Discounted Cash Flow (DCF) Analysis Levered

PJT Partners Inc. (PJT)

$65.97

-0.12 (-0.18%)
All numbers are in Millions, Currency in USD
Stock DCF: 402.53 | 65.97 | 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 $ 65.97
Beta 0.757
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 7.540
Total Debt -
Total Equity 1,600.94
Total Capital 1,600.94
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 240.93269.29300.99336.42376.02
SUM PV LFCF 1,762.07

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%) 7.54
Free cash flow (t + 1) 637.96
Terminal Value 11,515.59
Present Value of Terminal Value 8,006.38

Intrinsic Value

Enterprise Value 9,768.45
Net Debt -
Equity Value 9,768.45
Shares Outstanding 24.27
Equity Value Per Share 402.53