Ken Jacobs - Blog Posts
Lazard Earnings Rise 75%
Kenneth M. Jacobs, Lazard CEO
Earnings have risen 75% on deals and cost cutting. The firm reported it earned $62 million in adjusted profit for the quarter. This amounts to 46 cents a share. They reported a 10% rise in operational revenue to $489 million.
Dealbook also reported Lazard had increased in profits last quarter as well.
Goldman Sachs Upgrades Lazard Ltd to a "Conviction Buy"
We talked about Lazard (not to be confused with Lazard Capital Markets) a couple weeks ago after they released a Levelized Cost of Energy Analysis. If you did not read that article Lazard is a global financial advisory firm founded in 1848. They operate all over the world and specializes in giving advice on mergers and acquisitions, strategic matter as well as restructuring and capital structure. Goldman Sachs on Monday upgraded Lazard to "Conviction Buy" from "Neutral." They also raised their price target to $45 from the previous $37. In a statement Goldman Sachs analyst Alexander Blostein said, “We believe the Street underestimates LAZ’s margin improvement opportunity in 2014 given strengthening revenue backdrop in both the Advisory and Asset Mgmt. businesses, and cost cut realization... “With modest revenue growth assumptions, we believe LAZ should achieve its 25% operating margin target, leaving us about 10% above consensus for the next two years. Furthermore, in our view, the firm’s significant cash flow generation (13% FCF yield) creates opportunities for corporate debt reduction starting in 2015, as well as dividend growth over time. Longer-term, we believe LAZ provides the most upside potential to an improving global M&A cycle mainly due to its European presence – currently the largest drag on M&A volumes.” For more information on Lazard's successes, the New York Times released an article here
http://aclassasset.blogspot.com/2013/10/goldman-sachs-upgrades-lazard-ltd-to.html
Lazard sends George Bilicic to Chicago to reinvigorate the office.
George Bilicic new lead Lazard Ltd. investment banker in ChicagoTwo senior bankers on the deal-making side of Lazard Ltd.'s advisory business have exited the Chicago office earlier this year. In response Lazard has send George Bilicic Jr. to take control and reinvigorate the company office in Chicago. This is Mr. Bilicic second stint working with the Chicago office. He first started supervising the office remotely in 2006. When asked about his previous experience Mr. Bilicic said, "The chief lesson learned from that was that you couldn't be a suitcase banker and be successful with companies in the Midwest." In this round of work Mr. Bilicic is moving to the windy city with his family. He has never lived in Chicago before and plans to expand business by becoming active in city business as well as the civic scene, joining organization boards in the city and having his bankers to the same.
While Bilicic has not stated any specific boards or charities he plans to participate in his direct superior, Lazard CEO Kenneth Jacobs is a member of the board of trustees for the University of Chicago. Lazard is a midsize international financial advisory and faces competition from Larger entities such as Goldman Sachs Group Inc. The company has about 2,400 employees world wide and aims to cut around 250 this year while expanding growth. Lazard earning nearly doubled in the second quarter with $59.9 million. This is in part due to its jump in deals in its consumer, health care services and technology areas.
http://assetsandmanagement.blogspot.com/2013/10/lazard-sends-george-bilicic-to-chicago.html
Lazard released this great analysis, their CEO is Kenneth Jacobs
Analysis: 50% Reduction In Cost Of Renewable Energy Since 2008
by Silvio Marcacci – Special to JBS News
That renewable energy is becoming more cost-competitive…
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Fiat to buy the rest of Chrysler
Fiat is again moving in on Chrysler. In 2009 they took over a large percentage of the company and are now trying to take over the remaining 41.5%. This remainder is currently held by UAW health. The two companies have been in conversation over the sale but have been unable to agree on a price, they have a discrepancy of around $2 million.
The recently hired Lazard Ldt (NYSE: LAZ) vice chairman Ron Bloom to help with the buyout. Other notable leadership at Lazard include chairman and CEO Kenneth Jacobs. Ron Bloom is also currently representing the retirees in their case against Detroit's filing for bankruptcy.