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Lazard

DB:LBJ
Snowflake Description

Established dividend payer and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LBJ
DB
$2B
Market Cap
  1. Home
  2. DE
  3. Diversified Financials
Company description

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. The last earnings update was 37 days ago. More info.


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  • Lazard has significant price volatility in the past 3 months.
LBJ Share Price and Events
7 Day Returns
-6.5%
DB:LBJ
-6.8%
DE Capital Markets
-2.7%
DE Market
1 Year Returns
-36.4%
DB:LBJ
-11.8%
DE Capital Markets
-20.4%
DE Market
LBJ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Lazard (LBJ) -6.5% -38% -42.6% -36.4% -50.7% -59%
DE Capital Markets -6.8% -21.9% -18% -11.8% -29% -57.8%
DE Market -2.7% -18.4% -26.7% -20.4% -25.9% -30.4%
1 Year Return vs Industry and Market
  • LBJ underperformed the Capital Markets industry which returned -11.8% over the past year.
  • LBJ underperformed the Market in Germany which returned -20.4% over the past year.
Price Volatility
LBJ
Industry
5yr Volatility vs Market

Value

 Is Lazard undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Lazard to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Lazard.

DB:LBJ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 4 analysts.
= Stable Book Value * Return on Equity
= $7.94 * 65.4%
$5.19
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. $7.94
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:LBJ
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 6.5%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.747 (1 + (1- 21%) (108.79%))
1.26
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.26
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.26 * 6.51%)
7.82%

Discounted Cash Flow Calculation for DB:LBJ using Excess Returns Model Model

The calculations below outline how an intrinsic value for Lazard is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:LBJ Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (65.4% – 7.82%) * $7.94)
$4.57
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $4.57 / (7.82% - -0.39%)
$55.71
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $7.94 + $55.71
$63.64
DB:LBJ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:LBJ represents 0.88171x of NYSE:LAZ
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.88171x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (USD) x Listing Adjustment Factor
= $ 63.64 x 0.88171
€56.11
Value per share (EUR) From above. €56.11
Current discount Discount to share price of €20.20
= -1 x (€20.20 - €56.11) / €56.11
64%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Lazard is available for.
Intrinsic value
>50%
Share price is €20.2 vs Future cash flow value of €56.11
Current Discount Checks
For Lazard to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Lazard's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Lazard's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Lazard's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Lazard's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:LBJ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $2.57
NYSE:LAZ Share Price ** NYSE (2020-04-02) in USD $22.91
Germany Capital Markets Industry PE Ratio Median Figure of 17 Publicly-Listed Capital Markets Companies 22.18x
Germany Market PE Ratio Median Figure of 401 Publicly-Listed Companies 16.15x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Lazard.

DB:LBJ PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:LAZ Share Price ÷ EPS (both in USD)

= 22.91 ÷ 2.57

8.92x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lazard is good value based on earnings compared to the DE Capital Markets industry average.
  • Lazard is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Lazard's expected growth come at a high price?
Raw Data
DB:LBJ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.92x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-7.9%per year
Germany Capital Markets Industry PEG Ratio Median Figure of 7 Publicly-Listed Capital Markets Companies 1.55x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.17x

*Line of best fit is calculated by linear regression .

DB:LBJ PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.92x ÷ -7.9%

-1.13x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lazard earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Lazard's assets?
Raw Data
DB:LBJ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $5.85
NYSE:LAZ Share Price * NYSE (2020-04-02) in USD $22.91
Germany Capital Markets Industry PB Ratio Median Figure of 32 Publicly-Listed Capital Markets Companies 1.55x
Germany Market PB Ratio Median Figure of 572 Publicly-Listed Companies 1.44x
DB:LBJ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:LAZ Share Price ÷ Book Value per Share (both in USD)

= 22.91 ÷ 5.85

3.92x

* Primary Listing of Lazard.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lazard is overvalued based on assets compared to the DE Capital Markets industry average.
X
Value checks
We assess Lazard's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. Lazard has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Lazard expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-7.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Lazard expected to grow at an attractive rate?
  • Lazard's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Lazard's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Lazard's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:LBJ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:LBJ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -7.9%
DB:LBJ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 3.6%
Germany Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 40%
Germany Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 0.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.3%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:LBJ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:LBJ Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 2,925 255 2
2021-12-31 2,762 404 173 7
2020-12-31 2,744 564 146 7
2020-04-02
DB:LBJ Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 2,583 678 283
2019-09-30 2,556 726 321
2019-06-30 2,594 717 382
2019-03-31 2,711 576 464
2018-12-31 2,829 699 527
2018-09-30 2,803 615 330
2018-06-30 2,805 721 332
2018-03-31 2,778 891 306
2017-12-31 2,642 1,029 254
2017-09-30 2,658 1,008 465
2017-06-30 2,641 956 468
2017-03-31 2,451 801 428

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Lazard's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Lazard's revenue is expected to grow by 3.6% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:LBJ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from Lazard Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:LBJ Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 2.28 2.28 2.28 1.00
2021-12-31 1.66 2.07 1.11 3.00
2020-12-31 1.29 1.92 0.65 2.00
2020-04-02
DB:LBJ Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 2.57
2019-09-30 2.85
2019-06-30 3.32
2019-03-31 3.97
2018-12-31 4.43
2018-09-30 2.75
2018-06-30 2.76
2018-03-31 2.53
2017-12-31 2.09
2017-09-30 3.80
2017-06-30 3.80
2017-03-31 3.46

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Lazard is expected to make outstanding use of shareholders’ funds in the future (Return on Equity greater than 40%).
X
Future performance checks
We assess Lazard's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Lazard has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Lazard performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Lazard's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Lazard's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Lazard's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Lazard's 1-year earnings growth is negative, it can't be compared to the DE Capital Markets industry average.
Earnings and Revenue History
Lazard's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Lazard Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:LBJ Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 2,583.33 283.11 1,816.79
2019-09-30 2,555.67 320.69 1,749.31
2019-06-30 2,593.62 381.69 1,740.02
2019-03-31 2,711.21 464.48 1,776.64
2018-12-31 2,829.23 527.13 1,805.84
2018-09-30 2,802.69 330.17 1,818.51
2018-06-30 2,805.49 332.31 1,834.48
2018-03-31 2,777.60 305.72 1,827.20
2017-12-31 2,642.41 253.58 1,774.85
2017-09-30 2,657.93 465.12 1,768.72
2017-06-30 2,640.57 468.45 1,755.50
2017-03-31 2,451.00 428.43 1,645.39
2016-12-31 2,334.52 387.70 1,575.55
2016-09-30 2,254.40 417.50 1,535.94
2016-06-30 2,216.31 703.49 1,502.26
2016-03-31 2,270.80 997.24 1,527.86
2015-12-31 2,327.63 986.37 1,560.68
2015-09-30 2,371.67 1,000.97 1,532.93
2015-06-30 2,350.12 691.31 1,556.41
2015-03-31 2,328.11 402.39 1,569.52
2014-12-31 2,300.32 427.28 1,559.73
2014-09-30 2,266.00 308.11 1,612.68
2014-06-30 2,200.81 279.53 1,573.54
2014-03-31 2,126.12 225.69 1,544.46
2013-12-31 1,988.24 160.21 1,476.94
2013-09-30 1,934.57 101.63 1,465.80
2013-06-30 1,881.09 74.65 1,402.06

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Lazard made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%), this is metric is skewed due to its high level of debt.
  • Lazard used its assets more efficiently than the DE Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Lazard improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Lazard's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Lazard has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Lazard's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Lazard's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Lazard is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Lazard's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Lazard's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 1.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Lazard Company Filings, last reported 3 months ago.

DB:LBJ Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 681.57 1,915.84 1,276.27
2019-09-30 686.22 1,907.04 1,002.56
2019-06-30 717.88 1,913.64 961.16
2019-03-31 771.37 2,004.86 1,053.16
2018-12-31 970.09 1,623.22 1,296.88
2018-09-30 1,121.59 1,640.43 1,177.87
2018-06-30 1,113.10 1,394.25 888.66
2018-03-31 1,056.18 1,405.81 1,012.53
2017-12-31 1,258.91 1,372.68 1,523.11
2017-09-30 1,368.48 1,379.08 1,292.82
2017-06-30 1,302.71 1,365.79 992.71
2017-03-31 1,213.19 1,368.07 929.20
2016-12-31 1,293.81 1,358.99 1,189.81
2016-09-30 1,301.14 1,176.68 891.32
2016-06-30 1,204.34 1,176.00 680.69
2016-03-31 1,222.75 1,179.19 735.90
2015-12-31 1,367.31 1,185.05 1,168.08
2015-09-30 1,211.87 1,187.91 907.05
2015-06-30 869.37 1,201.62 736.48
2015-03-31 537.31 1,225.98 657.33
2014-12-31 770.06 1,048.35 1,112.23
2014-09-30 637.66 1,258.29 873.92
2014-06-30 566.70 1,270.67 752.19
2014-03-31 555.64 1,267.52 731.32
2013-12-31 630.00 1,048.35 904.21
2013-09-30 657.06 1,236.12 748.22
2013-06-30 592.21 1,229.36 669.20
  • Lazard's level of debt (281.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (136.9% vs 281.1% today).
  • Debt is well covered by operating cash flow (35.4%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Lazard's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Lazard's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Lazard has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Lazard's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
10.39%
Current annual income from Lazard dividends. Estimated to be 8.87% next year.
If you bought €2,000 of Lazard shares you are expected to receive €208 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Lazard's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.65%).
  • Lazard's dividend is above the markets top 25% of dividend payers in Germany (4.86%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:LBJ Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
Germany Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 320 Stocks 3.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 4.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:LBJ Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 2.21 2.00
2021-12-31 2.04 5.00
2020-12-31 1.96 5.00
2020-04-02
DB:LBJ Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-01-29 2.380 7.349
2019-10-30 2.380 6.005
2019-07-24 2.380 6.684
2019-04-24 2.380 6.758
2019-02-26 2.260 6.095
2019-02-05 2.260 5.985
2018-10-24 3.060 8.008
2018-07-25 3.060 6.408
2018-04-25 3.060 5.848
2018-01-31 2.940 5.444
2017-10-25 2.840 5.561
2017-07-26 2.840 6.460
2017-04-26 2.840 6.276
2017-02-01 2.720 6.137
2016-10-26 2.720 6.725
2016-07-27 2.720 7.589
2016-04-20 2.720 8.158
2016-02-01 2.600 7.274
2015-10-21 1.400 3.283
2015-07-22 1.400 2.863
2015-04-22 1.400 2.508
2015-02-04 1.200 2.314
2014-10-22 1.200 2.459
2014-07-23 1.200 2.323
2014-04-30 1.200 2.370
2014-01-29 1.200 2.644
2013-10-23 1.000 2.351
2013-07-24 1.000 2.733
2013-05-01 1.000 3.011
2013-04-26 1.000 3.019
2012-12-11 0.800 2.356
2012-10-24 0.800 2.758
2012-07-25 0.800 2.783
2012-04-24 0.800 3.252
2012-01-25 0.640 2.239
2011-10-26 0.640 2.509
2011-07-27 0.640 2.474
2011-04-26 0.640 1.717
2011-01-26 0.500 1.167
2010-10-26 0.500 1.292
2010-07-27 0.500 1.494
2010-04-26 0.500 1.585
2010-01-27 0.500 1.342
2009-10-27 0.500 1.295
2009-07-28 0.500 1.287
2009-04-27 0.400 1.409

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Lazard's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Lazard's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Lazard afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Lazard has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Lazard's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Ken Jacobs
COMPENSATION $10,509,588
AGE 61
TENURE AS CEO 10.4 years
CEO Bio

Mr. Kenneth Marc Jacobs, also known as Ken, has served as Chairman of the Board of Directors and Chief Executive Officer of Lazard Ltd and Lazard Group since November 2009. Mr. Jacobs has served as a Managing Director of Lazard since 1991 and had been a Deputy Chairman of Lazard from January 2002 until November 2009. Mr. Jacobs also served as Chief Executive Officer of Lazard North America from January 2002 until November 2009. Mr. Jacobs initially joined Lazard in 1988. Mr. Jacobs is a Member of the Board of trustees of the University of Chicago and the Brookings Institution.

CEO Compensation
  • Ken's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Ken's remuneration is higher than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Lazard management team in years:

2.5
Average Tenure
56.5
Average Age
  • The tenure for the Lazard management team is about average.
Management Team

Ken Jacobs

TITLE
Chairman & CEO
COMPENSATION
$11M
AGE
61
TENURE
10.4 yrs

Ashish Bhutani

TITLE
Vice Chairman & MD
COMPENSATION
$9M
AGE
59

Alex Stern

TITLE
President
COMPENSATION
$7M
AGE
53
TENURE
0.8 yrs

Evan Russo

TITLE
Chief Financial Officer
COMPENSATION
$4M
AGE
44
TENURE
2.5 yrs

Scott Hoffman

TITLE
Chief Administrative Officer
COMPENSATION
$4M
AGE
56
TENURE
2.8 yrs

Dominick Ragone

TITLE
Chief Accounting Officer
AGE
57
TENURE
7.4 yrs

Pierre Tattevin

TITLE
Managing Director
AGE
62

Alexandra Deignan

TITLE
Head of Investor Relations
TENURE
2.3 yrs

Judi Mackey

TITLE
Managing Director of Global Communications

Alexandra Soto

TITLE
COO of Financial Advisory & Group Executive of Human Capital and Workplace Innovation
AGE
51
TENURE
0.8 yrs
Board of Directors Tenure

Average tenure and age of the Lazard board of directors in years:

10.1
Average Tenure
66.5
Average Age
  • The average tenure for the Lazard board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Ashish Bhutani

TITLE
Vice Chairman & MD
COMPENSATION
$9M
AGE
59
TENURE
10.1 yrs

Jean Zarouk

TITLE
Chairman of Lazard Brazil Investment Banking
TENURE
0.8 yrs

Brian Hanson

TITLE
Chairman & CEO of Lazard Canada Investment Banking

Steven Heyer

TITLE
Independent Director
COMPENSATION
$334K
AGE
66
TENURE
14.8 yrs

Ken Jacobs

TITLE
Chairman & CEO
COMPENSATION
$11M
AGE
61
TENURE
10.4 yrs

Phil Laskawy

TITLE
Independent Director
COMPENSATION
$324K
AGE
78
TENURE
11.8 yrs

Andrew Alper

TITLE
Independent Director
COMPENSATION
$319K
AGE
61
TENURE
7.5 yrs

Dick Parsons

TITLE
Lead Independent Director
COMPENSATION
$379K
AGE
71
TENURE
2.2 yrs

Sylvia Jay

TITLE
Independent Director
COMPENSATION
$309K
AGE
73
TENURE
14.1 yrs

Richard Haass

TITLE
Independent Director
COMPENSATION
$309K
AGE
67
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
12. Nov 19 Sell Dominick Ragone Individual 12. Nov 19 12. Nov 19 -4,293 €35.07 €-150,539
12. Nov 19 Sell Scott Hoffman Individual 08. Nov 19 08. Nov 19 -40,000 €34.71 €-1,388,598
23. Aug 19 Sell Scott Hoffman Individual 21. Aug 19 21. Aug 19 -29,114 €30.68 €-893,210
X
Management checks
We assess Lazard's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Lazard has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

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 and other strategic matters, 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. The company’s Asset Management segment offers a range of investment solutions and investment management services in equity and fixed income strategies; and alternative investments and private equity funds to corporations, public funds, sovereign entities, endowments and foundations, labor funds, financial intermediaries, and private clients. Lazard Ltd was founded in 1848 and is based in Hamilton, Bermuda.

Details
Name: Lazard Ltd
LBJ
Exchange: DB
Founded: 1848
$2,163,361,937
104,729,457
Website: http://www.lazard.com
Address: Lazard Ltd
Clarendon House,
2 Church Street,
Hamilton,
HM11,
Bermuda
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE LAZ Class A Common Stock New York Stock Exchange US USD 05. May 2005
DB LBJ Class A Common Stock Deutsche Boerse AG DE EUR 05. May 2005
LSE 0UB6 Class A Common Stock London Stock Exchange GB USD 05. May 2005
Number of employees
Current staff
Staff numbers
3,018
Lazard employees.
Industry
Investment Banking and Brokerage
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/02 21:45
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/03/25
Last earnings filing: 2020/02/25
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.