{
  "docId": "019dd923-622b-71dc-a6db-3d40ebfdedac",
  "docSlug": "9266edfa9f01",
  "documentTitle": "Lazard Ltd (LAZ)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
  "documentKindSlug": "activist-deck",
  "documentKindLabel": "Activist deck",
  "sourceTypeSlug": "activist_investor",
  "sourceTypeLabel": "Activist investor",
  "presentationDate": "2012-06-18 00:00:00",
  "orientation": "landscape",
  "aspectRatio": 1.3333334,
  "pageNumber": 27,
  "pageCount": 39,
  "prevPage": 26,
  "nextPage": 28,
  "slideType": "comparison_table",
  "function": "compare_peers",
  "density": "dense",
  "nDataPoints": 6,
  "notes": null,
  "elementsJson": [
    "headline_text",
    "bullet_list",
    "data_table",
    "callout_box",
    "footnote"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622b-71dc-a6db-3d40ebfdedac/27",
  "deckHref": "/decks/019dd923-622b-71dc-a6db-3d40ebfdedac",
  "deckJsonHref": "/decks/019dd923-622b-71dc-a6db-3d40ebfdedac.json",
  "deckAnchorHref": "/decks/019dd923-622b-71dc-a6db-3d40ebfdedac#slide-27",
  "components": [
    {
      "bbox": {
        "h": 0.1,
        "w": 0.25,
        "x": 0.72,
        "y": 0.68
      },
      "kind": "callout",
      "text": "Non-compensation expense is similar for both businesses.",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c6123d7c-2bee-460f-b109-0d53ec35b6af",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.25,
        "x": 0.72,
        "y": 0.42
      },
      "kind": "callout",
      "text": "Asset managers have lower compensation ratios due to the operating leverage in the model",
      "attrs": null,
      "subkind": "primary",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "c90d72ef-96ff-47f2-89c1-209da54cd313",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.1,
        "w": 0.8,
        "x": 0.05,
        "y": 0.1
      },
      "kind": "list",
      "text": "Advisory and asset management businesses have formulaic cost structures. Two cost items: Compensation Expense and Non-Compensation Expense",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "fc1d5272-4913-4941-ad88-2986f50b2b2f",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "metric",
      "text": "EBIT: $40",
      "attrs": null,
      "subkind": "primary",
      "toolName": "Quantification",
      "toolSlug": "quantification",
      "confidence": null,
      "componentId": "019dd953-1ac4-74a6-be2c-0c0a851360fa",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.2,
        "x": 0.05,
        "y": 0.95
      },
      "kind": "source-note",
      "text": "Source: Trian estimates (1) Illustrative example",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "85f091cd-23fe-45b7-85da-d747e75b492b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.6,
        "w": 0.65,
        "x": 0.05,
        "y": 0.22
      },
      "kind": "table",
      "text": "Public Asset Management / Advisory Cost Structure (Per $100 of Revenue). Columns: Asset Manager, Advisory Firm. Rows: Revenue ($100), Compensation ($40/$55), Non-Comp ($20/$20), EBIT (~$40/~$25)",
      "attrs": null,
      "subkind": "data",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "ab3e3fde-fc64-4b44-9430-88e358b2b316",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.8,
        "x": 0.05,
        "y": 0.03
      },
      "kind": "title",
      "text": "Trian Believes Lazard's Margin Target is Very Achievable",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "00cd2ec9-a1ac-4cd0-b940-f71386015786",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [
    {
      "name": "Comparison frame",
      "slug": "comparison-frame",
      "agent": null,
      "layer": "slide",
      "matchId": "be11e6ba-33c8-4370-b99c-11601214790e",
      "evidence": "Public Asset Management / Advisory Cost Structure (Per $100 of Revenue)",
      "confidence": 0.7
    }
  ],
  "frameworks": [],
  "arcBeats": [
    {
      "to": 32,
      "from": 24,
      "beatId": "0b2870cd-01e2-4ba1-bd57-f9640da670ce",
      "arcName": "Problem-Agitate-Solution",
      "arcSlug": "problem-agitate-solution",
      "beatName": "Solution",
      "beatSlug": null,
      "evidence": "Trian proposes a new strategic plan, margin improvement, and shareholder-friendly capital deployment.",
      "position": 2,
      "confidence": 0.9,
      "parentBeatName": null,
      "parentBeatSlug": null
    }
  ],
  "loops": [
    {
      "to": 30,
      "from": 26,
      "name": "Quick Win Big Bet",
      "slug": "47-quick-win-big-bet",
      "bestFor": "Transformation planning, 100-day plans, resource allocation",
      "matchId": "9c9f52ae-0a51-480e-aaf6-1907942585f6",
      "evidence": "Trian believes Lazard's margin target is achievable and proposes solutions for improvement.",
      "position": 1,
      "objective": "The potential for margin improvement",
      "structure": "The Full List -> Quick Wins (Low effort, High impact) -> Big Bets (High effort, High impact) -> Sequenced Roadmap",
      "confidence": 0.8,
      "description": "Separate initiatives into immediate wins and longer-term strategic bets"
    }
  ],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}