Stock LAZ LAZARD
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Financials Lazard Nyse

Equities

LAZ

BMG540501027

Investment Management & Fund Operators

Market Closed - Nyse
Other stock markets
 16:00:02 2024-04-30 EDT 		5-day change 1st Jan Change
38.5 USD -2.28% Intraday chart for Lazard -2.89% +10.63%
04-29 UBS Trims Lazard Price Target to $43 From $44, Maintains Neutral Rating MT
04-26 Tranche Update on Lazard, Inc.'s Equity Buyback Plan announced on May 1, 2014. CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,197 4,443 4,488 2,979 3,042 3,473 - -
Enterprise Value (EV) 1 5,877 6,126 6,174 2,979 4,732 5,328 5,161 5,161
P/E ratio 16.4 x 11.9 x 9.42 x 9.88 x -38.7 x 15.9 x 9.88 x 8.79 x
Yield 4.7% 4.44% 4.31% 5.6% 5.75% 5.19% 5.38% 7.23%
Capitalization / Revenue 1.65 x 1.76 x 1.43 x 1.08 x 1.25 x 1.19 x 1.09 x 0.99 x
EV / Revenue 2.31 x 2.43 x 1.97 x 1.08 x 1.94 x 1.82 x 1.62 x 1.47 x
EV / EBITDA 9.49 x 9.81 x 7.1 x 4.68 x 22.7 x 12.6 x 9.63 x 8.63 x
EV / FCF 9.25 x 12 x 7.47 x - - 9.95 x 8.22 x 7.36 x
FCF Yield 10.8% 8.35% 13.4% - - 10.1% 12.2% 13.6%
Price to Book 6.8 x 4.87 x 4.51 x 5.36 x 7.31 x 5.92 x 4.5 x 3.4 x
Nbr of stocks (in thousands) 105,031 105,032 102,874 85,915 87,415 90,205 - -
Reference price 2 39.96 42.30 43.63 34.67 34.80 38.50 38.50 38.50
Announcement Date 20-01-30 21-02-05 22-02-03 23-02-02 24-02-01 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,546 2,524 3,139 2,769 2,440 2,926 3,183 3,517
EBITDA 1 619.1 624.6 869 636.4 208.4 422 536 598
EBIT 1 583.5 589.5 830.7 594 165.6 511 657.2 738.3
Operating Margin 22.92% 23.36% 26.47% 21.45% 6.79% 17.46% 20.65% 20.99%
Earnings before Tax (EBT) 1 392.7 502.1 723.8 516.8 -79.96 378.4 491 552.5
Net income 1 286.5 402.5 528.1 357.5 -75.48 240.3 382.6 400
Net margin 11.25% 15.95% 16.82% 12.91% -3.09% 8.21% 12.02% 11.37%
EPS 2 2.440 3.540 4.630 3.510 -0.9000 2.415 3.895 4.379
Free Cash Flow 1 635.2 511.6 826.4 - - 535.6 627.7 700.9
FCF margin 24.95% 20.27% 26.33% - - 18.3% 19.72% 19.93%
FCF Conversion (EBITDA) 102.61% 81.91% 95.09% - - 126.92% 117.11% 117.21%
FCF Conversion (Net income) 221.71% 127.13% 156.49% - - 222.89% 164.05% 175.22%
Dividend per Share 2 1.880 1.880 1.880 1.940 2.000 2.000 2.072 2.782
Announcement Date 20-01-30 21-02-05 22-02-03 23-02-02 24-02-01 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 967.9 698.6 675.9 723.6 671 527 620 531.6 761 746.6 652.8 689.5 803.3 737.2 743
EBITDA - - - - - - - - 107.8 - - - - - -
EBIT 1 289.5 172.8 149.6 161.2 110.5 -14.33 52.25 30.54 97.12 119.5 91.93 127.7 166.5 137.8 144.8
Operating Margin 29.91% 24.73% 22.13% 22.27% 16.47% -2.72% 8.43% 5.74% 12.76% 16.01% 14.08% 18.52% 20.73% 18.69% 19.49%
Earnings before Tax (EBT) 268.3 159.7 125.8 158.1 - -36.92 -110.1 -4.857 - - - - - - -
Net income 1 210.4 113.9 95.48 105.8 42.36 -22.17 -124 7.139 63.57 35.76 29.3 68.4 106.9 - -
Net margin 21.73% 16.3% 14.13% 14.62% 6.31% -4.21% -20% 1.34% 8.35% 4.79% 4.49% 9.92% 13.31% - -
EPS 2 1.860 1.050 0.9200 1.060 0.4400 -0.2700 -1.410 0.0600 0.6500 0.3500 0.2987 0.5722 1.179 0.7014 0.5909
Dividend per Share 2 0.4700 0.4700 0.4700 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5150
Announcement Date 22-02-03 22-04-28 22-07-28 22-10-27 23-02-02 23-04-28 23-07-27 23-10-26 24-02-01 24-04-25 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,680 1,683 1,685 - 1,690 1,855 1,688 1,688
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.713 x 2.694 x 1.939 x - 8.109 x 4.396 x 3.149 x 2.823 x
Free Cash Flow 1 635 512 826 - - 536 628 701
ROE (net income / shareholders' equity) 50.4% 52.9% 61% 50.2% 15.3% 61.5% 69.9% 63.7%
ROA (Net income/ Total Assets) 7.22% 6.93% 8.78% 5.91% 1.43% 6.4% 7.85% 7.9%
Assets 1 3,969 5,806 6,018 6,045 -5,276 3,755 4,875 5,063
Book Value Per Share 2 5.880 8.680 9.680 6.470 4.760 6.500 8.550 11.30
Cash Flow per Share 2 - 5.080 7.620 - - 6.880 8.600 10.30
Capex 1 42.8 64.3 39.7 49.5 28.3 46.8 48.7 50.6
Capex / Sales 1.68% 2.55% 1.26% 1.79% 1.16% 1.6% 1.53% 1.44%
Announcement Date 20-01-30 21-02-05 22-02-03 23-02-02 24-02-01 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Lazard

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
38.5 USD
Average target price
47.88 USD
Spread / Average Target
+24.35%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Investment Management & Fund Operators
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