Lazard Earnings: Record First Half Revenue and Macro Environment Supportive

Lazard reported record first-half revenue and the macroeconomic environment is generally supportive of further growth. The company reported net income to common shareholders of $50 million, or $0.49 per diluted share, on $685 million of net revenue in the second quarter. Net revenue for the quarter grew 7% from the previous year and was down 10% from an unusually strong first quarter. For the first six months of 2024, the company reported net revenue of $1.45 billion that was 22% higher than the first six months of 2023. While we expect to increase our revenue forecast, we do not anticipate making a significant change to our $48 per share fair value estimate for narrow-moat Lazard. We assess shares are now fairly valued, after having rated shares as undervalued for much of the prior two and a half years.