Discounted Cash Flow
Lazard, Inc.
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Audit / VIE / HFCA: Financial-sector DCF: free cash flow for lenders/insurers includes loan principal and deposits, so FCF ≈ 5-10× net income and is not a valuation proxy; the model shows moderate/unstable predictability and the DCF can be 5-40× market cap (lender pattern).
Sourced live via DEF 14A beneficial_ownership (edgartools proxy) for US filers and 20-F risk_factors (“controls X% of voting power” + VIE/HFCA) for foreign ADRs — cached 12h. A concentrated holder can overrule the DCF’s minority-basis assumptions on dividends, issuance, and delisting.
Average annual growth rates
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
| Dividends | — | — | — |
Endpoint CAGR (better for long term trend)
| Metric | 10-Year | 5-Year | 3-Year |
|---|---|---|---|
| Sales | — | — | — |
| Free Cash Flow | — | — | — |
| Average (FCF & NI) | — | — | — |
| Net Income | — | — | — |
Projected growth rate
—
Historical inputs (10 fiscal years)
| YEAR | Sales | Net Income | Free Cash Flow | Net Margin | EPS (diluted) |
|---|---|---|---|---|---|
| 2016 | $3.2b | $524.2m | $760.6m | 16.3% | $3.11 |
| 2017 | $3.6b (13.2%) | $342.8m (-34.6%) | $1.3b (75.6%) | 9.4% (-42.2%) | $2.09 (-32.8%) |
| 2018 | $3.9b (6.9%) | $712.7m (107.9%) | $878.0m (-34.3%) | 18.3% (94.4%) | $4.43 (112.0%) |
| 2019 | $3.6b (-7.6%) | $387.3m (-45.6%) | $858.8m (-2.2%) | 10.7% (-41.2%) | $2.57 (-42.0%) |
| 2020 | $3.6b (-0.8%) | $544.1m (40.5%) | $691.7m (-19.5%) | 15.2% (41.5%) | $3.69 (43.6%) |
| 2021 | $4.4b (23.7%) | $713.9m (31.2%) | $1.1b (61.5%) | 16.1% (6.1%) | $4.90 (32.8%) |
| 2022 | $3.9b (-12.8%) | $483.4m (-32.3%) | $1.1b (-5.1%) | 12.5% (-22.4%) | $3.68 (-24.9%) |
| 2023 | $3.5b (-9.2%) | $-102.0m (-121.1%) | $184.4m (-82.6%) | -2.9% (-123.2%) | $-0.90 (-124.5%) |
| 2024 | $4.2b (21.1%) | $378.4m (470.8%) | $942.8m (411.4%) | 8.9% (406.3%) | $2.93 (425.6%) |
| 2025 | $4.3b (1.5%) | $320.2m (-15.4%) | $658.9m (-30.1%) | 7.4% (-16.6%) | $2.37 (-19.1%) |
Base FCF: — (latest fiscal year)
Discount rate: % —
Terminal growth: —
Projection period: — years
Alt A decline yrs:
Alt B total yrs:
SEC filings report in GBP. Values above are converted to USD for comparison with the US-listed share price.
Values abbreviated: b = billions, m = millions, k = thousands.
Projected cash flows
| Year | Projected cash flow | Discount Factor | Present Value |
|---|
PV of projected FCF: —
Terminal FCF: —
Terminal value: —
PV of terminal value: —
Enterprise value (DCF): —
Net debt deduction: —
Current price: —
—Alternative DCF Models
| Model | Fair Value | Upside | PV(FCFs) | PV(Terminal) | Total Years |
|---|---|---|---|---|---|
| Standard (10yr→TV) | — | — | — | — | 10 + TV |
| Alt A (Gradual Decline) | — | — | — | — | — |
| Alt B (30yr Hard Stop) | — | — | — | N/A | — |
This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.