DDM Analysis: LAZ

Valuation Snapshot

Stable Growth	$30.37 - $50.64	$39.30
Multi-Stage	$54.40 - $59.70	$57.00
Blended Fair Value	$48.15
Current Price	$52.78
Upside	-8.77%
Decision	Don't Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	-6.83%	2.04%	1.70	1.64	1.72	1.86	1.86	2.42	3.41	3.24	3.19	2.76
YoY Growth	-	-	3.43%	-4.84%	-7.18%	-0.33%	-22.88%	-29.12%	5.33%	1.58%	15.64%	98.77%
Dividend Yield	-	-	3.92%	4.01%	5.21%	5.39%	4.29%	10.26%	9.15%	6.16%	6.93%	7.11%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	273.28
(-) Cash Dividends Paid (M)	184.40
(=) Cash Retained (M)	88.88

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	54.66	34.16	20.50
Cash Retained (M)	88.88	88.88	88.88
(-) Cash Required (M)	-54.66	-34.16	-20.50
(=) Excess Retained (M)	34.23	54.72	68.39
(/) Shares Outstanding (M)	105.44	105.44	105.44
(=) Excess Retained per Share	0.32	0.52	0.65
LTM Dividend per Share	1.75	1.75	1.75
(+) Excess Retained per Share	0.32	0.52	0.65
(=) Adjusted Dividend	2.07	2.27	2.40
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	0.04%	1.04%	2.04%
Fair Value	$30.37	$39.30	$50.64
Upside / Downside	-42.46%	-25.54%	-4.05%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	273.28	276.13	279.01	281.92	284.86	287.83	296.46
Payout Ratio	67.48%	71.98%	76.49%	80.99%	85.50%	90.00%	92.50%
Projected Dividends (M)	184.40	198.76	213.40	228.33	243.54	259.04	274.23

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.87%	6.87%	6.87%
Growth Rate	0.04%	1.04%	2.04%
Year 1 PV (M)	184.14	185.98	187.82
Year 2 PV (M)	183.15	186.83	190.55
Year 3 PV (M)	181.55	187.05	192.65
Year 4 PV (M)	179.40	186.68	194.18
Year 5 PV (M)	176.78	185.79	195.17
PV of Terminal Value (M)	4,831.55	5,077.90	5,334.19
Equity Value (M)	5,736.56	6,010.22	6,294.56
Shares Outstanding (M)	105.44	105.44	105.44
Fair Value	$54.40	$57.00	$59.70
Upside / Downside	3.08%	8.00%	13.10%

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Lazard Ltd (LAZ)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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