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Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company. The details of how we calculate the intrinsic value of stocks are described in detail here.
As of today (2024-04-24), Lazard's Intrinsic Value: Projected FCF is $72.04. The stock price of Lazard is $39.63. Therefore, Lazard's Price-to-Intrinsic-Value-Projected-FCF of today is 0.6.
The historical rank and industry rank for Lazard's Intrinsic Value: Projected FCF or its related term are showing as below:
During the past 13 years, the highest Price-to-Intrinsic-Value-Projected-FCF of Lazard was 1.46. The lowest was 0.39. And the median was 0.61.
The historical data trend for Lazard's Intrinsic Value: Projected FCF can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Lazard Annual Data | |||||||||||||||||||||
Trend | Dec14 | Dec15 | Dec16 | Dec17 | Dec18 | Dec19 | Dec20 | Dec21 | Dec22 | Dec23 | |||||||||||
Intrinsic Value: Projected FCF | Get a 7-Day Free Trial | 70.18 | 68.40 | 82.71 | 88.84 | 72.04 |
Lazard Quarterly Data | ||||||||||||||||||||
Mar19 | Jun19 | Sep19 | Dec19 | Mar20 | Jun20 | Sep20 | Dec20 | Mar21 | Jun21 | Sep21 | Dec21 | Mar22 | Jun22 | Sep22 | Dec22 | Mar23 | Jun23 | Sep23 | Dec23 | |
Intrinsic Value: Projected FCF | Get a 7-Day Free Trial | 88.84 | 77.97 | 77.43 | 67.40 | 72.04 |
For the Capital Markets subindustry, Lazard's Price-to-Projected-FCF, along with its competitors' market caps and Price-to-Projected-FCF data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
For the Capital Markets industry and Financial Services sector, Lazard's Price-to-Projected-FCF distribution charts can be found below:
* The bar in red indicates where Lazard's Price-to-Projected-FCF falls into.
Since the intrinsic value calculations based on Discounted Cash Flow Intrinsic Value: DCF (FCF Based), or Discounted Earnings Intrinsic Value: DCF (Earnings Based) cannot be applied to companies without consistent revenue and earnings, GuruFocus developed a valuation model based on normalized Free Cash Flow and Book Value of the company.
The details of how we calculate the intrinsic value of stocks are described in detail here.
This method smooths out the free cash flow over the past 6-7 years, multiplies the results by a growth multiple, and adds a portion of Total Stockholders Equity.
Intrinsic Value: Projected FCF = ( Growth Multiple * Free Cash Flow (6 year avg) + 0.8 * Total Stockholders Equity (most recent) ) / Shares Outstanding (Diluted Average)
In the case of negative Total Stockholders Equity, the following formula is used (see Explanation section below for the reason):
Intrinsic Value: Projected FCF = ( Growth Multiple * Free Cash Flow (6 year avg) + Total Stockholders Equity (most recent) / 0.8 ) / Shares Outstanding (Diluted Average)
Add all the Free Cash Flow together and divide 6 will get Lazard's Free Cash Flow(6 year avg) = $616.80.
Lazard's Intrinsic Value: Projected FCF for today is calculated as
Intrinsic Value: Projected FCF | = | (Growth Multiple | * | Free Cash Flow (6 year avg) | + | Total Stockholders Equity (Dec23) | * | 0.8) | / | Shares Outstanding (Diluted Average) |
= | (9.9881567514702 | * | 616.7976 | + | 423.759 | * | 0.8) | / | 90.229 | |
= | 72.04 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Lazard (NYSE:LAZ) Intrinsic Value: Projected FCF Explanation
The growth multiple is capped between 8.35 and 17.74.
Total Stockholders Equity weighting is more art than science and it should always be revisited in more detail when researching a company. Weightings from 0% to 100% to more than 100% are possible. 80% was chosen as a happy median after taking the above ideas into consideration.
Lazard's Price-to-Intrinsic-Value-Projected-FCF for today is calculated as
Price-to-Intrinsic-Value-Projected-FCF | = | Share Price | / | Intrinsic Value: Projected FCF |
= | 39.63 | / | 72.035357952882 | |
= | 0.55 |
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Thank you for viewing the detailed overview of Lazard's Intrinsic Value: Projected FCF provided by GuruFocus.com. Please click on the following links to see related term pages.
Michael Gathy | officer: Chief Accounting Officer | C/O LAZARD LTD, 30 ROCKEFELLER PLAZA, NEW YORK NY 10112 |
Christian A. Weideman | officer: General Counsel | C/O APOLLO GLOBAL MANAGEMENT, INC., 9 WEST 57TH STREET, 43RD FLOOR, NEW YORK NY 10019 |
Alexander F. Stern | officer: Chief Operating Officer | C/O LAZARD LTD, 30 ROCKEFELLER PLAZA, NEW YORK NY 10020 |
Mary Ann Betsch | officer: Chief Financial Officer | C/O LAZARD LTD, 30 ROCKEFELLER PLAZA, NEW YORK NY 10112 |
Lewis William M Jr | director | 9 WEST 57TH STREET, NEW YORK NY 10019 |
Scott D Hoffman | officer: General Counsel | C/O LAZARD LLC, 30 ROCKEFELLER PLAZA, NEW YORK NY 10020 |
Dominick Ragone | officer: Chief Accounting Officer | 767 5TH AVENUE, SUITE 4700, NEW YORK NY 10153 |
Ann-kristin Achleitner | director | THE PRIESTLEY CENTRE, 10 PRIESTLEY RD, SURREY RESEARCH PARK, GUILDFORD, SURREY X0 GU2 7XY |
Ashish Bhutani | director, officer: CEO of Lazard Asset Management | |
Peter Richard Orszag | officer: CEO of Financial Advisory | 30 ROCKEFELLER PLAZA, LAZARD, NEW YORK NY 10112 |
Alexandra Soto | officer: Exec Human Capital & Workplace | C/O LAZARD LTD, 30 ROCKEFELLER PLAZA, NEW YORK NY 10112 |
Iris Knobloch | director | ONE TIME WARNER CENTER, NEW YORK NY 10019 |
Evan L Russo | officer: Chief Financial Officer | C/O LAZARD LTD, 30 ROCKEFELLER PLAZA, NEW YORK NY 10112 |
Michelle Jarrard | director | C/O LAZARD LTD, 30 ROCKEFELLER PLAZA, NEW YORK NY 10112 |
Sylvia Jay | director | 30 ROCKEFELLER PLAZA, NEW YORK NY 10020 |
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