Lazard Should Benefit From An Uptick In European M&A
Alpha Gen Capital
Alpha Gen Capital
Tue, Nov. 22, 2:38 PM
- Smaller-cap investment banks have been in the green every day since the Trump victory, among them Houlihan Lokey (HLI +3.3%), which today has broken through to another all-time high.
- UBS's Brennan Hawken says that while restructuring activity may decline amid more optimism for the economy, boosted M&A potential, fairness opinions, and other services HLI offers could more than make up for it, and he's boosting price targets across his boutique IB coverage.
- More: Corporate tax reform under Trump would be of "meaningful benefit" to HLI given its significant U.S. exposure (86% of revenue). Lazard (NYSE:LAZ) and Invesco (NYSE:IVZ) might even consider changing their domiciles to the U.S. to take advantage.
- Other players: Evercore (EVR), Greenhill & Co. (GHL +2.3%), Piper Jaffray (PJC +0.1%), PJT Partners (PJT -0.3%), Moelis & Co. (MC +0.5%)
- Source: Bloomberg
Tue, Nov. 1, 9:04 AM
- The company has boosted its share repurchase authorization by $236M to $400M. To help fund, Lazard (NYSE:LAZ) is selling $300M of 10-year paper. Just under $100M will be used to pay off notes expiring in June, and the rest will go towards buybacks and other general corporate purposes.
- Shares +1.3% in very thin premarket action.
Thu, Oct. 27, 6:50 AM
Wed, Oct. 26, 5:30 PM
- ABB, ABMD, ACOR, AET, ALLE, ALV, ALXN, AMT, APD, ASPS, AUO, AVT, AXTA, BBW, BC, BCOR, BGCP, BMS, BMY, BWA, BX, CBG, CCMP, CELG, CFX, CHH, CL, CLF, CMC, CME, CMS, COLB, COP, COR, CRI, CRR, CRS, CVE, CVI, CVRR, CWT, CYS, DFT, DLX, DOW, DPS, EME, EPD, EQGP, EQM, EQT, EXLS, F, FCFS, FCN, FMS, GCI, GLOP, GNC, GOV, GTLS, HCA, HEES, I, IDA, IDCC, IP, IPGP, IRDM, IVZ, LANC, LAZ, LKQ, LLL, MD, MDP, MDXG, MHO, MJN, MO, MPC, MPLX, MSCI, MTH, MTRN, NEWM, NMR, NOK, NOV, NTCT, ODFL, ORI, PATK, PENN, PF, PJC, POT, PRLB, PTEN, PX, QSII, RDN, RGS, ROCK, RTN, SCG, SEE, SFE, SILC, SIRI, SMP, SQNS, SRPT, STM, SUP, SWK, TCK, TDC, TFX, THRM, TKR, TMO, TPH, TPX, TREE, TROW, TUES, TWTR, TZOO, UAN, UFS, UPS, UTHR, VC, VLP, WCC, WEX, WST, WWE, XEL, XRS, YNDX
Wed, Oct. 26, 4:49 PM
Tue, Oct. 25, 7:24 AM
- Lazard (NYSE:LAZ) announces the acquisition of the remaining 50% of MBA Lazard - its financial advisory business in Latin America outside of Brazil and Mexico.
- It includes offices in Buenos Aires, Santiago, Bogota, Lima and Panama City.
- Former MBA Lazard Managing Partner Matias Eliaschev has been named CEO, Lazard Latin America ex-Brazil and Mexico investment banking, effective immediately.
- MBA was first established in 1981, based out of Buenos Aires.
Wed, Sep. 14, 7:32 AM
Thu, Jul. 28, 6:50 AM
Wed, Jul. 27, 5:37 PM
Wed, Jul. 27, 5:30 PM
- AB, ABMD, ACIW, ACOR, ADP, AEP, ALKS, ALLE, ALXN, AMT, APD, ARIA, AZN, BC, BCC, BCO, BCOR, BEN, BG, BGCP, BHI, BMS, BMY, BSX, BWA, BWEN, BZH, CAB, CBG, CBM, CELG, CFX, CIT, CL, CLF, CLFD, CME, CMS, COMM, COP, COR, CRR, CRS, CS, CSH, CVI, CVRR, CWT, DBD, DFT, DLX, DOW, DSX, EME, EPD, EQM, EQT, EXLS, F, FCFS, FCN, FI, FIG, FITB, FLY, FSS, GLOP, GNC, GOV, GPI, GPN, GRUB, GTLS, HCA, HEES, HOG, HP, HSY, HTH, IART, IDA, IGT, INCR, INGR, IP, IPGP, IRDM, ITC, ITG, IVC, IVZ, KEM, LAD, LAZ, LDOS, LEA, LKQ, LLL, LPG, MA, MCS, MD, MDP, MDWD, MINI, MITK, MJN, MKTX, MMC, MNRO, MPC, MPLX, MSCI, MTH, MTRN, MVIS, NAP, NEWM, NICE, NMR, NOV, NTCT, NYT, OAK, ODFL, ORI, OSK, PAG, PCG, PES, PF, PJC, PNR, POT, PRLB, PTEN, PX, RDN, RDS.A, RPM, RTN, SCG, SEE, SERV, SFE, SPB, SPGI, SQBG, SQNS, STNG, SXC, SXCP, TCK, TFX, TGI, THRM, TKR, TMO, TPX, TREE, TRI, TZOO, UAN, UBSI, UTHR, VC, VGR, VIVO, VNTV, WCC, WILN, WRLD, WST, WWE, YNDX, ZBH
Mon, Jun. 27, 1:00 PM
Mon, Jun. 27, 12:42 PM
- "Uncertainty always slows down M&A activity," says Evercore Partners (EVR -12.8%) CEO Ralph Schlosstein. "The price that buyers are willing to pay for companies weakens a little bit because there’s more risk, and more uncertainty.”
- Along with Evercore, Lazard (LAZ -11.5%), Moelis (MC -6.9%), Greenhill (GHL -9.5%), and PJT Partners (PJT -10.7%) are posting near 20% two-day declines since the U.K.'s Brexit vote.
- Lazard, for one, got 34% of its 2015 revenue from Europe, and Evercore generated 23% from "Europe and other" regions.
Thu, Apr. 21, 6:51 AM
- Lazard (NYSE:LAZ): Q1 EPS of $0.50 misses by $0.15.
- Revenue of $506M (-12.9% Y/Y) misses by $31.82M.
Wed, Apr. 20, 5:30 PM
- ADS, ALK, AZZ, BANC, BBT, BHE, BIIB, BK, BX, CFG, CLS, COL, DAN, DGX, DHI, DHR, DOV, DST, ERIC, FAF, FCS, FITB, GM, GMT, HOMB, IMAX, JAKK, JCI, KCG, KEY, LAD, LAZ, LUV, MAN, MDSO, MDWD, NUE, NVR, NVS, PBCT, PHM, PII, POOL, PPG, PVTB, RS, SHW, SILC, SNA, SON, STC, SWK, SYNT, TCB, TRV, UA, UNP, USG, UTEK, VZ
Wed, Apr. 20, 4:28 PM
- Lazard (NYSE:LAZ) declares $0.38/share quarterly dividend, 8.6% increase from prior dividend of $0.35.
- Forward yield 3.84%
- Payable May 13; for shareholders of record May 3; ex-div April 29.
Wed, Apr. 6, 12:42 PM
- It's not just the companies who won't be merging that are affected, but the bankers who advise on those deals.
- Pfizer's advisers on its now-kaput Allergan purchase - Goldman Sachs (NYSE:GS) and Moelis & Co. (NYSE:MC) among them - were set to reap $120M-$150M in fees. Allergan's - JPMorgan (NYSE:JPM) and Morgan Stanley (NYSE:MS) - had been looking at a $160M-$200M payday.
- In all, U.S. investment banks have advised on more than $700B of inversion deals since 2011, including $240B worth last year. Credit Suisse estimates inversion deal fees have made up about 5-6% of overall M&A fees.
- Smaller firms may feel the sting the most, with shops like Lazard (NYSE:LAZ) and Greenhill (NYSE:GHL) joining Moelis in that category.
- “Poof goes the inversion," says one investment banker. "They’ve killed the goose that was laying some of our M&A eggs."