LAZ Stock Overview
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America.
Price History & Performance
|Historical stock prices|
|Current Share Price||US$44.34|
|52 Week High||US$53.00|
|52 Week Low||US$38.68|
|1 Month Change||4.48%|
|3 Month Change||-13.58%|
|1 Year Change||-2.78%|
|3 Year Change||12.57%|
|5 Year Change||8.84%|
|Change since IPO||84.75%|
Recent News & Updates
Lazard: Banner Q2, But 2022 Revenue Growth Deceleration Is A Risk
Lazard's Q2 revenues were going through the roof amid booming M&A activity and favorable conditions for AUM growth. Amid the global M&A frenzy, revenues of Financial Advisory reached $471 million rising 61% YoY. Asset Management delivered an operating revenue of $343 million that was up 40%. Both the period-end and average assets under management were up sharply, by 29% and 32%, respectively. With its almost 4% yield, Lazard is among the top payers in the financial sector and on the U.S. market overall, with a high margin of dividend safety, given copious FCF, so dividend investors should definitely take a close look at the player. Revenue deceleration in 2022 can pose a meaningful threat to capital appreciation, thus I would opt for a neutral stance.
Lazard CEO sees work-from-home hurting young bankers' prospects - Bloomberg
Lazard ([[LAZ]] -0.3%) CEO Ken Jacobs tells Bloomberg News that working from home hasn't affected the bank's ability to close deals, but it could hurt the prospects for younger bankers over the longer term.He expects that more of the company's bankers will return to the office in the fall.Wall Street CEOs have been eager to bring staff back to offices, but it's been tricky as the banks try to allow staff to balance work-life schedules in the wake of the
|LAZ||US Capital Markets||US Market|
Return vs Industry: LAZ underperformed the US Capital Markets industry which returned 30.2% over the past year.
Return vs Market: LAZ underperformed the US Market which returned 13.7% over the past year.
|LAZ Average Weekly Movement||4.3%|
|Capital Markets Industry Average Movement||0.7%|
|Market Average Movement||6.6%|
|10% most volatile stocks in US Market||15.9%|
|10% least volatile stocks in US Market||2.4%|
Stable Share Price: LAZ is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: LAZ's weekly volatility (4%) has been stable over the past year.
About the Company
Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm in North America, Europe, Asia, Australia, and Central and South America. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions, capital advisory, restructurings, shareholder advisory, sovereign advisory, capital raising, and other strategic advisory matters. This segment serves corporate, partnership, institutional, government, sovereign, and individual clients across various industry areas, including consumers, financial institutions, healthcare and life sciences, industrials, power and energy/infrastructure, and real estate, as well as technology, media, and telecommunications.
Lazard Fundamentals Summary
|LAZ fundamental statistics|
Is LAZ overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|LAZ income statement (TTM)|
|Cost of Revenue||US$264.25m|
Last Reported Earnings
Sep 30, 2021
Next Earnings Date
|Earnings per share (EPS)||4.85|
|Net Profit Margin||16.27%|
How did LAZ perform over the long term?See historical performance and comparison
4.2%Current Dividend Yield
Is Lazard undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: LAZ ($44.34) is trading below our estimate of fair value ($93.12)
Significantly Below Fair Value: LAZ is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: LAZ is good value based on its PE Ratio (9.1x) compared to the US Capital Markets industry average (15.9x).
PE vs Market: LAZ is good value based on its PE Ratio (9.1x) compared to the US market (17.4x).
Price to Earnings Growth Ratio
PEG Ratio: LAZ's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: LAZ is good value based on its PB Ratio (5.2x) compared to the US Capital Markets industry average (42.4x).
How is Lazard forecast to perform in the next 1 to 3 years based on estimates from 9 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: LAZ's earnings are forecast to decline over the next 3 years (-3.1% per year).
Earnings vs Market: LAZ's earnings are forecast to decline over the next 3 years (-3.1% per year).
High Growth Earnings: LAZ's earnings are forecast to decline over the next 3 years.
Revenue vs Market: LAZ's revenue (2.7% per year) is forecast to grow slower than the US market (9.3% per year).
High Growth Revenue: LAZ's revenue (2.7% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: LAZ's Return on Equity is forecast to be very high in 3 years time (42%).
How has Lazard performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: LAZ has high quality earnings.
Growing Profit Margin: LAZ's current net profit margins (16.3%) are higher than last year (11.8%).
Past Earnings Growth Analysis
Earnings Trend: LAZ's earnings have declined by 0.9% per year over the past 5 years.
Accelerating Growth: LAZ's earnings growth over the past year (75.4%) exceeds its 5-year average (-0.9% per year).
Earnings vs Industry: LAZ earnings growth over the past year (75.4%) underperformed the Capital Markets industry 86.4%.
Return on Equity
High ROE: Whilst LAZ's Return on Equity (33.88%) is high, this metric is skewed due to their high level of debt.
How is Lazard's financial position?
Financial Position Analysis
Short Term Liabilities: LAZ's short term assets ($3.9B) exceed its short term liabilities ($750.8M).
Long Term Liabilities: LAZ's short term assets ($3.9B) do not cover its long term liabilities ($4.4B).
Debt to Equity History and Analysis
Debt Level: LAZ's net debt to equity ratio (56%) is considered high.
Reducing Debt: LAZ's debt to equity ratio has increased from 90.6% to 132.4% over the past 5 years.
Debt Coverage: LAZ's debt is well covered by operating cash flow (35.7%).
Interest Coverage: Insufficient data to determine if LAZ's interest payments on its debt are well covered by EBIT.
What is Lazard current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: LAZ's dividend (4.24%) is higher than the bottom 25% of dividend payers in the US market (1.32%).
High Dividend: LAZ's dividend (4.24%) is in the top 25% of dividend payers in the US market (3.44%)
Stability and Growth of Payments
Stable Dividend: LAZ's dividend payments have been volatile in the past 10 years.
Growing Dividend: LAZ's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (40.2%), LAZ's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: LAZ's dividends in 3 years are forecast to be well covered by earnings (47.9% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Kenneth Jacobs (62 yo)
Mr. Kenneth Marc Jacobs serves as the Director at Lazard Asset Management LLC. He has served as Chairman of the Board of Directors and Chief Executive Officer of Lazard Ltd and Lazard Group since November...
CEO Compensation Analysis
Compensation vs Market: Kenneth's total compensation ($USD10.04M) is above average for companies of similar size in the US market ($USD5.13M).
Compensation vs Earnings: Kenneth's compensation has been consistent with company performance over the past year.
Experienced Management: LAZ's management team is considered experienced (5 years average tenure).
Experienced Board: LAZ's board of directors are considered experienced (5.8 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: LAZ insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Lazard Ltd's employee growth, exchange listings and data sources
- Name: Lazard Ltd
- Ticker: LAZ
- Exchange: NYSE
- Founded: 1848
- Industry: Investment Banking and Brokerage
- Sector: Diversified Financials
- Implied Market Cap: US$4.561b
- Shares outstanding: 102.87m
- Website: https://www.lazard.com
Number of Employees
- Lazard Ltd
- Clarendon House
- 2 Church Street
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/01/17 23:27|
|End of Day Share Price||2022/01/14 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.