2024-05-17 04:01:29 ET
Summary
- Lazard's advisory business has a somewhat low implied valuation when taking a crude blended multiple approach.
- On top of that, Lazard has had some decent years and displayed resilience in the face of a complex market.
- The income proposition is supported by a stabler asset management business and Lazard has strong franchises in several, somewhat uncorrelated major markets.
- Not a bad proposition as restructuring activity picks up and possibly financial sponsors come back to the market.
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For further details see:
Lazard: Liability Management Pickup, Markets Equilibrating