Intrinsic value of Lazard - LAZ

Previous Close

$42.67

  Intrinsic Value

$55.29

stock screener

  Rating & Target

buy

+30%

  Value-price divergence*

+147%

Previous close

$42.67

 
Intrinsic value

$55.29

 
Up/down potential

+30%

 
Rating

buy

 
Value-price divergence*

+147%

Our model is not good at valuating stocks of financial companies, such as LAZ.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of LAZ stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 5.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -0.87
  24.90
  22.91
  21.12
  19.51
  18.06
  16.75
  15.58
  14.52
  13.57
  12.71
  11.94
  11.24
  10.62
  10.06
  9.55
  9.10
  8.69
  8.32
  7.99
  7.69
  7.42
  7.18
  6.96
  6.76
  6.59
  6.43
  6.29
  6.16
  6.04
  5.94
Revenue, $m
  2,384
  2,978
  3,660
  4,433
  5,297
  6,254
  7,301
  8,439
  9,664
  10,975
  12,370
  13,847
  15,404
  17,040
  18,753
  20,545
  22,414
  24,361
  26,388
  28,495
  30,686
  32,963
  35,328
  37,787
  40,343
  43,001
  45,765
  48,642
  51,637
  54,756
  58,007
Variable operating expenses, $m
 
  2,989
  3,665
  4,432
  5,289
  6,237
  7,276
  8,403
  9,618
  10,917
  12,300
  13,727
  15,270
  16,892
  18,591
  20,367
  22,220
  24,150
  26,159
  28,249
  30,421
  32,678
  35,023
  37,461
  39,994
  42,629
  45,369
  48,221
  51,190
  54,283
  57,506
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  1,866
  2,989
  3,665
  4,432
  5,289
  6,237
  7,276
  8,403
  9,618
  10,917
  12,300
  13,727
  15,270
  16,892
  18,591
  20,367
  22,220
  24,150
  26,159
  28,249
  30,421
  32,678
  35,023
  37,461
  39,994
  42,629
  45,369
  48,221
  51,190
  54,283
  57,506
Operating income, $m
  517
  -12
  -6
  1
  9
  17
  26
  36
  46
  58
  70
  120
  133
  147
  162
  178
  194
  211
  228
  246
  265
  285
  305
  327
  349
  372
  396
  421
  446
  473
  502
EBITDA, $m
  585
  53
  65
  78
  93
  110
  129
  149
  171
  194
  218
  244
  272
  301
  331
  363
  396
  430
  466
  503
  541
  582
  623
  667
  712
  759
  808
  858
  911
  966
  1,024
Interest expense (income), $m
  46
  50
  82
  121
  166
  215
  270
  330
  396
  466
  541
  622
  706
  796
  890
  988
  1,091
  1,199
  1,310
  1,427
  1,548
  1,674
  1,805
  1,940
  2,082
  2,228
  2,381
  2,540
  2,705
  2,877
  3,056
Earnings before tax, $m
  517
  -62
  -88
  -120
  -157
  -198
  -244
  -295
  -349
  -408
  -472
  -502
  -573
  -648
  -728
  -811
  -897
  -988
  -1,082
  -1,180
  -1,283
  -1,389
  -1,499
  -1,614
  -1,733
  -1,857
  -1,985
  -2,119
  -2,259
  -2,404
  -2,555
Tax expense, $m
  123
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  388
  -62
  -88
  -120
  -157
  -198
  -244
  -295
  -349
  -408
  -472
  -502
  -573
  -648
  -728
  -811
  -897
  -988
  -1,082
  -1,180
  -1,283
  -1,389
  -1,499
  -1,614
  -1,733
  -1,857
  -1,985
  -2,119
  -2,259
  -2,404
  -2,555

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,607
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  4,557
  4,525
  5,562
  6,737
  8,051
  9,504
  11,096
  12,825
  14,687
  16,679
  18,799
  21,043
  23,410
  25,896
  28,501
  31,223
  34,064
  37,023
  40,103
  43,306
  46,635
  50,095
  53,691
  57,427
  61,312
  65,350
  69,552
  73,923
  78,475
  83,216
  88,157
Adjusted assets (=assets-cash), $m
  2,950
  4,525
  5,562
  6,737
  8,051
  9,504
  11,096
  12,825
  14,687
  16,679
  18,799
  21,043
  23,410
  25,896
  28,501
  31,223
  34,064
  37,023
  40,103
  43,306
  46,635
  50,095
  53,691
  57,427
  61,312
  65,350
  69,552
  73,923
  78,475
  83,216
  88,157
Revenue / Adjusted assets
  0.808
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
  0.658
Average production assets, $m
  216
  268
  329
  399
  477
  563
  657
  759
  870
  988
  1,113
  1,246
  1,386
  1,534
  1,688
  1,849
  2,017
  2,192
  2,375
  2,565
  2,762
  2,967
  3,180
  3,401
  3,631
  3,870
  4,119
  4,378
  4,647
  4,928
  5,221
Working capital, $m
  0
  -298
  -366
  -443
  -530
  -625
  -730
  -844
  -966
  -1,097
  -1,237
  -1,385
  -1,540
  -1,704
  -1,875
  -2,054
  -2,241
  -2,436
  -2,639
  -2,850
  -3,069
  -3,296
  -3,533
  -3,779
  -4,034
  -4,300
  -4,576
  -4,864
  -5,164
  -5,476
  -5,801
Total debt, $m
  1,200
  1,952
  2,885
  3,942
  5,125
  6,433
  7,866
  9,421
  11,097
  12,890
  14,798
  16,818
  18,948
  21,185
  23,530
  25,980
  28,536
  31,200
  33,971
  36,854
  39,851
  42,965
  46,201
  49,564
  53,059
  56,694
  60,475
  64,410
  68,506
  72,773
  77,220
Total liabilities, $m
  3,321
  4,073
  5,006
  6,063
  7,246
  8,554
  9,987
  11,542
  13,218
  15,011
  16,919
  18,939
  21,069
  23,306
  25,651
  28,101
  30,657
  33,321
  36,092
  38,975
  41,972
  45,086
  48,322
  51,685
  55,180
  58,815
  62,596
  66,531
  70,627
  74,894
  79,341
Total equity, $m
  1,236
  453
  556
  674
  805
  950
  1,110
  1,282
  1,469
  1,668
  1,880
  2,104
  2,341
  2,590
  2,850
  3,122
  3,406
  3,702
  4,010
  4,331
  4,664
  5,010
  5,369
  5,743
  6,131
  6,535
  6,955
  7,392
  7,847
  8,322
  8,816
Total liabilities and equity, $m
  4,557
  4,526
  5,562
  6,737
  8,051
  9,504
  11,097
  12,824
  14,687
  16,679
  18,799
  21,043
  23,410
  25,896
  28,501
  31,223
  34,063
  37,023
  40,102
  43,306
  46,636
  50,096
  53,691
  57,428
  61,311
  65,350
  69,551
  73,923
  78,474
  83,216
  88,157
Debt-to-equity ratio
  0.971
  4.310
  5.190
  5.850
  6.370
  6.770
  7.090
  7.350
  7.560
  7.730
  7.870
  7.990
  8.090
  8.180
  8.260
  8.320
  8.380
  8.430
  8.470
  8.510
  8.550
  8.580
  8.600
  8.630
  8.650
  8.680
  8.700
  8.710
  8.730
  8.750
  8.760
Adjusted equity ratio
  -0.124
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  388
  -62
  -88
  -120
  -157
  -198
  -244
  -295
  -349
  -408
  -472
  -502
  -573
  -648
  -728
  -811
  -897
  -988
  -1,082
  -1,180
  -1,283
  -1,389
  -1,499
  -1,614
  -1,733
  -1,857
  -1,985
  -2,119
  -2,259
  -2,404
  -2,555
Depreciation, amort., depletion, $m
  68
  64
  70
  77
  85
  94
  103
  113
  124
  136
  149
  125
  139
  153
  169
  185
  202
  219
  237
  256
  276
  297
  318
  340
  363
  387
  412
  438
  465
  493
  522
Funds from operations, $m
  344
  2
  -17
  -43
  -72
  -105
  -141
  -181
  -225
  -272
  -323
  -377
  -435
  -495
  -559
  -626
  -696
  -769
  -845
  -924
  -1,006
  -1,092
  -1,181
  -1,274
  -1,370
  -1,470
  -1,574
  -1,682
  -1,794
  -1,911
  -2,033
Change in working capital, $m
  -257
  -59
  -68
  -77
  -86
  -96
  -105
  -114
  -123
  -131
  -139
  -148
  -156
  -164
  -171
  -179
  -187
  -195
  -203
  -211
  -219
  -228
  -237
  -246
  -256
  -266
  -276
  -288
  -299
  -312
  -325
Cash from operations, $m
  601
  62
  51
  34
  14
  -9
  -37
  -68
  -103
  -141
  -184
  -230
  -279
  -332
  -387
  -447
  -509
  -574
  -642
  -713
  -787
  -864
  -945
  -1,028
  -1,114
  -1,204
  -1,297
  -1,394
  -1,495
  -1,599
  -1,708
Maintenance CAPEX, $m
  0
  -22
  -27
  -33
  -40
  -48
  -56
  -66
  -76
  -87
  -99
  -111
  -125
  -139
  -153
  -169
  -185
  -202
  -219
  -237
  -256
  -276
  -297
  -318
  -340
  -363
  -387
  -412
  -438
  -465
  -493
New CAPEX, $m
  -39
  -52
  -61
  -70
  -78
  -86
  -94
  -102
  -110
  -118
  -126
  -133
  -140
  -147
  -154
  -161
  -168
  -175
  -182
  -190
  -197
  -205
  -213
  -221
  -230
  -239
  -249
  -259
  -270
  -281
  -293
Cash from investing activities, $m
  -38
  -74
  -88
  -103
  -118
  -134
  -150
  -168
  -186
  -205
  -225
  -244
  -265
  -286
  -307
  -330
  -353
  -377
  -401
  -427
  -453
  -481
  -510
  -539
  -570
  -602
  -636
  -671
  -708
  -746
  -786
Free cash flow, $m
  563
  -12
  -37
  -68
  -103
  -143
  -187
  -236
  -289
  -346
  -408
  -474
  -544
  -617
  -695
  -777
  -862
  -951
  -1,044
  -1,140
  -1,241
  -1,345
  -1,454
  -1,567
  -1,684
  -1,806
  -1,933
  -2,065
  -2,202
  -2,345
  -2,493
Issuance/(repayment) of debt, $m
  194
  756
  933
  1,057
  1,183
  1,308
  1,433
  1,556
  1,676
  1,793
  1,908
  2,020
  2,130
  2,238
  2,344
  2,450
  2,556
  2,663
  2,772
  2,883
  2,996
  3,114
  3,236
  3,363
  3,496
  3,635
  3,781
  3,935
  4,096
  4,267
  4,447
Issuance/(repurchase) of shares, $m
  -300
  210
  191
  238
  288
  344
  404
  468
  536
  608
  684
  726
  810
  897
  988
  1,083
  1,181
  1,284
  1,390
  1,501
  1,616
  1,735
  1,859
  1,987
  2,121
  2,261
  2,406
  2,557
  2,714
  2,878
  3,049
Cash from financing (excl. dividends), $m  
  -151
  966
  1,124
  1,295
  1,471
  1,652
  1,837
  2,024
  2,212
  2,401
  2,592
  2,746
  2,940
  3,135
  3,332
  3,533
  3,737
  3,947
  4,162
  4,384
  4,612
  4,849
  5,095
  5,350
  5,617
  5,896
  6,187
  6,492
  6,810
  7,145
  7,496
Total cash flow (excl. dividends), $m
  363
  954
  1,087
  1,227
  1,368
  1,509
  1,649
  1,787
  1,923
  2,055
  2,184
  2,272
  2,396
  2,517
  2,637
  2,757
  2,876
  2,996
  3,118
  3,243
  3,371
  3,503
  3,640
  3,783
  3,933
  4,089
  4,254
  4,426
  4,608
  4,800
  5,003
Retained Cash Flow (-), $m
  77
  -210
  -191
  -238
  -288
  -344
  -404
  -468
  -536
  -608
  -684
  -726
  -810
  -897
  -988
  -1,083
  -1,181
  -1,284
  -1,390
  -1,501
  -1,616
  -1,735
  -1,859
  -1,987
  -2,121
  -2,261
  -2,406
  -2,557
  -2,714
  -2,878
  -3,049
Prev. year cash balance distribution, $m
 
  932
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  1,675
  896
  989
  1,079
  1,165
  1,246
  1,320
  1,387
  1,447
  1,500
  1,546
  1,586
  1,620
  1,649
  1,674
  1,695
  1,712
  1,728
  1,742
  1,756
  1,769
  1,782
  1,796
  1,811
  1,829
  1,848
  1,870
  1,895
  1,922
  1,954
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  1,606
  820
  861
  889
  903
  904
  892
  867
  831
  786
  734
  677
  616
  554
  491
  431
  373
  318
  268
  223
  183
  148
  118
  92
  71
  54
  40
  29
  21
  15
Current shareholders' claim on cash, %
  100
  86.6
  79.1
  72.3
  66.0
  60.2
  55.0
  50.3
  46.0
  42.1
  38.6
  35.5
  32.7
  30.1
  27.8
  25.6
  23.6
  21.8
  20.1
  18.5
  17.1
  15.8
  14.6
  13.5
  12.4
  11.5
  10.6
  9.8
  9.1
  8.4
  7.8

Lazard Ltd, together with its subsidiaries, operates as a financial advisory and asset management firm worldwide. Its Financial Advisory segment offers various financial advisory services regarding mergers and acquisitions and other strategic matters, restructurings, capital structure, capital raising, corporate preparedness, and various other financial 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.

FINANCIAL RATIOS  of  Lazard (LAZ)

Valuation Ratios
P/E Ratio 13.4
Price to Sales 2.2
Price to Book 4.2
Price to Tangible Book
Price to Cash Flow 8.7
Price to Free Cash Flow 9.3
Growth Rates
Sales Growth Rate -0.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 44.4%
Cap. Spend. - 3 Yr. Gr. Rate -8.6%
Financial Strength
Quick Ratio 402
Current Ratio NaN
LT Debt to Equity 96.8%
Total Debt to Equity 97.1%
Interest Coverage 12
Management Effectiveness
Return On Assets 9.4%
Ret/ On Assets - 3 Yr. Avg. -5.9%
Return On Total Capital 16.3%
Ret/ On T. Cap. - 3 Yr. Avg. 29.9%
Return On Equity 30.4%
Return On Equity - 3 Yr. Avg. 65.2%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 95.2%
Gross Margin - 3 Yr. Avg. 95%
EBITDA Margin 26.5%
EBITDA Margin - 3 Yr. Avg. 18.5%
Operating Margin 21.7%
Oper. Margin - 3 Yr. Avg. 14.3%
Pre-Tax Margin 21.7%
Pre-Tax Margin - 3 Yr. Avg. 14.3%
Net Profit Margin 16.3%
Net Profit Margin - 3 Yr. Avg. 25.1%
Effective Tax Rate 23.8%
Eff/ Tax Rate - 3 Yr. Avg. 1993.8%
Payout Ratio 86.6%

LAZ stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the LAZ stock intrinsic value calculation we used $2384 million for the last fiscal year's total revenue generated by Lazard. The default revenue input number comes from 2016 income statement of Lazard. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our LAZ stock valuation model: a) initial revenue growth rate of 24.9% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for LAZ is calculated based on our internal credit rating of Lazard, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Lazard.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of LAZ stock the variable cost ratio is equal to 100.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for LAZ stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 4.2% for Lazard.

Corporate tax rate of 27% is the nominal tax rate for Lazard. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the LAZ stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for LAZ are equal to 9%.

Life of production assets of 10 years is the average useful life of capital assets used in Lazard operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for LAZ is equal to -10%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1236 million for Lazard - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 129.735 million for Lazard is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Lazard at the current share price and the inputted number of shares is $5.5 billion.

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COMPANY NEWS

▶ ETFs with exposure to Lazard Ltd. : August 16, 2017   [Aug-16-17 06:02PM  Capital Cube]
▶ Lazard Announces Senior-Level Appointments   [Jul-26-17 04:30PM  Business Wire]
▶ Lazard Declares Quarterly Dividend   [04:10PM  Business Wire]
▶ MOVES-Lazard, Duff & Phelps, Credit Suisse, BTIG   [Jul-13-17 12:13PM  Reuters]
▶ [$$] Investors take fright from Pearson over latest asset sale   [Jul-11-17 12:51PM  Financial Times]
▶ 3 Unknown but Amazing Dividend Stocks   [Jul-06-17 12:00PM  Motley Fool]
▶ Highland Is Buying Lazard's Argentine Fund   [Jul-05-17 12:46PM  Bloomberg]
▶ ETFs with exposure to Lazard Ltd. : May 31, 2017   [May-31-17 12:38PM  Capital Cube]
▶ Lazard Releases Global Healthcare Leaders Study   [May-15-17 06:00AM  Business Wire]
▶ Peter Orszag Says 'Math Doesn't Work' on GOP Health Bill   [May-12-17 05:19PM  Bloomberg Video]
▶ Lazard Increases Quarterly Dividend   [Apr-26-17 04:05PM  Business Wire]
▶ 7 Dividend Growth Stocks to Boost Your Returns   [Apr-25-17 08:36AM  Zacks]
▶ [$$] Who wrote the chat-up lines in Kraft's clumsy courtship?   [Feb-20-17 03:11PM  at Financial Times]
Stock chart of LAZ Financial statements of LAZ
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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