Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price35.80 USD
Fair value51.11
Ethical score30.0/100
Our investment reviews on this name
2026-10-02Read Markdown35.80+0.0% to today
2026-08-04Read Distribution42.38-15.5% to today ✓
2026-07-02Read Markup43.72-18.1% to today
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Lazard, Inc. holds its Markdown at $35.80. Consolidating, no directional conviction, held for 7 days.
As held on the ledger · 2026-09-29
Phase
Markdown · caution
Quantitative state
Consolidating, no directional conviction, held for 7 days
Price at the screen
$35.80
Valuation
17.64 trailing · 9.30 forward price to earnings
Values screen
FAIL· score 30.0
Beta
1.42
The Workings
Five Screens, Shown in Full
Does not pass. Prohibited keyword in sector/industry: financial services
Test
Figure
Limit
What it means
Status
Business activity
Excluded
Core business clean
Prohibited keyword in sector/industry: financial services
Fail
Debt load
Excluded
Below 33%
Interest-bearing debt is of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
Excluded
Below 33%
Interest-bearing cash and securities are of assets, above the one-third limit.
Fail
Receivables
Excluded
Below 49%
Money owed to the company is of assets, above the 49% limit.
Fail
Revenue purity
Excluded
Below 5%
of revenue comes from non-compliant sources, over the 5% line.
Fail
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Lazard, does not clear the screen at the business-activity stage. It operates in conventional financial services, which the screen treats as interest-based, so the financial ratios are not the deciding factor here.
Read as at 2026-10-04. It updates when the underlying figures move, and past reads are kept below.
Fair value range in USD, drawn from the 2026-09-29 screen. The gold marker is the market price at the same screen. A 42.8% margin of safety to the base estimate.
Third-party analyst targets: 8 covering, consensus None. The average target sits +24% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-09-29 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Financial advice houses hit our ethical wall
Picture a banker in New York sealing a cross-border deal while an asset manager in London rebalances portfolios for wealthy clients. The cash flows look steady, yet the whole sector sits on our prohibited list. Lazard fails the ethical screen outright because it operates in financial services, so we pass regardless of the headline figures.
Revenue is growing 15 percent and return on equity reaches 34 percent, yet the 9 percent profit margin and 10.4 times forward earnings do not change the outcome. Eight analysts rate the shares a hold with a median target of 46 dollars against the current price of 43.16 dollars. Our own fair-value estimate sits higher, but the ethical block removes any opportunity rating.
Currency moves, deal-flow cycles and regulatory pressure remain real risks for any advisory business. The ethical screen exists precisely to keep us out of sectors we will not touch. Analysis, not advice.
The risks · The things to watch: it already moves more than the market on an average day; it carries a real debt load, which raises the stakes if revenue slips.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
LAZ trades on the NYSE. As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-02Markdown · changed$35.80-18.8%Entry 6
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 18.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 0%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it hold, with a mean price target of $53. Since the last review it its composite score rose.
2026-09-04Distribution$44.07+4.0%Entry 5
The framework reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved up 4.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 0%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it hold, with a mean price target of $53.
The framework has shifted from markup to distribution since the last review. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 3.1% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 0%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it hold, with a mean price target of $53.
2026-07-18Markup$43.72+0.0%Entry 3
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is sitting below its long-term trend line with momentum reading bullish. Over the past year the shares are up 0%. Our forward projection puts the odds of a 10% gain over the next month near 27%. The street (8 analysts) rates it hold, with a mean price target of $53.
2026-07-03Markup$43.72+0.0%Entry 2
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Markup$43.72Entry 1
The framework reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
