Discounted Cash Flow (DCF) Analysis Levered

PJT Partners Inc. (PJT)

$76.435

-0.83 (-1.08%)

All numbers are in Millions, Currency in USD

Stock DCF: 182.03 | 76.435 | undervalue

Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	580.25	717.64	1,052.30	991.94	1,025.50	1,199.74	1,403.57	1,642.03	1,921.01	2,247.39
Revenue (%)
Operating Cash Flow	122.94	211.41	469.59	124.16	242.73	315.43	369.02	431.71	505.06	590.87
Operating Cash Flow (%)
Capital Expenditure	-7.21	-8.81	-8.85	-6.47	-3.43	-10.31	-12.07	-14.12	-16.51	-19.32
Capital Expenditure (%)
Free Cash Flow	115.73	202.59	460.73	117.69	239.30	305.11	356.95	417.60	488.55	571.55

Weighted Average Cost Of Capital

Share price	$ 76.435
Beta	0.772
Diluted Shares Outstanding	26.62
Cost of Debt
Tax Rate	18.22
After-tax Cost of Debt	65.80%
Risk-Free Rate
Market Risk Premium
Cost of Equity	8.389
Total Debt	135.63
Total Equity	2,034.44
Total Capital	2,170.07
Debt Weighting	6.25
Equity Weighting	93.75
Wacc

Build Up Free Cash Flow

Year A/P	2018 Actual	2019 Actual	2020 Actual	2021 Actual	2022 Actual	2023 Projected	2024 Projected	2025 Projected	2026 Projected	2027 Projected
Revenue	580.25	717.64	1,052.30	991.94	1,025.50	1,199.74	1,403.57	1,642.03	1,921.01	2,247.39
Operating Cash Flow	122.94	211.41	469.59	124.16	242.73	315.43	369.02	431.71	505.06	590.87
Capital Expenditure	-7.21	-8.81	-8.85	-6.47	-3.43	-10.31	-12.07	-14.12	-16.51	-19.32
Free Cash Flow	115.73	202.59	460.73	117.69	239.30	305.11	356.95	417.60	488.55	571.55
WACC
PV LFCF						154.75	161.67	168.90	176.46	184.35
SUM PV LFCF										1,489.83

Terminal Value

Growth in perpetuity method:
Long-term growth rate
WACC (%)	11.98
Free cash flow (t + 1)	582.98
Terminal Value	5,841.49
Present Value of Terminal Value	3,317.58

Intrinsic Value

Enterprise Value	4,807.41
Net Debt	-37.61
Equity Value	4,845.02
Shares Outstanding	26.62
Equity Value Per Share	182.03