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Also traded in: Germany

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 : 5/10

vs
industry
vs
history
Cash-to-Debt 1.57
LAZ's Cash-to-Debt is ranked lower than
70% of the 775 Companies
in the Global Capital Markets industry.

( Industry Median: 9999.00 vs. LAZ: 1.57 )
Ranked among companies with meaningful Cash-to-Debt only.
LAZ' s Cash-to-Debt Range Over the Past 10 Years
Min: 0.26  Med: 0.88 Max: 2.03
Current: 1.57
0.26
2.03
Equity-to-Asset 0.22
LAZ's Equity-to-Asset is ranked lower than
74% of the 703 Companies
in the Global Capital Markets industry.

( Industry Median: 0.55 vs. LAZ: 0.22 )
Ranked among companies with meaningful Equity-to-Asset only.
LAZ' s Equity-to-Asset Range Over the Past 10 Years
Min: -0.51  Med: 0.18 Max: 0.29
Current: 0.22
-0.51
0.29
Debt-to-Equity 1.20
LAZ's Debt-to-Equity is ranked lower than
72% of the 353 Companies
in the Global Capital Markets industry.

( Industry Median: 0.47 vs. LAZ: 1.20 )
Ranked among companies with meaningful Debt-to-Equity only.
LAZ' s Debt-to-Equity Range Over the Past 10 Years
Min: -23.74  Med: 1.5 Max: 25.09
Current: 1.2
-23.74
25.09
Debt-to-EBITDA 0.43
LAZ's Debt-to-EBITDA is ranked higher than
71% of the 420 Companies
in the Global Capital Markets industry.

( Industry Median: 3.13 vs. LAZ: 0.43 )
Ranked among companies with meaningful Debt-to-EBITDA only.
LAZ' s Debt-to-EBITDA Range Over the Past 10 Years
Min: 0  Med: 0 Max: 0.43
Current: 0.43
0
0.43
Beneish M-Score: 2.45
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 : 4/10

vs
industry
vs
history
Net Margin % 11.01
LAZ's Net Margin % is ranked lower than
55% of the 755 Companies
in the Global Capital Markets industry.

( Industry Median: 13.05 vs. LAZ: 11.01 )
Ranked among companies with meaningful Net Margin % only.
LAZ' s Net Margin % Range Over the Past 10 Years
Min: -8.51  Med: 9.37 Max: 41.91
Current: 11.01
-8.51
41.91
ROE % 25.91
LAZ's ROE % is ranked higher than
82% of the 762 Companies
in the Global Capital Markets industry.

( Industry Median: 6.16 vs. LAZ: 25.91 )
Ranked among companies with meaningful ROE % only.
LAZ' s ROE % Range Over the Past 10 Years
Min: -42.99  Med: 26.87 Max: 97.65
Current: 25.91
-42.99
97.65
ROA % 6.53
LAZ's ROA % is ranked higher than
70% of the 779 Companies
in the Global Capital Markets industry.

( Industry Median: 1.88 vs. LAZ: 6.53 )
Ranked among companies with meaningful ROA % only.
LAZ' s ROA % Range Over the Past 10 Years
Min: -4.33  Med: 5.35 Max: 25.26
Current: 6.53
-4.33
25.26
3-Year Revenue Growth Rate 5.10
LAZ's 3-Year Revenue Growth Rate is ranked higher than
51% of the 642 Companies
in the Global Capital Markets industry.

( Industry Median: 4.90 vs. LAZ: 5.10 )
Ranked among companies with meaningful 3-Year Revenue Growth Rate only.
LAZ' s 3-Year Revenue Growth Rate Range Over the Past 10 Years
Min: 0  Med: -9.25 Max: 9
Current: 5.1
0
9
3-Year EPS without NRI Growth Rate -15.80
LAZ's 3-Year EPS without NRI Growth Rate is ranked lower than
74% of the 533 Companies
in the Global Capital Markets industry.

( Industry Median: 8.80 vs. LAZ: -15.80 )
Ranked among companies with meaningful 3-Year EPS without NRI Growth Rate only.
LAZ' s 3-Year EPS without NRI Growth Rate Range Over the Past 10 Years
Min: 0  Med: -18.55 Max: 183
Current: -15.8
0
183
GuruFocus has detected 3 Warning Signs with Lazard Ltd LAZ.
More than 500,000 people have already joined GuruFocus to track the stocks they follow and exchange investment ideas.
» LAZ's 30-Y Financials

Financials (Next Earnings Date: 2018-07-27)


Revenue & Net Income
Equity & Asset
Operating Cash Flow & Free Cash Flow
Operating Cash Flow & Net Income

» Details

Guru Trades

Q2 2017

LAZ Guru Trades in Q2 2017

Columbia Wanger 969,906 sh (+1.35%)
Jim Simons Sold Out
Ken Fisher 1,558,392 sh (-3.22%)
Chuck Royce 1,310,380 sh (-7.82%)
John Rogers 5,519,562 sh (-8.33%)
» More
Q3 2017

LAZ Guru Trades in Q3 2017

Columbia Wanger 1,245,991 sh (+28.47%)
John Rogers 5,473,715 sh (-0.83%)
Ken Fisher 1,540,712 sh (-1.13%)
Chuck Royce 1,233,697 sh (-5.85%)
» More
Q4 2017

LAZ Guru Trades in Q4 2017

Jeremy Grantham 83,500 sh (New)
Columbia Wanger 1,354,092 sh (+8.68%)
Ken Fisher 1,502,629 sh (-2.47%)
Chuck Royce 1,120,808 sh (-9.15%)
John Rogers 4,795,854 sh (-12.38%)
» More
Q1 2018

LAZ Guru Trades in Q1 2018

Jim Simons 227,093 sh (New)
Pioneer Investments 17,800 sh (New)
Ken Fisher 1,477,049 sh (-1.70%)
Chuck Royce 1,063,563 sh (-5.11%)
John Rogers 4,509,758 sh (-5.97%)
Jeremy Grantham 25,000 sh (-70.06%)
» More
» Details

Insider Trades

Latest Guru Trades with NYSE:LAZ

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

GuruDate Trades Impact to Portfolio Price Range * (?) Current Price Change from Average Current Shares
John Rogers 2018-03-31 Reduce -5.97%0.17%$50.77 - $59.4 $ 53.32-4%4,509,758
Ken Fisher 2018-03-31 Reduce -1.70%$50.77 - $59.4 $ 53.32-4%1,477,049
John Rogers 2017-12-31 Reduce -12.38%0.36%$44.81 - $52.5 $ 53.3211%4,795,854
Ken Fisher 2017-12-31 Reduce -2.47%$44.81 - $52.5 $ 53.3211%1,502,629
John Rogers 2017-09-30 Reduce -0.83%0.03%$40.66 - $48.01 $ 53.3220%5,473,715
Ken Fisher 2017-09-30 Reduce -1.13%$40.66 - $48.01 $ 53.3220%1,540,712
John Rogers 2017-06-30 Reduce -8.33%0.27%$42.86 - $46.81 $ 53.3219%5,519,562
Ken Fisher 2017-06-30 Reduce -3.22%$42.86 - $46.81 $ 53.3219%1,558,392
Premium More recent guru trades are included for Premium Members only!!
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Business Description

Industry: Brokers & Exchanges » Capital Markets    NAICS: 523930    SIC: 6282
Compare:SHSE:601377, NAS:VIRT, NYSE:FDS, NAS:MKTX, SHSE:600705, SHSE:601878, SHSE:601901, SHSE:600061, SHSE:601198, SZSE:000783, HKSE:06066, NAS:LPLA, SHSE:601788, LSE:NXG, BOM:540691, SZSE:002926, HKSE:03908, SZSE:002673, XKRX:006800, SZSE:000728 » details
Traded in other countries:LBJ.Germany,
Headquarter Location:Bermuda
Lazard Ltd is a financial advisory and asset management firm. It offers corporate, institutional, government and individuals with financial advisory services for mergers and acquisitions, restructurings, capital structure, capital raising and others.

Lazard has a storied history that can be traced back to 1848. The company's revenue is nearly equally split between financial advisory, such as acquisition and restructuring advisory, and asset management. Lazard has offices in over 40 cities across more than 25 countries and over 2,700 employees.

Guru Investment Theses on Lazard Ltd

Royce Funds Comments on Lazard - Sep 12, 2016

There are two holdings that have struggled this year that we think have a lot of potential over the long run. Lazard (NYSE:LAZ) has a franchise in the global financial advisory business and, in our estimation, an underappreciated asset management segment.



Market volatility and economic uncertainty have fueled concerns about a deceleration in mergers and acquisitions activity ("M&A") while also pressuring fund flows.



We believe these near-term headwinds are more than fairly discounted in Lazard's valuation. An uptick in restructuring revenue, mostly from energy and mining, has partially cushioned a near-term slowdown in M&A. In addition, while they're inherently cyclical, most of the important drivers of a vibrant M&A environment remain in place.



For example, there are attractive borrowing costs (even if rates rise off their current historic lows), the need for larger companies to supplement limited organic revenue growth, the improving economic outlook, and C-Suite confidence.



The stock also currently has a 4% dividend yield, and management has a history of shareholder-friendly capital allocation including dividend increases, special dividends, and share repurchases.





From Lauren Romeo's Today's Opportunities in Quality Small-Caps.



Check out Chuck Royce latest stock trades

John Rogers Comments on Lazard Ltd - Aug 03, 2016

Other holdings experienced a short-term struggle. Asset manager and transaction advisor Lazard Ltd (NYSE:LAZ) fell -22.44% after a weak earnings report. Specifically, the company reported adjusted quarterly earnings of $0.50 per share, short of the consensus $0.65 expectation. Revenues were a bit light, while a higher compensation ratio drove the bulk of the miss. In addition, there were net outflows of $361 million in the quarter. We continue to believe the company has a considerable advantage in the crucial emerging markets investment niche.

From John Rogers (Trades, Portfolio)' Ariel Fund second quarter 2016 commentary.

Check out John Rogers latest stock trades

Ratios

vs
industry
vs
history
PE Ratio 23.50
LAZ's PE Ratio is ranked lower than
67% of the 589 Companies
in the Global Capital Markets industry.

( Industry Median: 19.24 vs. LAZ: 23.50 )
Ranked among companies with meaningful PE Ratio only.
LAZ' s PE Ratio Range Over the Past 10 Years
Min: 4.25  Med: 19.34 Max: 174.06
Current: 23.5
4.25
174.06
Forward PE Ratio 13.07
LAZ's Forward PE Ratio is ranked higher than
73% of the 84 Companies
in the Global Capital Markets industry.

( Industry Median: 17.42 vs. LAZ: 13.07 )
Ranked among companies with meaningful Forward PE Ratio only.
N/A
PE Ratio without NRI 23.50
LAZ's PE Ratio without NRI is ranked lower than
68% of the 583 Companies
in the Global Capital Markets industry.

( Industry Median: 19.55 vs. LAZ: 23.50 )
Ranked among companies with meaningful PE Ratio without NRI only.
LAZ' s PE Ratio without NRI Range Over the Past 10 Years
Min: 4.25  Med: 19.34 Max: 174.06
Current: 23.5
4.25
174.06
Price-to-Owner-Earnings 10.29
LAZ's Price-to-Owner-Earnings is ranked higher than
71% of the 263 Companies
in the Global Capital Markets industry.

( Industry Median: 19.56 vs. LAZ: 10.29 )
Ranked among companies with meaningful Price-to-Owner-Earnings only.
LAZ' s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 5.28  Med: 25.54 Max: 900.41
Current: 10.29
5.28
900.41
PB Ratio 6.48
LAZ's PB Ratio is ranked lower than
87% of the 743 Companies
in the Global Capital Markets industry.

( Industry Median: 1.33 vs. LAZ: 6.48 )
Ranked among companies with meaningful PB Ratio only.
LAZ' s PB Ratio Range Over the Past 10 Years
Min: 3.11  Med: 7.11 Max: 32.96
Current: 6.48
3.11
32.96
PS Ratio 2.60
LAZ's PS Ratio is ranked higher than
62% of the 716 Companies
in the Global Capital Markets industry.

( Industry Median: 3.81 vs. LAZ: 2.60 )
Ranked among companies with meaningful PS Ratio only.
LAZ' s PS Ratio Range Over the Past 10 Years
Min: 1.05  Med: 2.28 Max: 3.35
Current: 2.6
1.05
3.35
Price-to-Free-Cash-Flow 8.44
LAZ's Price-to-Free-Cash-Flow is ranked higher than
69% of the 214 Companies
in the Global Capital Markets industry.

( Industry Median: 16.59 vs. LAZ: 8.44 )
Ranked among companies with meaningful Price-to-Free-Cash-Flow only.
LAZ' s Price-to-Free-Cash-Flow Range Over the Past 10 Years
Min: 3.12  Med: 9.86 Max: 307.16
Current: 8.44
3.12
307.16
Price-to-Operating-Cash-Flow 8.08
LAZ's Price-to-Operating-Cash-Flow is ranked higher than
68% of the 253 Companies
in the Global Capital Markets industry.

( Industry Median: 13.69 vs. LAZ: 8.08 )
Ranked among companies with meaningful Price-to-Operating-Cash-Flow only.
LAZ' s Price-to-Operating-Cash-Flow Range Over the Past 10 Years
Min: 3.02  Med: 8.98 Max: 179.68
Current: 8.08
3.02
179.68
EV-to-Revenue 2.08
LAZ's EV-to-Revenue is ranked higher than
70% of the 683 Companies
in the Global Capital Markets industry.

( Industry Median: 4.20 vs. LAZ: 2.08 )
Ranked among companies with meaningful EV-to-Revenue only.
LAZ' s EV-to-Revenue Range Over the Past 10 Years
Min: 1.2  Med: 2.4 Max: 4.4
Current: 2.08
1.2
4.4
Shiller PE Ratio 26.21
LAZ's Shiller PE Ratio is ranked lower than
57% of the 138 Companies
in the Global Capital Markets industry.

( Industry Median: 25.44 vs. LAZ: 26.21 )
Ranked among companies with meaningful Shiller PE Ratio only.
LAZ' s Shiller PE Ratio Range Over the Past 10 Years
Min: 15.34  Med: 25.89 Max: 39.91
Current: 26.21
15.34
39.91

Dividend & Buy Back

vs
industry
vs
history
Dividend Yield % 3.13
LAZ's Dividend Yield % is ranked higher than
62% of the 615 Companies
in the Global Capital Markets industry.

( Industry Median: 2.34 vs. LAZ: 3.13 )
Ranked among companies with meaningful Dividend Yield % only.
LAZ' s Dividend Yield % Range Over the Past 10 Years
Min: 0.72  Med: 2.22 Max: 4.78
Current: 3.13
0.72
4.78
Dividend Payout Ratio 0.71
LAZ's Dividend Payout Ratio is ranked lower than
80% of the 361 Companies
in the Global Capital Markets industry.

( Industry Median: 0.41 vs. LAZ: 0.71 )
Ranked among companies with meaningful Dividend Payout Ratio only.
LAZ' s Dividend Payout Ratio Range Over the Past 10 Years
Min: 0.18  Med: 0.51 Max: 6.67
Current: 0.71
0.18
6.67
3-Year Dividend Growth Rate 10.30
LAZ's 3-Year Dividend Growth Rate is ranked higher than
63% of the 252 Companies
in the Global Capital Markets industry.

( Industry Median: 3.60 vs. LAZ: 10.30 )
Ranked among companies with meaningful 3-Year Dividend Growth Rate only.
LAZ' s 3-Year Dividend Growth Rate Range Over the Past 10 Years
Min: 0  Med: 11.8 Max: 41.2
Current: 10.3
0
41.2
Forward Dividend Yield % 3.26
LAZ's Forward Dividend Yield % is ranked higher than
59% of the 594 Companies
in the Global Capital Markets industry.

( Industry Median: 2.26 vs. LAZ: 3.26 )
Ranked among companies with meaningful Forward Dividend Yield % only.
N/A
5-Year Yield-on-Cost % 6.15
LAZ's 5-Year Yield-on-Cost % is ranked higher than
78% of the 757 Companies
in the Global Capital Markets industry.

( Industry Median: 3.03 vs. LAZ: 6.15 )
Ranked among companies with meaningful 5-Year Yield-on-Cost % only.
LAZ' s 5-Year Yield-on-Cost % Range Over the Past 10 Years
Min: 1.42  Med: 4.39 Max: 9.45
Current: 6.15
1.42
9.45
3-Year Average Share Buyback Ratio 2.80
LAZ's 3-Year Average Share Buyback Ratio is ranked higher than
91% of the 348 Companies
in the Global Capital Markets industry.

( Industry Median: -2.60 vs. LAZ: 2.80 )
Ranked among companies with meaningful 3-Year Average Share Buyback Ratio only.
LAZ' s 3-Year Average Share Buyback Ratio Range Over the Past 10 Years
Min: -29.7  Med: -3.4 Max: 0
Current: 2.8
-29.7
0

Valuation & Return

vs
industry
vs
history
Price-to-Tangible-Book 10.56
LAZ's Price-to-Tangible-Book is ranked lower than
89% of the 703 Companies
in the Global Capital Markets industry.

( Industry Median: 1.36 vs. LAZ: 10.56 )
Ranked among companies with meaningful Price-to-Tangible-Book only.
LAZ' s Price-to-Tangible-Book Range Over the Past 10 Years
Min: 4.53  Med: 15.31 Max: 93.06
Current: 10.56
4.53
93.06
Price-to-Intrinsic-Value-Projected-FCF 0.91
LAZ's Price-to-Intrinsic-Value-Projected-FCF is ranked higher than
64% of the 225 Companies
in the Global Capital Markets industry.

( Industry Median: 1.30 vs. LAZ: 0.91 )
Ranked among companies with meaningful Price-to-Intrinsic-Value-Projected-FCF only.
LAZ' s Price-to-Intrinsic-Value-Projected-FCF Range Over the Past 10 Years
Min: 0.57  Med: 1.19 Max: 1.87
Current: 0.91
0.57
1.87
Price-to-Median-PS-Value 1.12
LAZ's Price-to-Median-PS-Value is ranked lower than
65% of the 605 Companies
in the Global Capital Markets industry.

( Industry Median: 1.00 vs. LAZ: 1.12 )
Ranked among companies with meaningful Price-to-Median-PS-Value only.
LAZ' s Price-to-Median-PS-Value Range Over the Past 10 Years
Min: 0.23  Med: 0.95 Max: 1.39
Current: 1.12
0.23
1.39
Price-to-Graham-Number 3.32
LAZ's Price-to-Graham-Number is ranked lower than
88% of the 361 Companies
in the Global Capital Markets industry.

( Industry Median: 1.08 vs. LAZ: 3.32 )
Ranked among companies with meaningful Price-to-Graham-Number only.
LAZ' s Price-to-Graham-Number Range Over the Past 10 Years
Min: 1.07  Med: 3.5 Max: 14.87
Current: 3.32
1.07
14.87

More Statistics

Revenue (TTM) (Mil) $2,775.55
EPS (TTM) $ 2.27
Beta1.83
Volatility19.50%
52-Week Range $40.50 - 60.00
Shares Outstanding (Mil)119.46

Analyst Estimate

Dec18 Dec19 Dec20
Revenue (Mil $) 2,817 2,995 3,414
EBIT (Mil $) 681 720
EBITDA (Mil $) 722 761
EPS ($) 3.93 4.29 5.06
EPS without NRI ($) 3.93 4.29 5.06
EPS Growth Rate
(Future 3Y To 5Y Estimate)
16.93%
Dividends per Share ($) 3.05 2.46 2.18

Piotroski F-Score Details

Piotroski F-Score: ----
Positive ROAN
Positive CFROAN
Higher ROA yoyN
CFROA > ROAN
Lower Leverage yoyN
Higher Current Ratio yoyN
Less Shares Outstanding yoyN
Higher Gross Margin yoyN
Higher Asset Turnover yoyN

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