Lazard, Inc. (LAZ)
Investment Advice
Latest Price
$38.63
TTM P/E
15.33
Normalized P/E
16.43
Div Yield
5.18%
Book Value
8.86
P/B Ratio
4.36
Valuation metrics
adjust assumptions →EPS: $2.17
Book value / share: $8.22
Formula: √(22.5 × EPS × BVPS)
Graham Number
$20.03
48% downside
Norm. op. income: $393M (median of 7yr)
Tax rate: 23%
Discount rate: 10%
Growth assumption: zero (EPV is a no-growth value)
Earnings Power Value
$26.24
32% downside
Base FCF: $697M (median of recent 5yr)
Growth: -10%/yr (median YOY, capped at 25%)
Discount rate: 10%
Terminal growth: 3%
Projection horizon: 10 years
DCF Fair Value
$36.37
6% downside
EPS: $2.17
Target P/E: 16×
Formula: EPS × P/E
P/E Fair Value
$34.72
10% downside
Institutional Ownership
100.0% held by institutions| Institution | Shares | Value | Ownership % | Change | Filing Date |
|---|---|---|---|---|---|
| FMR LLC | 11.15M | $467.0M | 11.21% | +540.5K | 2026-06-30 |
| BlackRock, Inc. | 9.04M | $379.0M | 9.09% | +1.46M | 2026-06-30 |
| PRICE T ROWE ASSOCIATES INC /MD/ | 8.96M | $375.0M | 9.01% | -639.5K | 2026-06-30 |
| VANGUARD PORTFOLIO MANAGEMENT LLC | 6.14M | $257.0M | 6.17% | +1.18M | 2026-06-30 |
| ARIEL INVESTMENTS, LLC | 5.76M | $241.0M | 5.79% | -70.9K | 2026-06-30 |
| VANGUARD CAPITAL MANAGEMENT LLC | 5.02M | $210.0M | 5.05% | +58.2K | 2026-06-30 |
| STATE STREET CORP | 3.63M | $152.0M | 3.65% | +1.75M | 2026-06-30 |
| GOLDMAN SACHS GROUP INC | 2.99M | $125.0M | 3.00% | +2.05M | 2026-06-30 |
| GEODE CAPITAL MANAGEMENT, LLC | 2.56M | $107.0M | 2.58% | +96.6K | 2026-06-30 |
| Capital Research Global Investors | 2.24M | $94.0M | 2.25% | -214.5K | 2026-06-30 |