next 2 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Oct 24Third quarter 2025 earnings: EPS exceeds analyst expectationsThird quarter 2025 results: EPS: US$0.73 (down from US$1.13 in 3Q 2024). Revenue: US$748.1m (down 5.4% from 3Q 2024). Net income: US$71.2m (down 32% from 3Q 2024). Profit margin: 9.5% (down from 13% in 3Q 2024). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 55%. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 7.0% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 8% per year.
お知らせ • Oct 23Lazard, Inc. Declares Quarterly Dividend, Payable on November 14, 2025Lazard, Inc. announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on November 14, 2025, to stockholders of record on November 3, 2025.
お知らせ • Oct 21Lazard, Inc. Appoints Edouard Panié as Managing Director and Co-Head of European Financial Sponsors CoverageLazard, Inc. announced the appointment of Edouard Panié as Managing Director and Co-Head of the European Financial Sponsors Coverage. He will report to Klaus H. Hessberger, Global Co-Head and Head of Europe for Lazard’s Financial Sponsors Group, to further strengthen the firm’s presence and partnerships with financial sponsors across the region. Mr. Panié joins from Goldman Sachs, where he was a Managing Director for nearly two decades, advising on more than 60 landmark M&A, debt, and equity transactions for leading alternative asset managers in private equity, growth equity, and infrastructure, as well as entrepreneurs, families, and corporates. Mr. Panié, who will be based in London, began his early career as an engineer at General Electric and holds an MBA from Harvard Business School and an engineering degree from CentraleSupélec.
ナラティブの更新 • Oct 18Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresAnalysts have revised their price target for Lazard slightly downward, decreasing it from $60.17 to $58.17 as they reassess growth expectations and profit margins. What's in the News Lazard, Inc.
お知らせ • Oct 08Lazard, Inc. to Report Q3, 2025 Results on Oct 23, 2025Lazard, Inc. announced that they will report Q3, 2025 results Pre-Market on Oct 23, 2025
ナラティブの更新 • Oct 04Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresAnalysts have revised Lazard's price target slightly downward from $61.00 to approximately $60.17, citing minor adjustments in growth expectations and profit outlook. What's in the News Lazard, Inc.
お知らせ • Oct 04Michael “Erik” Kurilla Joins Lazard, Inc. as Senior Advisor in Geopolitical Advisory Group, Effective Oct 3, 2025Lazard, Inc. announced that Retired Four-Star U.S. Army General and Former Commander of U.S. Central Command Michael “Erik” Kurilla has joined as Senior Advisor in Lazard’s Geopolitical Advisory group, effective immediately. General Kurilla brings deep expertise in strategic command within complex environments, most notably in the Middle East and Central Asia. His appointment builds on the success of Lazard Geopolitical Advisory, which was launched three years ago to advise clients navigating the intersection of geopolitics and policy developments with business and investment strategy. Michael “Erik” Kurilla, a retired U.S. Army General, most recently served as the 15 Commander of United States Central Command (CENTCOM) for the last three and half years. Previously, he commanded the XVIII Airborne Corps, 82 Airborne Division, was the Director of Operations and Assistant Commanding General for Joint Special Operations Command, and commanded the 75Ranger Regiment. Over a career spanningfour decades, he led Airborne, Mechanized, Stryker, Ranger, and Joint Special Operations units in combat and operational deployments across the globe. General Kurilla has been a driving force in innovation and technology initiatives that significantly advanced warfighting capabilities across the Department of Defense. He was wounded twice in combat and was involved in some of the most strategic and consequential missions affecting the United States and regional security and stability. General Kurilla has strong personal and professional relationships spanning the Middle East, Levant, Central Asia, South Asia, and Europe. General Kurilla was commissioned from the United States Military Academy at West Point in 1988. He holds a B.S. in Aerospace Engineering from West Point, an M.B.A. from Regis University, and an M.S. in National Security Studies from the National War College.
お知らせ • Oct 01Lazard, Inc. Appoints Cyrille Cotte as Managing Director and Head of Insurance for European Financial InstitutionsLazard, Inc. announced the appointment of Cyrille Cotte as Managing Director and Head of Insurance for its European Financial Institutions Group (FIG), based in London and working across Europe with regional Co-Heads of Financial Services Coverage Nick Millar and Corso Bavagnoli. Cyrille joins Lazard from Evercore, where he was a Partner and Senior Managing Director in the European Financial Institutions Group. Over his career, he has focused on advising a broad range of insurers and other financial services firms on mergers, acquisitions, capital raising, and strategic initiatives across Europe and internationally. With over 20 years of experience, Cyrille has advised insurers and financial institutions on numerous landmark transactions globally, including mergers, acquisitions, sales, public market transactions, capital raisings and strategic partnerships. His track record includes leading roles in the acquisition of German life insurer Viridium by Allianz, BlackRock, and T&D Holdings; Athora’s sale of its Irish Life business; and MetLife’s sale of its UK Pension Risk Transfer business. He has also worked on AXA’s acquisition of HSBC’s insurance operations in Asia and Latin America. Before joining Evercore in 2016, Cyrille held senior roles at Citi’s EMEA Financial Institutions Group, Macquarie, Fox-Pitt Kelton, and EY in London and Paris. He holds a Master’s in Management from EDHEC Business School in Lille, France.
Buy Or Sell Opportunity • Sep 24Now 21% undervaluedOver the last 90 days, the stock has risen 16% to US$54.97. The fair value is estimated to be US$69.48, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 8.1% in a year. Earnings are forecast to grow by 20% in the next year.
Recent Insider Transactions Derivative • Sep 21CEO & Chairman exercised options and sold US$2.8m worth of stockOn the 16th of September, Peter Orszag exercised options to acquire 52k shares at no cost and sold these for an average price of US$54.65 per share. This trade did not impact their existing holding. For the year to December 2020, Peter's total compensation was 8% salary and 92% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since March 2025, Peter has owned 170.29k shares directly. Company insiders have collectively sold US$34m more than they bought, via options and on-market transactions in the last 12 months.
ナラティブの更新 • Sep 19Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresWith both the discount rate and future P/E ratio essentially unchanged, Lazard's consensus analyst price target remains steady at $61.00, indicating no material shifts in perceived valuation or risk. What's in the News Lazard announced the establishment of a new office in Denmark effective September 17.
お知らせ • Sep 18Lazard, Inc. Appoints Geoffrey Porges as Managing Director in the Healthcare Advisory GroupLazard, Inc. announced that Dr. Geoffrey Porges has joined the firm as Managing Director in the Healthcare Advisory Group, advising on transactions across diversified biopharmaceuticals. Dr. Porges brings more than 30 years of experience in advisory, executive, and investment roles in the biopharmaceutical industry. Most recently, he served as EVP and Chief Financial Officer at Schrödinger, where he oversaw financial operations, investor relations, corporate communications, strategic planning and business development. Previously, he was the head of biopharma equity research at SVB Leerink and senior biotechnology equity research analyst Sanford C. Bernstein, consistently earning recognition as one of Wall Street’s top analysts. Earlier, Dr. Porges held senior roles at BTG PLC and Merck & Co. Dr. Porges earned his medical degree from the University of Sydney and an MBA from Harvard Business School, where he was a Baker Scholar.
お知らせ • Sep 16Lazard, Inc. Appoints Jesper Jensen as Managing Director, Financial Advisory and CEO of DenmarkLazard, Inc. announced the expansion of Nordic operations with the appointment of Jesper Jensen as Managing Director, Financial Advisory and CEO of Denmark. With more than 25 years of experience and a deep connectivity in the local market, Jesper Jensen will enable Lazard to advance its presence in the country and strengthen client relationships in the Nordics. In the region, he will work closely with Gustaf Slettengren and Victor Kastensson, based in Sweden. Jesper Jensen joins from Rothschild & Co and was previously employed at JP Morgan in London among other positions. He earned an M.Sc. in Finance and Accounting from Copenhagen Business School.
Recent Insider Transactions • Sep 14Insider recently sold US$4.2m worth of stockOn the 11th of September, Evan Russo sold around 75k shares on-market at roughly US$56.54 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of US$15m more than they bought in the last 12 months.
お知らせ • Sep 12Lazard Ltd to Hire Two MDsLazard Ltd. is to hire two officials from Bank of America Corp. Lazard Ltd. has announced that it will expand its investment banking franchise in North America with two managing director hires. Bill Young and Jean Greene are to join the firm soon as MDs.
Recent Insider Transactions Derivative • Sep 11Insider notifies of intention to sell stockEvan Russo intends to sell 25k shares in the next 90 days after lodging an Intent To Sell Form on the 10th of September. If the sale is conducted around the recent share price of US$55.71, it would amount to US$1.4m. Since December 2024, Evan's direct individual holding has increased from 307.78k shares to 337.25k. Company insiders have collectively sold US$30m more than they bought, via options and on-market transactions in the last 12 months.
Price Target Changed • Sep 08Price target increased by 7.4% to US$61.00Up from US$56.80, the current price target is an average from 5 analysts. New target price is 8.6% above last closing price of US$56.17. Stock is up 20% over the past year. The company is forecast to post earnings per share of US$2.47 for next year compared to US$2.93 last year.
ナラティブの更新 • Sep 04Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresWith no change in future P/E or consensus revenue growth forecasts, Lazard’s fair value estimate remains steady at $58.20. What's in the News Lazard repurchased 85,894 shares for $3.76 million from April 1, 2025 to June 30, 2025, representing 0.09% of shares.
お知らせ • Sep 03Lazard, Inc. Announces Appointment of Dmitry Shevelenko to Its Board of Directors, Effective September 2, 2025Lazard, Inc. announced that Dmitry Shevelenko, Chief Business Officer of Perplexity, has been appointed to its Board of Directors, effective September 2, 2025 . Dmitry Shevelenko is the Chief Business Officer of Perplexity, where he is responsible for all operations of the company. Mr. Shevelenko is an accomplished technology leader who has served in senior roles at Uber, LinkedIn, and Meta. As a startup founder, he has focused on retail commerce, holding multiple patents related to social networking and transport technology, and deploying robotic technologies for partners such as Walmart and Aramark. He is an active mentor in the technology community and fluent in several languages. Mr. Shevelenko is a graduate of Columbia University.
Buy Or Sell Opportunity • Aug 29Now 20% undervaluedOver the last 90 days, the stock has risen 32% to US$57.16. The fair value is estimated to be US$71.67, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has declined by 17%. Revenue is forecast to grow by 8.4% in a year. Earnings are forecast to grow by 20% in the next year.
Price Target Changed • Aug 25Price target increased by 7.7% to US$57.80Up from US$53.67, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of US$56.80. Stock is up 15% over the past year. The company is forecast to post earnings per share of US$2.47 for next year compared to US$2.93 last year.
ナラティブの更新 • Aug 20Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresWith Lazard’s consensus analyst price target and key valuation metrics such as future P/E and discount rate remaining effectively unchanged, analysts see limited change in the company’s fair value, which stands at $56.80 per share. What's in the News Lazard repurchased 85,894 shares for $3.76 million from April to June 2025, completing a total repurchase of 81,092,095 shares ($3,193.96 million) under its ongoing buyback program.
ナラティブの更新 • Aug 06Expansion In Abu Dhabi And Europe Will Trigger Cost PressuresDespite a higher discount rate rising from 8.87% to 9.43%, indicating increased perceived risk, Lazard’s consensus analyst price target remained unchanged at $56.80. What's in the News Lazard repurchased 85,894 shares for $3.76 million between April and June, completing 75.08% of its long-standing buyback program (81,092,095 shares, $3,193.96 million).
Declared Dividend • Jul 27Second quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 4th August 2025 Payment date: 15th August 2025 Dividend yield will be 3.6%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (34% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 88% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Jul 25Second quarter 2025 earnings: EPS and revenues exceed analyst expectationsSecond quarter 2025 results: EPS: US$0.57 (up from US$0.53 in 2Q 2024). Revenue: US$796.0m (up 17% from 2Q 2024). Net income: US$55.3m (up 13% from 2Q 2024). Profit margin: 7.0% (down from 7.2% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 9.0%. Earnings per share (EPS) also surpassed analyst estimates by 41%. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 6.4% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings.
New Risk • Jul 24New major risk - Revenue and earnings growthEarnings have declined by 23% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 23% per year over the past 5 years. Minor Risks High level of debt (130% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (US$3.8m sold).
お知らせ • Jul 24Lazard, Inc. Declares Quarterly Dividend, Payable on August 15, 2025Lazard, Inc. announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on August 15, 2025, to stockholders of record on August 4, 2025.
分析記事 • Jul 18Investors Still Aren't Entirely Convinced By Lazard, Inc.'s (NYSE:LAZ) Revenues Despite 26% Price JumpDespite an already strong run, Lazard, Inc. ( NYSE:LAZ ) shares have been powering on, with a gain of 26% in the last...
Price Target Changed • Jul 14Price target increased by 17% to US$53.00Up from US$45.33, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of US$53.21. Stock is up 22% over the past year. The company is forecast to post earnings per share of US$2.33 for next year compared to US$2.93 last year.
お知らせ • Jul 09Lazard, Inc. to Report Q2, 2025 Results on Jul 24, 2025Lazard, Inc. announced that they will report Q2, 2025 results on Jul 24, 2025
お知らせ • Jul 02Lazard Announces Executive ChangesLazard, Inc. announced that Klaus H. Hessberger has been appointed to the firm as Managing Director, Global Co-Head, and Head of Europe for Lazard’s Financial Sponsors Group, based in London. Adam Cady, previously Lazard’s Head of Large-Cap Financial Sponsor Coverage North America in New York, has also been named Global Co-Head of the Global Financial Sponsors Group, running the team together with Klaus. These appointments reflect Lazard’s expanding connectivity and partnership with alternative asset managers, which continues to be a principal area of focus and a major source of future growth for the firm globally. Lazard’s recruiting efforts are also a key contributor to the firm’s long-term growth goals, with ongoing success in attracting top tier talent globally. Before joining Lazard, Klaus held various prominent roles over 25 years with J.P. Morgan, helping to build and co-running their market-leading European and later Global Financial Sponsors franchise, initially as European and later Global Co-Head. Klaus has most recently served as Vice Chair of the Global Financial Sponsors and Strategic Investors Coverage Group at J.P. Morgan. In these roles, Klaus covered top-tier global financial sponsor and strategic investor clients, including private equity and infrastructure funds, family offices, sovereign wealth and pension funds. In addition to his Financial Sponsor track record, Klaus brings a broad range of global industry sector and capital markets expertise, having previously co-run J.P. Morgan’s Equity Capital Markets origination business in EMEA for nine years. Adam Cady has nearly three decades of experience in investment banking and capital markets. Prior to joining Lazard’s New York office in February 2024, Adam held various senior positions at Bank of America, departing as Managing Director and Head of Americas Financial Sponsors Group. He started his career as a leveraged finance professional at Merrill Lynch and NationsBank.
Recent Insider Transactions • Jun 15Chief Operating Officer recently sold US$3.8m worth of stockOn the 11th of June, Alexandra Soto sold around 86k shares on-market at roughly US$43.81 per share. This transaction amounted to 43% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Alexandra's only on-market trade for the last 12 months.
Valuation Update With 7 Day Price Move • May 13Investor sentiment improves as stock rises 16%After last week's 16% share price gain to US$46.38, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 15x in the Capital Markets industry in the US. Total returns to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at US$67.79 per share.
分析記事 • May 09Lazard, Inc. (NYSE:LAZ) Stock Rockets 29% But Many Are Still Ignoring The CompanyThose holding Lazard, Inc. ( NYSE:LAZ ) shares would be relieved that the share price has rebounded 29% in the last...
Reported Earnings • Apr 27First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behindFirst quarter 2025 results: EPS: US$0.63 (up from US$0.38 in 1Q 2024). Revenue: US$648.1m (down 15% from 1Q 2024). Net income: US$60.4m (up 75% from 1Q 2024). Profit margin: 9.3% (up from 4.5% in 1Q 2024). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 1.7%. Earnings per share (EPS) exceeded analyst estimates by 143%. Revenue is forecast to grow 8.0% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings.
お知らせ • Apr 25Lazard, Inc. Declares Quarterly Dividend, Payable on May 16, 2025Lazard, Inc. announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on May 16, 2025, to stockholders of record on May 5, 2025.
お知らせ • Apr 15Lazard, Inc. Appoints Hussain Altajir as CEO of Lazard Financial Advisory in UAELazard, Inc. has appointed Hussain Altajir as CEO of Lazard Financial Advisory in UAE. With over 20 years of experience and a deep understanding of the region, Mr. Altajir will play a pivotal role in advancing Lazard’s strategic initiatives in the UAE and fostering stronger client relationships. Hussain Altajir will work closely with Sarah Al Suhaimi, Chairwoman, and Wassim Al Khatib, CEO of Financial Advisory for the MENA region, in expanding Lazard’s engagement with clients in the region. Before joining Lazard, Mr. Altajir served as Head of Dubai Coverage, Global Banking at HSBC where he established a distinguished career since 2003. Mr. Altajir holds a BSBA in Finance & Banking from the American University of Dubai, UAE.
お知らせ • Apr 11Lazard, Inc. to Report Q1, 2025 Results on Apr 25, 2025Lazard, Inc. announced that they will report Q1, 2025 results on Apr 25, 2025
Major Estimate Revision • Apr 10Consensus EPS estimates fall by 43%The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from US$3.14b to US$2.96b. EPS estimate also fell from US$3.22 per share to US$1.83 per share. Net income forecast to grow 35% next year vs 17% growth forecast for Capital Markets industry in the US. Consensus price target down from US$53.38 to US$42.88. Share price fell 9.5% to US$34.97 over the past week.
Price Target Changed • Apr 08Price target decreased by 10% to US$48.00Down from US$53.38, the current price target is an average from 8 analysts. New target price is 44% above last closing price of US$33.41. Stock is down 19% over the past year. The company is forecast to post earnings per share of US$3.22 for next year compared to US$2.93 last year.
お知らせ • Apr 08Lazard Asset Management Launches First Three Active ETFs in the U.SLazard Asset Management announced the launch of its first three actively managed ETFs in the United States, offering more investors access to compelling, differentiated strategies from Lazard's specialized investment teams. Each ETF investment strategy is backed by decades of experience, deep independent research and on-the-ground expertise, offering unique opportunities for growth and diversification. Details of Lazard's three ETFs, which began trading on Nasdaq, include: Lazard Equity Megatrends ETF is an actively managed ETF that seeks to capture the return opportunity from global megatrends that will shape the future economy. THMZ uses a proprietary and proven investment approach to identify significant megatrends and invests in multiple diversified themes expected to benefit from these trends. Lazard Japanese Equity ETF seeks to capitalize on growth opportunities and market in Japanese equities. Portfolio Manager, June-Yon Kim said: "Japan is undergoing significant economic and policy changes, helping its companies recapture growth after decades of stagnation. A gradual shift from a long period of inflation to inflation is transforming the economy, corporate behavior, and consumer habits. Regulatory reforms are also driving improvements in corporate governance, capital efficiency, and shareholder returns. JPY seeks to capitalize on these changes in the world's third-largest economy." The team comprises a local, bilingual team with decades of active investing experience in Japan, leveraging a global perspective to uncover inefficiencies and structural changes affecting Japanese companies. The fund is managed by June-Yon Kim, Matthew Bills, and Scott Anderson. Lazard Next Gen Technologies ETF provides investors with targeted exposure to high growth and profit-generating equities that are designed to capture value driven by productivity, AI, and automation. Portfolio Manager Tjeert Keijzer said: "Automation has been a core driver of productivity and economic growth for centuries, typically fueled by key technological advancements at specific points in time. The company believe that recent breakthroughs in artificial intelligence (AI) are unlocking the next generation of automation applications. Developments in AI technologies are poised to continue along a sustainable and accelerating path, promising to deliver new automation solutions for the foreseeable future." TEKY offers investors exposure to innovation leaders by investing globally in companies that are developing key automation-enabling AI technologies. The fund is managed by Tjeert Keijzer, Celine Woo, and Ario Kishida.
Valuation Update With 7 Day Price Move • Apr 04Investor sentiment deteriorates as stock falls 18%After last week's 18% share price decline to US$35.24, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 13x in the Capital Markets industry in the US. Total returns to shareholders of 22% over the past three years.
Board Change • Apr 01High number of new directorsThere are 5 new directors who have joined the board in the last 3 years. Independent Director Peter Harrison was the last director to join the board, commencing their role in 2025. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model.
お知らせ • Mar 26Lazard, Inc., Annual General Meeting, May 08, 2025Lazard, Inc., Annual General Meeting, May 08, 2025.
Recent Insider Transactions Derivative • Mar 16CEO & Chairman notifies of intention to sell stockPeter Orszag intends to sell 65k shares in the next 90 days after lodging an Intent To Sell Form on the 14th of March. If the sale is conducted around the recent share price of US$45.24, it would amount to US$2.9m. For the year to December 2020, Peter's total compensation was 3% salary and 97% other compensation. This indicates that these sales could comprise a meaningful part of their income for the year. Since September 2024, Peter has owned 118.66k shares directly. Company insiders have collectively sold US$9.9m more than they bought, via options and on-market transactions in the last 12 months.
分析記事 • Mar 14Lazard, Inc. (NYSE:LAZ) Could Be Riskier Than It LooksYou may think that with a price-to-sales (or "P/S") ratio of 1.3x Lazard, Inc. ( NYSE:LAZ ) is a stock worth checking...
お知らせ • Mar 03Lazard, Inc. Appoints Peter Harrison to Board of DirectorsLazard, Inc. announced that Peter Harrison has been appointed to its Board of Directors, effective March 3, 2025. Mr. Harrison has more than 35 years of experience in investment management, most recently serving as Group CEO of Schroders plc, from 2016 until his retirement in 2024. This appointment reinforces Lazard’s focus on further strengthening and diversifying its asset management business. Mr. Harrison is an accomplished global executive. As Group CEO of Schroders, the firm’s assets under management more than doubled to over £750 billion under his leadership, reflecting an evolution of the business into private markets and wealth management that included a transformative joint venture with Lloyds Banking Group. His prior experience also includes senior roles at J.P. Morgan and Deutsche Asset Management, and CEO and later Chairman of RWC Partners Limited. Mr. Harrison has served as a founding member of the UK Treasury’s Asset Management Taskforce and the Capital Markets Industry Taskforce, and he is Chair of Business in the Community, the King’s responsible business charity.
New Risk • Feb 25New major risk - Revenue and earnings growthEarnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks High level of debt (50% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Significant insider selling over the past 3 months (US$6.7m sold).
お知らせ • Feb 19Lazard, Inc. Appoints Chris Miller as A Managing DirectorLazard, Inc. announced that Chris Miller joined the firm as a Managing Director within the Power, Energy & Infrastructure Advisory business, based in Houston. Within his role, Chris will advise clients in the Energy industry, focused on Oil & Gas. This appointment demonstrates Lazard’s successful global recruiting efforts as the firm continues to execute its long-term growth strategy. Before joining Lazard, Chris was a Managing Director and Vice Chairman of Energy Investment Banking at Citigroup. Prior to this, Chris spent 13 years as an investment banker at Lehman Brothers, as well as serving as a banking officer at First Interstate Bank in Houston and beginning his career as an Analyst at H.D. Vest Investment Services. Chris currently serves on the Advisory Committee of the Spindletop Energy Investment Fund at Southern Methodist University and the Board of Directors for Strake Jesuit College Preparatory.
Recent Insider Transactions • Feb 16Insider recently sold US$6.7m worth of stockOn the 14th of February, Evan Russo sold around 125k shares on-market at roughly US$53.92 per share. This transaction amounted to 41% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months.
Recent Insider Transactions Derivative • Feb 13Insider notifies of intention to sell stockEvan Russo intends to sell 85k shares in the next 90 days after lodging an Intent To Sell Form on the 12th of February. If the sale is conducted around the recent share price of US$53.50, it would amount to US$4.5m. Since March 2024, Evan's direct individual holding has decreased from 311.78k shares to 307.78k. Company insiders have collectively sold US$19m more than they bought, via options and on-market transactions in the last 12 months.
Declared Dividend • Feb 02Fourth quarter dividend of US$0.50 announcedDividend of US$0.50 is the same as last year. Ex-date: 10th February 2025 Payment date: 21st February 2025 Dividend yield will be 3.7%, which is higher than the industry average of 2.4%. Sustainability & Growth Dividend is covered by both earnings (67% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 64% over the next 3 years, which should provide support to the dividend and adequate earnings cover.
Reported Earnings • Jan 30Full year 2024 earnings: EPS and revenues exceed analyst expectationsFull year 2024 results: EPS: US$3.01 (up from US$0.90 loss in FY 2023). Revenue: US$3.05b (up 21% from FY 2023). Net income: US$279.9m (up US$359.8m from FY 2023). Profit margin: 9.2% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue exceeded analyst estimates by 2.4%. Earnings per share (EPS) also surpassed analyst estimates by 15%. Revenue is forecast to grow 7.0% p.a. on average during the next 3 years, compared to a 3.3% growth forecast for the Capital Markets industry in the US. Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings.
お知らせ • Jan 30Lazard, Inc. Declares Quarterly Dividend, Payable on February 21, 2025Lazard, Inc. announced that its Board of Directors has voted to declare a quarterly dividend of $0.50 per share on its outstanding common stock. The dividend is payable on February 21, 2025, to stockholders of record on February 10, 2025.
Buy Or Sell Opportunity • Jan 23Now 20% undervaluedOver the last 90 days, the stock has risen 4.1% to US$53.20. The fair value is estimated to be US$66.86, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.5% over the last 3 years. Meanwhile, the company has become profitable. Revenue is forecast to grow by 13% in 2 years. Earnings are forecast to grow by 76% in the next 2 years.
Price Target Changed • Jan 21Price target decreased by 7.6% to US$54.00Down from US$58.43, the current price target is an average from 7 analysts. New target price is 5.6% above last closing price of US$51.15. Stock is up 30% over the past year. The company is forecast to post earnings per share of US$2.34 next year compared to a net loss per share of US$0.90 last year.
お知らせ • Jan 10+ 1 more updateLazard, Inc. to Report Q4, 2024 Results on Jan 30, 2025Lazard, Inc. announced that they will report Q4, 2024 results on Jan 30, 2025
New Risk • Jan 03New major risk - Revenue and earnings growthEarnings have declined by 20% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 20% per year over the past 5 years. Minor Risks High level of debt (128% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Shareholders have been diluted in the past year (3.5% increase in shares outstanding).
お知らせ • Nov 26Lazard Announces Board and Directorate Changes, Effective January 1, 2025Lazard, Inc. announced that Dan Schulman, Board Member, has been appointed Lead Independent Director to succeed Richard D. Parsons, who remains on the Board, and that Peter R. Orszag, Lazard CEO and Board Member, has been appointed Chairman of the Board, effective January 1, 2025. Kenneth M. Jacobs, Executive Chairman and Board Member, will become Senior Chairman of the Firm and Senior Advisor to the Board, and relinquish his board seat effective December 31, 2024. In his role as Senior Chairman, Mr. Jacobs will continue to advise many of the firm’s most important clients and relationships globally. These transitions represent a successful, multi-year succession planning process across Board and senior leadership at the firm. Mr. Orszag became Lazard CEO on October 1, 2023, after joining the firm in 2016 and serving as its CEO of Financial Advisory, Head of North American Mergers & Acquisitions, and Global Co-Head of Healthcare. Prior to that, he served as the Director of the Office of Management and Budget in the Obama Administration, and before that as the Director of the Congressional Budget Office. Mr. Schulman joined Lazard as a Board member on February 1, 2024. He also serves on the boards of Cisco Systems and Verizon Communications, and prior management roles include CEO of PayPal, Group President at American Express, President at Sprint Nextel Corporation, founding CEO of Virgin Mobile USA, President and CEO of Priceline Group, and a series of positions at AT&T including President of the Consumer Markets Division. Mr. Jacobs joined Lazard in 1988, and over the past 36 years, he has led numerous landmark transactions for clients across the firm. Most recently, as Executive Chairman, he devoted his focus to advising clients on strategic and financial matters. Mr. Jacobs served as Chairman and Chief Executive Officer of Lazard from November 2009 to September 2023.
お知らせ • Nov 19Lazard, Inc. Appoints Jennifer Tedesko as Managing Director Within the Private Capital Advisory BusinessLazard, Inc. announced that Jennifer (Jen) Tedesko joined the firm as a Managing Director within the Private Capital Advisory (PCA) business, based in San Francisco. Jen will focus on originating and advising on private equity secondary opportunities. In addition, the firm will add a Director focused on private equity distribution and recently transferred a PCA professional from the firm’s London office, who will focus on private equity transaction management. With these additions, Lazard continues its commitment to the West Coast - San Francisco and Los Angeles - as the second largest U.S. hub advising private equity clients in the primary fundraising and secondary markets. Lazard has a track record of advising on and acting as placement agent on several recent West Coast deals including Kingswood Capital ManagementFund II and III, Pacific Avenue Capital Partners I, and lead financial advisor on Altamont Capital Partners’ Tacala LLC continuation fund. This appointment demonstrates Lazard’s successful global recruiting efforts as the firm continues to execute its long-term growth strategy. Jen has more than 25 years of private equity advisory and fundraising experience. Prior to joining Lazard, Jen was a Managing Director at Campbell Lutyens, where she sourced and executed primary fundraisings and secondary transactions. Prior to Campbell Lutyens, Jen was a Partner at Atlantic Pacific Capital, where she spent 14 years focused on private capital advisory, project management, and origination. Jen started her career in Donaldson, Lufkin, and Jenrette'sPrivate Fund Group in San Francisco and subsequently was one of the first employees at Probitas Partners. She has been a member of PEWIN. Jen holds a B.A. in Environmental Science from Bucknell University.
Major Estimate Revision • Nov 08Consensus EPS estimates increase by 22%The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate increased from US$2.11 to US$2.57. Revenue forecast steady at US$2.87b. Net income forecast to grow 50% next year vs 29% growth forecast for Capital Markets industry in the US. Consensus price target up from US$54.13 to US$57.63. Share price rose 11% to US$58.78 over the past week.
