Restructuring and Asset Management Can Stabilize Lazard's Earnings if U.S. M&A Falters
Narrow-moat Lazard reported record second-quarter and first-half operating revenue, but we remain skeptical of equally strong results continuing over the next four quarters. For the first half of 2017, operating revenue grew 28% to $1.345 billion and adjusted diluted earnings per share came in at $1.81. Financial advisory revenue in the second quarter was boosted by the closing of several large acquisition and restructuring deals that caused it to be 43% higher from the previous year. Financial ...
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