Overview
Lazard Q3 adjusted net revenue of $725 mln, up 12% yr/yr
Adjusted EPS for Q3 beats consensus, reflecting effective operational management
Record Asset Management inflows with positive net flows of $1.6 bln in Q3
Outlook
Lazard anticipates a constructive environment for its businesses
Company expects further progress with new Asset Management CEO
Result Drivers
FINANCIAL ADVISORY GROWTH - Record Financial Advisory revenue driven by significant M&A transactions, including Keurig Dr. Pepper's acquisition of JDE Peet's
ASSET MANAGEMENT INFLOWS - Record Asset Management inflows with positive net flows of $1.6 billion in Q3, supported by market appreciation and net inflows
Key Details
Metric | Beat/Miss | Actual | Consensus Estimate |
Q3 Net Revenue | $748 mln | ||
Q3 ADJUSTED EPS | Beat | $0.56 | $0.45 (7 Analysts) |
Q3 EPS | $0.65 | ||
Q3 ASSETS UNDER MANAGEMENT | $264.53 bln |
Analyst Coverage
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 4 "strong buy" or "buy", 4 "hold" and 2 "sell" or "strong sell"
The average consensus recommendation for the investment management & fund operators peer group is "buy."
Wall Street's median 12-month price target for Lazard Inc is $58.00, about 12.2% above its October 21 closing price of $50.92
The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 16 three months ago
Press Release: ID:nBw4S1lfMa
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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)