Stock LAZ LAZARD
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Financials Lazard Nyse

Equities

LAZ

BMG540501027

Investment Management & Fund Operators

Market Closed - Nyse
Other stock markets
 04:00:02 2024-04-26 pm EDT 		5-day change 1st Jan Change
38.99 USD +0.26% Intraday chart for Lazard +2.85% +12.04%
Apr. 25 The specter of stagflation rears its ugly head again Our Logo
Apr. 25 Transcript : Lazard, Inc., Q1 2024 Earnings Call, Apr 25, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,197 4,443 4,488 2,979 3,042 3,409 - -
Enterprise Value (EV) 1 5,877 6,126 6,174 2,979 4,732 5,264 5,097 5,097
P/E ratio 16.4 x 11.9 x 9.42 x 9.88 x -38.7 x 14.1 x 10.2 x 9 x
Yield 4.7% 4.44% 4.31% 5.6% 5.75% 5.13% 5.33% 7.16%
Capitalization / Revenue 1.65 x 1.76 x 1.43 x 1.08 x 1.25 x 1.16 x 1.07 x 0.97 x
EV / Revenue 2.31 x 2.43 x 1.97 x 1.08 x 1.94 x 1.8 x 1.6 x 1.45 x
EV / EBITDA 9.49 x 9.81 x 7.1 x 4.68 x 22.7 x 12.5 x 9.51 x 8.52 x
EV / FCF 9.25 x 12 x 7.47 x - - 9.83 x 8.12 x 7.27 x
FCF Yield 10.8% 8.35% 13.4% - - 10.2% 12.3% 13.8%
Price to Book 6.8 x 4.87 x 4.51 x 5.36 x 7.31 x 5.42 x 4.53 x 3.48 x
Nbr of stocks (in thousands) 105,031 105,032 102,874 85,915 87,415 87,426 - -
Reference price 2 39.96 42.30 43.63 34.67 34.80 38.99 38.99 38.99
Announcement Date 1/30/20 2/5/21 2/3/22 2/2/23 2/1/24 - - -
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 2.760 3.835 4.330
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 2.078 2.792
Announcement Date 1/30/20 2/5/21 2/3/22 2/2/23 2/1/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 701.6 967.9 698.6 675.9 723.6 671 527 620 531.6 761 746.6 652.8 689.5 803.3 737.2
EBITDA - - - - - - - - - 107.8 - - - - -
EBIT 1 167.4 289.5 172.8 149.6 161.2 110.5 -14.33 52.25 30.54 97.12 119.5 91.93 127.7 166.5 137.8
Operating Margin 23.86% 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%
Earnings before Tax (EBT) 155 268.3 159.7 125.8 158.1 - -36.92 -110.1 -4.857 - - - - - -
Net income 1 107.2 210.4 113.9 95.48 105.8 42.36 -22.17 -124 7.139 63.57 35.76 29.3 68.4 106.9 -
Net margin 15.28% 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 0.9400 1.860 1.050 0.9200 1.060 0.4400 -0.2700 -1.410 0.0600 0.6500 0.3500 0.4300 0.6300 1.330 0.5834
Dividend per Share 2 0.4700 0.4700 0.4700 0.4700 0.5000 0.5000 0.5000 0.5000 0.5000 0.5000 0.5075 0.5000 0.5000 0.5000 0.5050
Announcement Date 10/29/21 2/3/22 4/28/22 7/28/22 10/27/22 2/2/23 4/28/23 7/27/23 10/26/23 2/1/24 4/25/24 - - - -
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% 59.1% 68.3% 63.5%
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 7.200 8.620 11.20
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 1/30/20 2/5/21 2/3/22 2/2/23 2/1/24 - - -
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
38.99 USD
Average target price
48 USD
Spread / Average Target
+23.11%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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