Intrinsic value of Lazard - LAZ

Previous Close

$51.53

  Intrinsic Value

$75.75

stock screener

  Rating & Target

buy

+47%

Previous close

$51.53

 
Intrinsic value

$75.75

 
Up/down potential

+47%

 
Rating

buy

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

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 6.7

 

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
  33.50
  30.65
  28.09
  25.78
  23.70
  21.83
  20.15
  18.63
  17.27
  16.04
  14.94
  13.94
  13.05
  12.24
  11.52
  10.87
  10.28
  9.75
  9.28
  8.85
  8.46
  8.12
  7.81
  7.53
  7.27
  7.05
  6.84
  6.66
  6.49
  6.34
Revenue, $m
  2,384
  3,183
  4,158
  5,326
  6,699
  8,286
  10,095
  12,129
  14,389
  16,873
  19,580
  22,505
  25,643
  28,989
  32,538
  36,287
  40,231
  44,367
  48,694
  53,211
  57,921
  62,823
  67,924
  73,226
  78,737
  84,464
  90,415
  96,601
  103,032
  109,721
  116,679
Variable operating expenses, $m
 
  3,192
  4,159
  5,317
  6,678
  8,252
  10,045
  12,061
  14,302
  16,765
  19,448
  22,310
  25,421
  28,738
  32,257
  35,973
  39,883
  43,983
  48,273
  52,751
  57,420
  62,280
  67,337
  72,593
  78,057
  83,734
  89,634
  95,766
  102,141
  108,772
  115,671
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
  3,192
  4,159
  5,317
  6,678
  8,252
  10,045
  12,061
  14,302
  16,765
  19,448
  22,310
  25,421
  28,738
  32,257
  35,973
  39,883
  43,983
  48,273
  52,751
  57,420
  62,280
  67,337
  72,593
  78,057
  83,734
  89,634
  95,766
  102,141
  108,772
  115,671
Operating income, $m
  517
  -10
  -1
  9
  21
  34
  50
  68
  87
  109
  132
  195
  222
  251
  281
  314
  348
  384
  421
  460
  501
  543
  587
  633
  681
  730
  782
  835
  891
  949
  1,009
EBITDA, $m
  585
  62
  81
  104
  131
  161
  197
  236
  280
  329
  382
  439
  500
  565
  634
  707
  784
  865
  949
  1,037
  1,129
  1,224
  1,324
  1,427
  1,535
  1,646
  1,762
  1,883
  2,008
  2,138
  2,274
Interest expense (income), $m
  46
  50
  60
  105
  160
  224
  299
  383
  478
  584
  700
  827
  964
  1,111
  1,267
  1,433
  1,608
  1,793
  1,986
  2,189
  2,400
  2,621
  2,850
  3,089
  3,337
  3,594
  3,862
  4,141
  4,430
  4,731
  5,044
Earnings before tax, $m
  517
  -60
  -61
  -97
  -139
  -190
  -249
  -316
  -391
  -475
  -568
  -632
  -742
  -860
  -986
  -1,119
  -1,261
  -1,409
  -1,565
  -1,729
  -1,899
  -2,077
  -2,263
  -2,455
  -2,656
  -2,864
  -3,081
  -3,306
  -3,539
  -3,782
  -4,035
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
  -60
  -61
  -97
  -139
  -190
  -249
  -316
  -391
  -475
  -568
  -632
  -742
  -860
  -986
  -1,119
  -1,261
  -1,409
  -1,565
  -1,729
  -1,899
  -2,077
  -2,263
  -2,455
  -2,656
  -2,864
  -3,081
  -3,306
  -3,539
  -3,782
  -4,035

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
  3,939
  5,146
  6,591
  8,291
  10,255
  12,494
  15,011
  17,808
  20,883
  24,233
  27,852
  31,736
  35,877
  40,270
  44,910
  49,790
  54,909
  60,265
  65,856
  71,684
  77,752
  84,064
  90,627
  97,447
  104,535
  111,900
  119,556
  127,515
  135,793
  144,405
Adjusted assets (=assets-cash), $m
  2,950
  3,939
  5,146
  6,591
  8,291
  10,255
  12,494
  15,011
  17,808
  20,883
  24,233
  27,852
  31,736
  35,877
  40,270
  44,910
  49,790
  54,909
  60,265
  65,856
  71,684
  77,752
  84,064
  90,627
  97,447
  104,535
  111,900
  119,556
  127,515
  135,793
  144,405
Revenue / Adjusted assets
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
  0.808
Average production assets, $m
  216
  286
  374
  479
  603
  746
  909
  1,092
  1,295
  1,519
  1,762
  2,025
  2,308
  2,609
  2,928
  3,266
  3,621
  3,993
  4,382
  4,789
  5,213
  5,654
  6,113
  6,590
  7,086
  7,602
  8,137
  8,694
  9,273
  9,875
  10,501
Working capital, $m
  0
  -2,139
  -2,794
  -3,579
  -4,502
  -5,568
  -6,784
  -8,151
  -9,669
  -11,339
  -13,158
  -15,123
  -17,232
  -19,481
  -21,866
  -24,385
  -27,035
  -29,814
  -32,722
  -35,758
  -38,923
  -42,217
  -45,645
  -49,208
  -52,911
  -56,760
  -60,759
  -64,916
  -69,238
  -73,732
  -78,409
Total debt, $m
  1,200
  1,424
  2,511
  3,811
  5,340
  7,109
  9,124
  11,389
  13,906
  16,674
  19,688
  22,946
  26,442
  30,169
  34,122
  38,298
  42,690
  47,297
  52,117
  57,149
  62,394
  67,856
  73,537
  79,443
  85,581
  91,960
  98,589
  105,479
  112,643
  120,092
  127,844
Total liabilities, $m
  3,321
  3,545
  4,632
  5,932
  7,461
  9,230
  11,245
  13,510
  16,027
  18,795
  21,809
  25,067
  28,563
  32,290
  36,243
  40,419
  44,811
  49,418
  54,238
  59,270
  64,515
  69,977
  75,658
  81,564
  87,702
  94,081
  100,710
  107,600
  114,764
  122,213
  129,965
Total equity, $m
  1,236
  394
  515
  659
  829
  1,026
  1,249
  1,501
  1,781
  2,088
  2,423
  2,785
  3,174
  3,588
  4,027
  4,491
  4,979
  5,491
  6,026
  6,586
  7,168
  7,775
  8,406
  9,063
  9,745
  10,453
  11,190
  11,956
  12,752
  13,579
  14,441
Total liabilities and equity, $m
  4,557
  3,939
  5,147
  6,591
  8,290
  10,256
  12,494
  15,011
  17,808
  20,883
  24,232
  27,852
  31,737
  35,878
  40,270
  44,910
  49,790
  54,909
  60,264
  65,856
  71,683
  77,752
  84,064
  90,627
  97,447
  104,534
  111,900
  119,556
  127,516
  135,792
  144,406
Debt-to-equity ratio
  0.971
  3.620
  4.880
  5.780
  6.440
  6.930
  7.300
  7.590
  7.810
  7.980
  8.120
  8.240
  8.330
  8.410
  8.470
  8.530
  8.570
  8.610
  8.650
  8.680
  8.700
  8.730
  8.750
  8.770
  8.780
  8.800
  8.810
  8.820
  8.830
  8.840
  8.850
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
  -60
  -61
  -97
  -139
  -190
  -249
  -316
  -391
  -475
  -568
  -632
  -742
  -860
  -986
  -1,119
  -1,261
  -1,409
  -1,565
  -1,729
  -1,899
  -2,077
  -2,263
  -2,455
  -2,656
  -2,864
  -3,081
  -3,306
  -3,539
  -3,782
  -4,035
Depreciation, amort., depletion, $m
  68
  72
  82
  95
  110
  127
  147
  169
  193
  220
  250
  244
  278
  314
  353
  393
  436
  481
  528
  577
  628
  681
  737
  794
  854
  916
  980
  1,047
  1,117
  1,190
  1,265
Funds from operations, $m
  344
  12
  21
  -2
  -30
  -63
  -102
  -147
  -198
  -255
  -319
  -388
  -464
  -546
  -633
  -726
  -824
  -928
  -1,037
  -1,152
  -1,271
  -1,396
  -1,526
  -1,661
  -1,802
  -1,948
  -2,100
  -2,258
  -2,422
  -2,593
  -2,770
Change in working capital, $m
  -257
  -537
  -656
  -785
  -923
  -1,067
  -1,216
  -1,367
  -1,519
  -1,670
  -1,819
  -1,965
  -2,109
  -2,249
  -2,385
  -2,519
  -2,650
  -2,779
  -2,908
  -3,036
  -3,165
  -3,295
  -3,427
  -3,563
  -3,703
  -3,848
  -3,999
  -4,157
  -4,322
  -4,495
  -4,676
Cash from operations, $m
  601
  548
  677
  783
  893
  1,004
  1,114
  1,220
  1,321
  1,415
  1,500
  1,577
  1,645
  1,703
  1,752
  1,793
  1,826
  1,851
  1,870
  1,884
  1,893
  1,899
  1,901
  1,902
  1,901
  1,900
  1,899
  1,899
  1,900
  1,902
  1,907
Maintenance CAPEX, $m
  0
  -26
  -35
  -45
  -58
  -73
  -90
  -109
  -132
  -156
  -183
  -212
  -244
  -278
  -314
  -353
  -393
  -436
  -481
  -528
  -577
  -628
  -681
  -737
  -794
  -854
  -916
  -980
  -1,047
  -1,117
  -1,190
New CAPEX, $m
  -39
  -71
  -88
  -105
  -124
  -143
  -163
  -183
  -203
  -224
  -244
  -263
  -282
  -301
  -319
  -337
  -355
  -372
  -389
  -407
  -424
  -441
  -459
  -477
  -496
  -515
  -536
  -557
  -579
  -602
  -626
Cash from investing activities, $m
  -38
  -97
  -123
  -150
  -182
  -216
  -253
  -292
  -335
  -380
  -427
  -475
  -526
  -579
  -633
  -690
  -748
  -808
  -870
  -935
  -1,001
  -1,069
  -1,140
  -1,214
  -1,290
  -1,369
  -1,452
  -1,537
  -1,626
  -1,719
  -1,816
Free cash flow, $m
  563
  452
  554
  633
  712
  788
  861
  927
  986
  1,035
  1,074
  1,102
  1,118
  1,124
  1,119
  1,103
  1,077
  1,043
  1,000
  949
  892
  829
  761
  688
  611
  531
  448
  362
  273
  183
  90
Issuance/(repayment) of debt, $m
  194
  228
  1,087
  1,301
  1,529
  1,768
  2,015
  2,265
  2,517
  2,768
  3,015
  3,258
  3,495
  3,727
  3,954
  4,175
  4,393
  4,607
  4,820
  5,032
  5,245
  5,461
  5,681
  5,906
  6,138
  6,379
  6,629
  6,890
  7,163
  7,450
  7,751
Issuance/(repurchase) of shares, $m
  -300
  821
  182
  241
  309
  386
  472
  567
  671
  783
  903
  994
  1,130
  1,274
  1,425
  1,583
  1,749
  1,921
  2,101
  2,288
  2,482
  2,684
  2,894
  3,112
  3,338
  3,573
  3,817
  4,071
  4,335
  4,610
  4,896
Cash from financing (excl. dividends), $m  
  -151
  1,049
  1,269
  1,542
  1,838
  2,154
  2,487
  2,832
  3,188
  3,551
  3,918
  4,252
  4,625
  5,001
  5,379
  5,758
  6,142
  6,528
  6,921
  7,320
  7,727
  8,145
  8,575
  9,018
  9,476
  9,952
  10,446
  10,961
  11,498
  12,060
  12,647
Total cash flow (excl. dividends), $m
  363
  1,501
  1,823
  2,175
  2,550
  2,943
  3,348
  3,760
  4,174
  4,585
  4,992
  5,354
  5,744
  6,125
  6,497
  6,861
  7,219
  7,571
  7,921
  8,269
  8,620
  8,975
  9,336
  9,706
  10,088
  10,483
  10,894
  11,323
  11,772
  12,243
  12,738
Retained Cash Flow (-), $m
  77
  -821
  -182
  -241
  -309
  -386
  -472
  -567
  -671
  -783
  -903
  -994
  -1,130
  -1,274
  -1,425
  -1,583
  -1,749
  -1,921
  -2,101
  -2,288
  -2,482
  -2,684
  -2,894
  -3,112
  -3,338
  -3,573
  -3,817
  -4,071
  -4,335
  -4,610
  -4,896
Prev. year cash balance distribution, $m
 
  1,603
  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
 
  2,283
  1,641
  1,934
  2,241
  2,557
  2,876
  3,193
  3,503
  3,802
  4,089
  4,359
  4,614
  4,851
  5,072
  5,278
  5,470
  5,650
  5,820
  5,981
  6,138
  6,290
  6,442
  6,594
  6,750
  6,910
  7,077
  7,252
  7,436
  7,633
  7,842
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
 
  2,188
  1,502
  1,683
  1,845
  1,982
  2,087
  2,157
  2,189
  2,184
  2,143
  2,070
  1,969
  1,844
  1,703
  1,550
  1,390
  1,229
  1,072
  921
  780
  651
  535
  432
  344
  269
  206
  156
  115
  83
  59
Current shareholders' claim on cash, %
  100
  50.0
  46.1
  42.4
  39.0
  35.9
  33.1
  30.5
  28.2
  26.1
  24.1
  22.4
  20.9
  19.4
  18.1
  16.9
  15.7
  14.7
  13.7
  12.8
  12.0
  11.2
  10.5
  9.8
  9.2
  8.6
  8.1
  7.6
  7.1
  6.6
  6.2

Lazard Ltd (Lazard) is a financial advisory and asset management company. The Company operates through two segments: Financial Advisory and Asset Management. It serves a range of clients around the world, including corporations, governments, institutions, partnerships and individuals. The Financial Advisory business segment offers corporate, partnership, institutional, government, sovereign and individual clients across the globe a range of financial advisory services regarding mergers and acquisitions (M&A) and other strategic matters, restructurings, capital structure, capital raising and various other financial matters to corporate, partnership, institutional, government, sovereign and individual clients. The Asset Management business provides investment solutions and investment management services in equity and fixed income strategies, alternative investments and private equity funds to corporations, public funds and sovereign entities.

FINANCIAL RATIOS  of  Lazard (LAZ)

Valuation Ratios
P/E Ratio 16.2
Price to Sales 2.6
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 10.5
Price to Free Cash Flow 11.2
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 33.5% 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 8.3 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 -67.2%. 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 129.698 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 $6.7 billion.

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COMPANY NEWS

▶ ETFs with exposure to Lazard Ltd. : November 17, 2017   [Nov-17-17 12:16PM  Capital Cube]
▶ Stocks Showing Improved Relative Strength: Lazard   [Nov-10-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Lazard Ltd. : November 3, 2017   [Nov-03-17 12:16PM  Capital Cube]
▶ Lazard Declares Quarterly Dividend   [Oct-25-17 04:15PM  Business Wire]
▶ Lazard Asset Management Launches Equity Franchise Fund   [Oct-03-17 06:49AM  Business Wire]
▶ How $5 billion of debt caught up with Toys 'R' Us   [Sep-20-17 08:18AM  Reuters]
▶ Temple Says Probability of Major U.S. Tax Reform Is Low   [Aug-24-17 08:43AM  Bloomberg Video]
▶ 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]
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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