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  "documentTitle": "Lazard Ltd (LAZ)",
  "authorId": "06_Trian_Partners",
  "authorName": "Trian Partners",
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  "presentationDate": "2012-06-18 00:00:00",
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  "notes": "The slide presents a classic activist investment thesis: market cycle timing combined with valuation arbitrage.",
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      "text": "Attractive Point in the M&A Cycle",
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      "text": "Adjusting 2012 estimates for management's 25% margin target and ~$46mm of interest expense(1), Lazard's EPS would be ~$2.50, a valuation less than 10x earnings(2)",
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      "text": "Source: SEC filings, Lazard Shareholder Letter, Q&A Exhibit and related materials dated April 27, 2012\n(1) Represents ~$1.0bn of debt... (2) Note: Independent advisors... (3) As of 6/15/2012",
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      "text": "Adjusting 2012 estimates for management's 25% margin target and ~$46mm of interest expense(1), Lazard's EPS would be ~$2.50, a valuation less than 10x earnings(2)\nAfter deducting the value of Asset Management at 8.0x EBITDA, the implied value of Advisory is approximately 1.1x 2011 revenue (Evercore and Greenhill trade at an average multiple of 2.7x 2011 revenue)\nPaid to wait - dividend yield of 3.5%(3)\nCompany has maintained/grown staffing to fully capitalize on the upturn",
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      "text": "M&A activity depressed today; structural drivers in place for significant increases in volumes: Attractive financing, Reasonable valuations, Limited organic growth, Improving CEO confidence, Record levels of cash on corporate balance sheets",
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      "text": "Lazard Highlights (cont'd)",
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