Lazard Inc

LAZ: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$33.00	Tmmzwx	Fzqwgztn

Returning to Historical Operating Margins Will Be Key to Lazard’s Valuation

Michael Wong

Nov 27, 2023

Business Strategy and Outlook

Lazard’s revenue will likely remain depressed into 2024, as it takes time for corporate confidence to recover and merger deals to close. Approximately 55% of Lazard’s net revenue is from acquisition and restructuring advisory, with the remaining 45% coming from institutional asset management.

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