What is Lazard, Inc. worth?
With the base-case assumptions below, a discounted cash flow model on Lazard, Inc.'s reported free cash flow gives $75.61 per share. The share price was $41.05 on November 10, 2026, 46% below that value.
Inputs from the filings
Three sets of assumptions
| Case | Growth yrs 1-5 | Discount rate | Value per share | Value vs price |
|---|---|---|---|---|
| Bear | -1.0% | 10.0% | $45.25 | +10% |
| Base | 4.0% | 9.0% | $75.61 | +84% |
| Bull | 9.0% | 8.0% | $132.30 | +222% |
Sensitivity: base case value per share
| 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | |
|---|---|---|---|---|---|
| 7.0% | $97.19 | $103.74 | $111.75 | $121.76 | $134.62 |
| 8.0% | $81.12 | $85.37 | $90.39 | $96.41 | $103.77 |
| 9.0% | $69.36 | $72.26 | $75.61 | $79.52 | $84.14 |
| 10.0% | $60.38 | $62.45 | $64.79 | $67.47 | $70.55 |
| 11.0% | $53.32 | $54.83 | $56.53 | $58.43 | $60.59 |
Where the presets come from
Base: years 1 to 5 grow at Lazard, Inc.'s revenue growth rate over the last 5 fiscal years (3.8% a year), held between -5% and 15%. Years 6 to 10 grow halfway between that and the long-run rate of 2.5%. Future cash is discounted at 9% a year.
Bear: 5 points less growth, 2% long-run growth, 10% discount rate. Bull: 5 points more growth (at most 25%), 3% long-run growth, 8% discount rate.
Value per share = (present value of 10 years of free cash flow + present value of everything after + cash - debt) / diluted shares.
This is a model run on assumptions, not a recommendation or a price target. Small changes in the discount rate or growth move the result a lot, as the table above shows. Change them yourself in the calculator.
Adjust the assumptions
Move the sliders for growth, long-run growth and discount rate, or switch to average free cash flow, and see the value per share change.
Adjust the assumptions