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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 7/10

vs
industry
vs
history
Cash to Debt 0.98
LAZ's Cash to Debt is ranked lower than
84% of the 546 Companies
in the Global Capital Markets industry.

( Industry Median: 9999.00 vs. LAZ: 0.98 )
Ranked among companies with meaningful Cash to Debt only.
LAZ' s 10-Year Cash to Debt Range
Min: 0.26  Med: 0.80 Max: N/A
Current: 0.98
Equity to Asset 0.20
LAZ's Equity to Asset is ranked lower than
69% of the 413 Companies
in the Global Capital Markets industry.

( Industry Median: 0.42 vs. LAZ: 0.20 )
Ranked among companies with meaningful Equity to Asset only.
LAZ' s 10-Year Equity to Asset Range
Min: -0.51  Med: 0.15 Max: 0.25
Current: 0.2
-0.51
0.25
Interest Coverage 8.30
LAZ's Interest Coverage is ranked lower than
74% of the 441 Companies
in the Global Capital Markets industry.

( Industry Median: 10000.00 vs. LAZ: 8.30 )
Ranked among companies with meaningful Interest Coverage only.
LAZ' s 10-Year Interest Coverage Range
Min: 0.18  Med: 3.14 Max: 9999.99
Current: 8.3
0.18
9999.99
F-Score: 7
WACC vs ROIC
12.96%
112.66%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 5/10

vs
industry
vs
history
Operating margin (%) -17.32
LAZ's Operating margin (%) is ranked lower than
88% of the 569 Companies
in the Global Capital Markets industry.

( Industry Median: 16.30 vs. LAZ: -17.32 )
Ranked among companies with meaningful Operating margin (%) only.
LAZ' s 10-Year Operating margin (%) Range
Min: -11.91  Med: 12.87 Max: 33.6
Current: -17.32
-11.91
33.6
Net-margin (%) 28.96
LAZ's Net-margin (%) is ranked higher than
65% of the 576 Companies
in the Global Capital Markets industry.

( Industry Median: 14.72 vs. LAZ: 28.96 )
Ranked among companies with meaningful Net-margin (%) only.
LAZ' s 10-Year Net-margin (%) Range
Min: -8.51  Med: 8.08 Max: 22.56
Current: 28.96
-8.51
22.56
ROE (%) 112.86
LAZ's ROE (%) is ranked higher than
98% of the 587 Companies
in the Global Capital Markets industry.

( Industry Median: 7.40 vs. LAZ: 112.86 )
Ranked among companies with meaningful ROE (%) only.
LAZ' s 10-Year ROE (%) Range
Min: -42.99  Med: 31.55 Max: 67.45
Current: 112.86
-42.99
67.45
ROA (%) 21.03
LAZ's ROA (%) is ranked higher than
91% of the 598 Companies
in the Global Capital Markets industry.

( Industry Median: 2.27 vs. LAZ: 21.03 )
Ranked among companies with meaningful ROA (%) only.
LAZ' s 10-Year ROA (%) Range
Min: -4.33  Med: 5.33 Max: 13.47
Current: 21.03
-4.33
13.47
Revenue Growth (3Y)(%) 9.00
LAZ's Revenue Growth (3Y)(%) is ranked higher than
63% of the 458 Companies
in the Global Capital Markets industry.

( Industry Median: 1.40 vs. LAZ: 9.00 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
LAZ' s 10-Year Revenue Growth (3Y)(%) Range
Min: 0  Med: -16.70 Max: 99.2
Current: 9
0
99.2
EBITDA Growth (3Y)(%) 28.40
LAZ's EBITDA Growth (3Y)(%) is ranked higher than
80% of the 320 Companies
in the Global Capital Markets industry.

( Industry Median: 2.70 vs. LAZ: 28.40 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
LAZ' s 10-Year EBITDA Growth (3Y)(%) Range
Min: 0  Med: -35.40 Max: 75
Current: 28.4
0
75
EPS Growth (3Y)(%) 35.90
LAZ's EPS Growth (3Y)(%) is ranked higher than
80% of the 310 Companies
in the Global Capital Markets industry.

( Industry Median: 4.60 vs. LAZ: 35.90 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
LAZ' s 10-Year EPS Growth (3Y)(%) Range
Min: 0  Med: -77.30 Max: 194
Current: 35.9
0
194
» LAZ's 10-Y Financials

Financials


Revenue & Net Income
Equity & Asset
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q3 2014

LAZ Guru Trades in Q3 2014

Jim Simons 488,100 sh (+223.89%)
Jim Chanos 161,601 sh (+28.51%)
Ken Fisher 1,673,491 sh (+0.44%)
Mario Gabelli 4,500 sh (unchged)
Pioneer Investments 1,251,876 sh (unchged)
John Rogers 4,852,010 sh (-3.95%)
Chuck Royce 1,062,157 sh (-16.18%)
» More
Q4 2014

LAZ Guru Trades in Q4 2014

Jim Chanos 193,203 sh (+19.56%)
Pioneer Investments 1,294,090 sh (+3.37%)
John Rogers 4,928,720 sh (+1.58%)
Mario Gabelli 4,500 sh (unchged)
Ken Fisher 1,640,544 sh (-1.97%)
Chuck Royce 1,027,682 sh (-3.25%)
Jim Simons 351,739 sh (-27.94%)
» More
Q1 2015

LAZ Guru Trades in Q1 2015

Ken Heebner 830,000 sh (New)
Jim Simons 501,400 sh (+42.55%)
John Rogers 5,836,442 sh (+18.42%)
Mario Gabelli 4,500 sh (unchged)
Jim Chanos Sold Out
Ken Fisher 1,633,987 sh (-0.40%)
Chuck Royce 1,022,832 sh (-0.47%)
Pioneer Investments 1,107,480 sh (-14.42%)
» More
Q2 2015

LAZ Guru Trades in Q2 2015

John Keeley 4,052 sh (New)
Pioneer Investments 1,199,007 sh (+8.26%)
Ken Heebner 830,000 sh (unchged)
Jim Simons Sold Out
John Rogers 5,590,257 sh (-4.22%)
Mario Gabelli 4,200 sh (-6.67%)
Ken Fisher 1,431,839 sh (-12.37%)
Chuck Royce 725,587 sh (-29.06%)
» More
» Details

Insider Trades

Latest Guru Trades with LAZ

(List those with share number changes of more than 20%, or impact to portfolio more than 0.1%)

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Guru Investment Theses on Lazard Ltd

Ariel Investments' John Rogers Comments on Lazard Ltd. - Feb 25, 2014

In addition, restructuring specialist and asset manager Lazard Ltd (LAZ) surged +27.36%, topping estimates for earnings and revenue by a significant margin. Its earnings per share for the third quarter were $0.46 versus the estimate of $0.37. The company’s operating revenue was $489 million, well above the $452 million expectation. Its September 30 AUM reached $176 billion, an all-time high to that date. We closely watch that figure, because we think it is an overlooked part of the business. Meanwhile, the global leading restructuring business had $42 million in revenue, 23% higher than a year ago. Still, restructurings continue to be well below the usual rate, leading us to believe the future is even brighter..

From John Rogers (Trades, Portfolio)' Ariel Investments fourth quarter 2013 commentary.

Check out John Rogers latest stock trades

John Rogers Comments on Lazard Ltd. - Nov 05, 2013

With Lazard (NYSE:LAZ), we are able to look beyond the negatively-impacted emerging markets stocks held by the firm's investment management business. We like the enduring economics of money management and treat this meaningful profit contributor as icing on the cake of the company's diversified investment banking operation.

From John Rogers' Ariel Fund and Ariel Appreciate Fund portfolio manager letter third quarter 2013.
Check out John Rogers latest stock trades

Ratios

vs
industry
vs
history
P/E(ttm) 9.21
LAZ's P/E(ttm) is ranked higher than
75% of the 444 Companies
in the Global Capital Markets industry.

( Industry Median: 17.00 vs. LAZ: 9.21 )
Ranked among companies with meaningful P/E(ttm) only.
LAZ' s 10-Year P/E(ttm) Range
Min: 8.95  Med: 23.78 Max: 712.05
Current: 9.21
8.95
712.05
Forward P/E 11.82
LAZ's Forward P/E is ranked higher than
63% of the 123 Companies
in the Global Capital Markets industry.

( Industry Median: 14.99 vs. LAZ: 11.82 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 9.70
LAZ's PE(NRI) is ranked higher than
74% of the 443 Companies
in the Global Capital Markets industry.

( Industry Median: 17.00 vs. LAZ: 9.70 )
Ranked among companies with meaningful PE(NRI) only.
LAZ' s 10-Year PE(NRI) Range
Min: 9.46  Med: 24.96 Max: 399.64
Current: 9.7
9.46
399.64
P/B 7.40
LAZ's P/B is ranked lower than
94% of the 452 Companies
in the Global Capital Markets industry.

( Industry Median: 1.20 vs. LAZ: 7.40 )
Ranked among companies with meaningful P/B only.
LAZ' s 10-Year P/B Range
Min: 3.24  Med: 8.14 Max: 32.93
Current: 7.4
3.24
32.93
P/S 2.65
LAZ's P/S is ranked higher than
56% of the 556 Companies
in the Global Capital Markets industry.

( Industry Median: 3.36 vs. LAZ: 2.65 )
Ranked among companies with meaningful P/S only.
LAZ' s 10-Year P/S Range
Min: 0.97  Med: 2.08 Max: 7.95
Current: 2.65
0.97
7.95
PFCF 8.01
LAZ's PFCF is ranked higher than
59% of the 198 Companies
in the Global Capital Markets industry.

( Industry Median: 11.15 vs. LAZ: 8.01 )
Ranked among companies with meaningful PFCF only.
LAZ' s 10-Year PFCF Range
Min: 3.12  Med: 10.91 Max: 303.07
Current: 8.01
3.12
303.07
POCF 7.77
LAZ's POCF is ranked higher than
56% of the 231 Companies
in the Global Capital Markets industry.

( Industry Median: 9.99 vs. LAZ: 7.77 )
Ranked among companies with meaningful POCF only.
LAZ' s 10-Year POCF Range
Min: 2.69  Med: 9.34 Max: 174.85
Current: 7.77
2.69
174.85
Shiller P/E 29.16
LAZ's Shiller P/E is ranked lower than
76% of the 209 Companies
in the Global Capital Markets industry.

( Industry Median: 20.49 vs. LAZ: 29.16 )
Ranked among companies with meaningful Shiller P/E only.
LAZ' s 10-Year Shiller P/E Range
Min: 17.88  Med: 36.20 Max: 100.11
Current: 29.16
17.88
100.11
Days Sales Outstanding 76.69
LAZ's Days Sales Outstanding is ranked lower than
56% of the 444 Companies
in the Global Capital Markets industry.

( Industry Median: 59.76 vs. LAZ: 76.69 )
Ranked among companies with meaningful Days Sales Outstanding only.
LAZ' s 10-Year Days Sales Outstanding Range
Min: 88.47  Med: 125.37 Max: 301.79
Current: 76.69
88.47
301.79

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield 2.74
LAZ's Dividend Yield is ranked lower than
57% of the 508 Companies
in the Global Capital Markets industry.

( Industry Median: 1.18 vs. LAZ: 2.74 )
Ranked among companies with meaningful Dividend Yield only.
LAZ' s 10-Year Dividend Yield Range
Min: 0.16  Med: 1.42 Max: 2.99
Current: 2.74
0.16
2.99
Dividend Payout 0.24
LAZ's Dividend Payout is ranked higher than
71% of the 310 Companies
in the Global Capital Markets industry.

( Industry Median: 0.42 vs. LAZ: 0.24 )
Ranked among companies with meaningful Dividend Payout only.
LAZ' s 10-Year Dividend Payout Range
Min: 0.1  Med: 0.29 Max: 1.67
Current: 0.24
0.1
1.67
Dividend growth (3y) 25.60
LAZ's Dividend growth (3y) is ranked higher than
81% of the 194 Companies
in the Global Capital Markets industry.

( Industry Median: -4.50 vs. LAZ: 25.60 )
Ranked among companies with meaningful Dividend growth (3y) only.
LAZ' s 10-Year Dividend growth (3y) Range
Min: 0  Med: 11.60 Max: 41.2
Current: 25.6
0
41.2
Yield on cost (5-Year) 7.02
LAZ's Yield on cost (5-Year) is ranked higher than
81% of the 510 Companies
in the Global Capital Markets industry.

( Industry Median: 2.92 vs. LAZ: 7.02 )
Ranked among companies with meaningful Yield on cost (5-Year) only.
LAZ' s 10-Year Yield on cost (5-Year) Range
Min: 0.41  Med: 3.64 Max: 7.66
Current: 7.02
0.41
7.66
Share Buyback Rate 0.90
LAZ's Share Buyback Rate is ranked higher than
82% of the 327 Companies
in the Global Capital Markets industry.

( Industry Median: -1.80 vs. LAZ: 0.90 )
Ranked among companies with meaningful Share Buyback Rate only.
LAZ' s 10-Year Share Buyback Rate Range
Min: 0  Med: 0.90 Max: -31.2
Current: 0.9

Valuation & Return

vs
industry
vs
history
Price/Tangible Book 12.64
LAZ's Price/Tangible Book is ranked lower than
97% of the 423 Companies
in the Global Capital Markets industry.

( Industry Median: 1.24 vs. LAZ: 12.64 )
Ranked among companies with meaningful Price/Tangible Book only.
LAZ' s 10-Year Price/Tangible Book Range
Min: 6.61  Med: 22.78 Max: 92.61
Current: 12.64
6.61
92.61
Price/Projected FCF 1.39
LAZ's Price/Projected FCF is ranked lower than
62% of the 199 Companies
in the Global Capital Markets industry.

( Industry Median: 1.17 vs. LAZ: 1.39 )
Ranked among companies with meaningful Price/Projected FCF only.
LAZ' s 10-Year Price/Projected FCF Range
Min: 0.9  Med: 1.38 Max: 2.13
Current: 1.39
0.9
2.13
Price/Median PS Value 1.28
LAZ's Price/Median PS Value is ranked lower than
74% of the 458 Companies
in the Global Capital Markets industry.

( Industry Median: 1.00 vs. LAZ: 1.28 )
Ranked among companies with meaningful Price/Median PS Value only.
LAZ' s 10-Year Price/Median PS Value Range
Min: 0.54  Med: 0.96 Max: 3.53
Current: 1.28
0.54
3.53
Price/Graham Number 2.19
LAZ's Price/Graham Number is ranked lower than
83% of the 296 Companies
in the Global Capital Markets industry.

( Industry Median: 0.96 vs. LAZ: 2.19 )
Ranked among companies with meaningful Price/Graham Number only.
LAZ' s 10-Year Price/Graham Number Range
Min: 1.54  Med: 4.21 Max: 9.61
Current: 2.19
1.54
9.61
Earnings Yield (Greenblatt) (%) -6.81
LAZ's Earnings Yield (Greenblatt) (%) is ranked lower than
84% of the 569 Companies
in the Global Capital Markets industry.

( Industry Median: 4.30 vs. LAZ: -6.81 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
LAZ' s 10-Year Earnings Yield (Greenblatt) (%) Range
Min: -7  Med: 5.90 Max: 17
Current: -6.81
-7
17

Analyst Estimate

Dec15 Dec16 Dec17
Revenue(Mil) 2,484 2,708 3,042
EPS($) 3.74 3.91 4.42
EPS without NRI($) 3.74 3.91 4.42

Business Description

Industry: Brokers & Exchanges » Capital Markets
Compare:PJC, SIEB, GHL, GS, SF » details
Traded in other countries:LBJ.Germany,
Lazard Ltd is a Bermuda holding company founded in 1848 in New Orleans. It is al financial advisory and asset management firm that has long specialized in crafting solutions to the complex financial and strategic challenges of its clients. It serves a diverse set of clients around the world, including corporations, partnerships, institutions, governments and high net worth individuals. The Company's sole operating asset is its indirect ownership of common membership interests of Lazard Group and its managing member interest of Lazard Group, whose main operating activities are included in two business segments: Financial Advisory, which includes providing advice on mergers and acquisitions and strategic advisory matters, restructurings and capital structure advisory services, capital raising and other transactions; and Asset Management, which includes the management of equity and fixed income securities and alternative investment and private equity funds. In addition, the Company records selected other activities in its Corporate segment, including management of cash, certain investments and the commercial banking activities of Lazard Group's Paris-based Lazard Freres Banque SA ( LFB). LFB is a registered bank regulated by the Banque de France and its main operations include asset and liability management for Lazard Group's businesses in France through its money market desk and commercial banking operations, deposit taking and, to a lesser extent, financing activities and custodial oversight over assets of various clients. The Company also allocates outstanding indebtedness to its corporate segment. The Company currently operates from 40 cities in key business and financial centers across 25 countries throughout Europe, North America, Asia, Australia, and Central and South America. Its competitors are other investment banking and financial advisory firms, broker-dealers, commercial and 'universal' banks, insurance companies, investment management firms, hedge fund management firms, alternative investment firms and other financial institutions. The Company competes with some of its competitors globally and with others on a regional, product or niche basis. It competes on the basis of a number of factors, including quality of people, transaction execution skills, investment track record, quality of client service, individual and institutional client relationships, absence of conflicts, products and services, innovation, brand recognition and business reputation. Its businesses, as well as the financial services industry generally, are subject to regulation throughout the world. Certain U.K. subsidiaries of the Company, including LCL, Lazard Fund Managers Limited and Lazard Asset Management Limited are regulated by the Financial Services Authority. Certain other U.S. and non-U.S. subsidiaries are subject to various capital adequacy requirements promulgated by various regulatory and exchange authorities in the countries.
» More Articles for LAZ

Headlines

Articles On GuruFocus.com
John Rogers' Ariel Fund Second Quarter 2015 Commentary Jul 23 2015 
John Rogers' Investment Propels Two Stakes into His Personal Top 10 May 22 2015 
Jim Chanos' Most Heavily Weighted Trades in Q1 2015 May 20 2015 
Alexion Acquiring Synageva For $8.4 Billion May 09 2015 
Tenet Healthcare And United Surgical JV For $1.93 Billion Mar 24 2015 
RadioShack Moving Into Bankruptcy Feb 06 2015 
Ariel Capital Management and John Rogers' Top Five Stocks May 14 2014 
Ariel Investments' John Rogers Recommends Stocks Mar 03 2014 
Ariel Investments' John Rogers Comments on Lazard Ltd. Feb 25 2014 
John Rogers' Ariel Investments Q4 2013 Commentary Feb 25 2014 

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