Maintaining Our $51 Fair Value Estimate for Lazard, Shares Moderately Undervalued

While Lazard has business exposures that add more uncertainty to its near-term outlook, the firm does have a plan to close its revenue growth gap relative to financial advisory peers that could benefit it in the medium term. Approximately 55% of Lazard’s net revenue is from acquisition and restructuring advisory with the remaining 45% coming from institutional asset management. Additionally, the company is fairly global with about 60% of net revenue coming from the Americas and 40% from EMEA and Asia.