Company Valuation: Lazard

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,488 2,979 3,042 4,657 4,607 3,555 - -
Change - -33.64% 2.13% 53.1% -1.08% -22.84% - -
Enterprise Value (EV) 1 6,174 2,979 4,732 6,344 6,295 5,245 5,245 5,245
Change - -51.75% 58.87% 34.07% -0.77% -16.69% 0% 0%
P/E 9.42x 9.88x -38.7x 19.2x 22.4x 12.7x 9.7x 7.56x
PBR 4.51x 5.36x 7.31x 8.28x 5.22x 3.52x 2.55x 2.16x
PEG - -0.4x 0x -0x -1.2x 0.4x 0.3x 0.3x
Capitalization / Revenue 1.43x 1.08x 1.25x 1.61x 1.52x 1.07x 0.89x 0.83x
EV / Revenue 1.97x 1.08x 1.94x 2.2x 2.08x 1.57x 1.31x 1.22x
EV / EBITDA 7.1x 4.68x 22.7x 14.2x 13.5x 10.3x 7.2x 5.8x
EV / EBIT 7.43x 5.01x 28.6x 15.4x 14.6x 12x 7.17x 5.81x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.88 1.94 2 2 2 2 2.08 2.333
Rate of return 4.31% 5.6% 5.75% 3.89% 4.12% 5.48% 5.7% 6.4%
EPS 2 4.63 3.51 -0.9 2.68 2.17 2.876 3.759 4.825
Distribution rate 40.6% 55.3% -222% 74.6% 92.2% 69.5% 55.3% 48.4%
Net sales 1 3,139 2,769 2,440 2,890 3,030 3,330 4,003 4,308
EBITDA 1 869 636.4 208.4 447.2 466.3 511.4 728.4 903.8
EBIT 1 830.7 594 165.6 410.9 432.2 435.7 731.1 902.3
Net income 1 528.1 357.5 -75.48 279.9 236.8 307.2 401.8 534.2
Net Debt 1 1,685 - 1,690 1,687 1,688 1,690 1,690 1,690
Reference price 2 43.63 34.67 34.80 51.48 48.56 36.48 36.48 36.48
Nbr of stocks (in thousands) 102,874 85,915 87,415 90,470 94,878 97,451 - -
Announcement Date 2/3/22 A 2/2/23 A 2/1/24 A 1/30/25 A 1/29/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.5x5.54x11.87x2.14% 166B
14.5x3.52x - 2.44% 155B
16.68x7.43x - 1.5% 104B
20.54x11.58x16.8x4.37% 73.51B
13.66x5.26x - 1.92% 50.23B
11.94x1.83x5.6x1.23% 48.08B
5.13x5.31x3.82x3.56% 35.7B
13.94x5.14x16.03x1.89% 32.55B
Average 14.49x 5.70x 10.82x 2.38% 83.08B
Weighted average by Cap. 15.98x 5.72x 11.61x 2.34%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

-40%: Exceptional extension
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