Were we wrong about LAZ's fall from grace?
Looking at YTD league tables, LAZ is the highest ranked EB, brutally raping CVP/EVR.
I think everybody wrote LAZ as a "declining boutique of the old guard" much like Greenhill, but this is clearly not the case.
Combined with threads about EVR's recent downfall,
https://www.wallstreetoasis.com/forum/investment-banking/whats-happening-to-evercore#comment-3622869
I think LAZ is comfortably a notch above EVR despite similar exits due to stronger deal flow, selectivity and more exclusivity due to its leaner size.
Obviously I think CVP is still the top dog amongst boutiques, and PJT RSSG also beats out LAZ.
My personal EB ranking is as follows (only major EBs, no Tidal/Raine/Ardeas and no Dyal/Allen/M Kleins)
Tier Heavens - CVP, PJT RSSG
Tier Mount Olympus - LAZ, PJT M&A
Tier Palace - EVR, PWP
Tier Villa - GUGG, MOE
Tier Mud Hut - GHL
Average deal size for LAZ is also absolutely BONKERS. ~$9bn average deal size versus ~$3bn for EVR and even the WHALE HUNTERS of CVP only have ~$2bn average deal size.
Very old data surely. GS TEV for this year is closer to 200MM. as an FYI, Lazard was t10 for this quarter but still not t10 for the broader LTM period where it is well below CVP and EVR. 1 good quarter doesn't make a firm.
Lazard is top-7 actually if you look at global M&A deal value LTM.
Lol quite bad if you take out that one deal re rejecting an offer and calpine lol
Congrats on the Lazard offer!
The only people that care about league tables is MDs during bake-offs. Laz’s IB revenue is below EVR. Laz IB revenue / head is also below EVR. EVR trades at a higher multiple than Laz.
If you want to evaluate it from an analyst program POV the exits are similar but you get paid more at EVR
LOLing at this shit take, look at the league table above, imagine scraping the barrel and diving into MM hell to do DOUBLE the deals LAZ does and still end up a whole 10bn under them on YTD league tables. Looking at you incoming EVR analyt
To your logic, Barclays is definitely above Evercore and CVP for sure, while Jefferies blows Moelis and PWP out of the water.
Funny but both those are clearly inferior to their comps that you mentioned, meaning YTD league tables in their case was a significant outlier. But LAZ is in the ballpark of EVR/CVP and their recent league table dominance moreso indicates a trend rather than an outlier one-off quarter as in the case of Barclays/JEF
bump
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