Lazard’s European Exposure Is the Medium-Term Driver of Growth
Narrow-moat Lazard reported record quarterly revenue of $755 million from the buildup of its asset management segment and stronger results out of Europe. The company also recently announced that it’s increasing its quarterly dividend to $0.44 from $0.41 per share. While quarterly earnings were stronger than we forecast, we don’t anticipate making a material change to our fair value estimate, as our long-term outlook for the firm remains the same.European acquisition activity will likely remain ...
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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