Lazard Should Benefit From An Uptick In European M&A
Alpha Gen Capital
Alpha Gen Capital
Wed, Sep. 14, 7:32 AM
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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
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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."
Fri, Mar. 11, 7:28 AM
- Shell has appointed Lazard (NYSE:LAZ) to advise it on a $30B asset sale program following its purchase of BG Group last month, reports Reuters. BAML and Morgan Stanley are also helping with the sales.
- Shell surprised the banking world last year when it hired Lazard for an independent review of its BG acquisition. Lazard typically isn't a big player in the oil and gas sector, so this new mandate is another coup for the boutique.
Tue, Feb. 2, 6:52 AM
- Lazard (NYSE:LAZ): Q4 EPS of $0.92 beats by $0.04.
- Revenue of $598.28M (-7.4% Y/Y) beats by $23.36M.
Mon, Feb. 1, 5:30 PM
Mon, Feb. 1, 4:35 PM
- Lazard (NYSE:LAZ) declares $0.35/share quarterly dividend, in line with previous.
- Forward yield 3.88%
- Payable Feb. 26; for shareholders of record Feb. 11; ex-div Feb. 9.
- Additionally, Board declared a special dividend of $1.20/ share payable along with quarterly dividend.
Thu, Jan. 14, 8:20 AM
- The fourth quarter looks like it marked the time when credit costs stopped being a tailwind and began becoming a headwind for the banks, says Hedgeye's Josh Steiner, noting a reserve build of $0.03 per share. Loan loss provisions nearly doubled in the quarter as net charge offs jumped $100M sequentially (mostly related to energy).
- Steiner takes note of speedy loan growth - up 10.6% Y/Y and 3.4% sequentially during Q4 - but scratches his head over wisdom of accelerating lending into the end of the credit cycle.
- As for capital markets, M&A was the only strong area, with advisory revenue up 43% to $622M - a good through for shops like Goldman Sachs (NYSE:GS) and Lazard (NYSE:LAZ). Meanwhile FICC trading revenue fell 3%, equity trading fell 7%, and credit underwriting disappeared. "Flat is the new up in investment bank land," says Steiner's associate Jonathan Casteleyn.
- JPM is higher by 1.95% as the bank gets into its earnings call.
- Previously: JPMorgan higher after earnings beat (Jan. 14)
- Previously: JPMorgan Chase beats by $0.07, beats on revenue (Jan. 14)
Oct. 22, 2015, 7:57 AM
- Q3 adjusted income of $124M or $0.93 per share vs. $89M and $0.67 one year ago.
- Financial advisory revenue of $331M up 14% Y/Y. Strategic advisory revenue of $305M up 18%, driven by a 19% increase in M&A and Other Advisory revenue.
- Asset management operating revenue of $262M slipped 9% Y/Y, with average AUM of $192B down 5%.
- Adjusted GAAP compensation ratio of 55.6% in Q3 and the year's first nine months vs. 58.8% during same periods last year.
- Conference call at 8 ET
- Previously: Lazard beats by $0.03, beats on revenue (Oct. 22)
- LAZ flat premarket