Discounted Cash Flow (DCF) Analysis Levered

PJT Partners Inc. (PJT)

$79.2

-0.02 (-0.03%)
All numbers are in Millions, Currency in USD
Stock DCF: 438.47 | 79.2 | undervalue

Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 499.28580.25717.641,052.30991.941,192.301,433.121,722.592,070.522,488.72
Revenue (%)
Operating Cash Flow 111.22122.94211.41469.59124.16310.15372.79448.09538.59647.38
Operating Cash Flow (%)
Capital Expenditure -1.06-7.21-8.81-8.85-8.74-10.50-12.62-15.17-18.24-21.92
Capital Expenditure (%)
Free Cash Flow 110.15115.73202.59460.73115.42299.64360.17432.91520.35625.45

Weighted Average Cost Of Capital

Share price $ 79.2
Beta 0.761
Diluted Shares Outstanding 24.27
Cost of Debt
Tax Rate 51.62
After-tax Cost of Debt 2.42%
Risk-Free Rate
Market Risk Premium
Cost of Equity 7.110
Total Debt -
Total Equity 1,922
Total Capital 1,922
Debt Weighting 0.00
Equity Weighting 100.00
Wacc

Build Up Free Cash Flow

Year
A/P
2017
Actual
2018
Actual
2019
Actual
2020
Actual
2021
Actual
2022
Projected
2023
Projected
2024
Projected
2025
Projected
2026
Projected
Revenue 499.28580.25717.641,052.30991.941,192.301,433.121,722.592,070.522,488.72
Operating Cash Flow 111.22122.94211.41469.59124.16310.15372.79448.09538.59647.38
Capital Expenditure -1.06-7.21-8.81-8.85-8.74-10.50-12.62-15.17-18.24-21.92
Free Cash Flow 110.15115.73202.59460.73115.42299.64360.17432.91520.35625.45
WACC
PV LFCF 279.75313.94352.30395.35443.66
SUM PV LFCF 1,784.99

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.11
Free cash flow (t + 1) 637.96
Terminal Value 12,484.61
Present Value of Terminal Value 8,855.74

Intrinsic Value

Enterprise Value 10,640.73
Net Debt -
Equity Value 10,640.73
Shares Outstanding 24.27
Equity Value Per Share 438.47