Lazard Inc Dossier
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SectorFinancials IndustryCapital Markets Beta (adjusted)1.29 Intrinsic Value $52.37median of 6 methods · middle span $32-$70based on filings through 31 Mar 2026 Market Price $36.44Price as of 1 Oct 2026 UndervaluedIntrinsic value is 44% above the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $3.6B Enterprise Value $4.2B Shares Outstanding 108.3M diluted Moat Rating Wide Next Earnings Date29 Oct 2026 Last ex-dividend3 Aug 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary Lazard, Inc. presents a balanced risk-reward profile as of mid-2026. The firm is successfully executing its 'Lazard 2030' long-term growth strategy, highlighted by aggressive managing director recruitment and the strategic acquisition of Campbell Lutyens to bolster its private capital advisory capabilities. Furthermore, the Asset Management segment is showing strong momentum with robust inflows and double-digit fee growth. However, near-term profitability remains pressured by elevated compensation ratios (69.9% adjusted in Q1 2026) and the delayed realization of a full-scale global M&A recovery. While the long-term structural outlook is positive, current valuation multiples fully reflect these dynamics, justifying a Hold rating. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$42.00 Mean target$47.38 High · most bullish analyst$60.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario The bear case is defined by a stalled M&A recovery due to persistent macroeconomic uncertainty or geopolitical shocks. Advisory revenues remain flat or decline, while the firm's high fixed-cost base and aggressive MD hiring keep the compensation ratio elevated near 70%. Asset Management experiences net outflows as investors shift away from equity strategies, leading to compressed operating margins and downward revisions to consensus EPS estimates. Base CaseCentral scenario The base case assumes a gradual recovery in global M&A activity through the second half of 2026 and into 2027. Financial Advisory revenues stabilize, supported by the integration of Campbell Lutyens and productivity gains from newly hired managing directors. Asset Management maintains steady AUM growth driven by positive net inflows in international and emerging market equities. The adjusted compensation ratio gradually declines toward the mid-60s as revenues scale, supporting moderate earnings expansion. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |