European Exposure and Some Benefit From Tax Reform Portend Another Good Year for Lazard
While we still believe that merger volume in the United States is near its high for this capital markets cycle, we expect continued growth in narrow-moat Lazard’s major segments and earnings for 2018. On an adjusted basis, primarily excluding charges related to U.S. tax reform, the company reported net income of $500 million, or $3.78 per share, on $2.65 billion of operating revenue. Adjusted net income grew 22%, while operating revenue grew 13%. We don’t anticipate making a material change to o...
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