Discounted Cash Flow (DCF) Analysis Unlevered
PJT Partners Inc. (PJT)
$75.87
+1.86 (+2.51%)
All numbers are in Millions, Currency in USD
Operating Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 499.28 | 580.25 | 717.64 | 1,052.30 | 991.94 | 1,192.30 | 1,433.12 | 1,722.59 | 2,070.52 | 2,488.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue (%) | ||||||||||
| EBITDA | 13.97 | 36.10 | 80.77 | 189.44 | 170.59 | 132.28 | 159 | 191.12 | 229.72 | 276.12 |
| EBITDA (%) | ||||||||||
| EBIT | 5.83 | 26.12 | 47.96 | 153.08 | 135.66 | 96.76 | 116.30 | 139.79 | 168.03 | 201.97 |
| EBIT (%) | ||||||||||
| Depreciation | 8.14 | 9.97 | 32.81 | 36.36 | 34.93 | 35.52 | 42.70 | 51.32 | 61.69 | 74.15 |
| Depreciation (%) |
Balance Sheet Data
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Total Cash | 145.62 | 106.11 | 215.95 | 299.51 | 262.88 | 315.98 | 379.80 | 456.52 | 548.72 | 659.56 |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Cash (%) | ||||||||||
| Account Receivables | 112.69 | 139.87 | 227.52 | 233.17 | 289.27 | 309.28 | 371.75 | 446.83 | 537.08 | 645.56 |
| Account Receivables (%) | ||||||||||
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Inventories (%) | ||||||||||
| Accounts Payable | 16.87 | 24.66 | 24.77 | 25.94 | 33.59 | 40.38 | 48.53 | 58.33 | 70.12 | 84.28 |
| Accounts Payable (%) | ||||||||||
| Capital Expenditure | -1.06 | -7.21 | -8.81 | -8.85 | -8.74 | -10.50 | -12.62 | -15.17 | -18.24 | -21.92 |
| Capital Expenditure (%) |
Weighted Average Cost Of Capital
| Share price | $ 75.87 |
|---|---|
| Beta | 0.764 |
| 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 | 7.247 |
| Total Debt | - |
| Total Equity | 1,841.19 |
| Total Capital | 1,841.19 |
| Debt Weighting | 0.00 |
| Equity Weighting | 100.00 |
| Wacc |
Build Up Free Cash
Year A/P | 2017 Actual | 2018 Actual | 2019 Actual | 2020 Actual | 2021 Actual | 2022 Projected | 2023 Projected | 2024 Projected | 2025 Projected | 2026 Projected |
| Revenue | 499.28 | 580.25 | 717.64 | 1,052.30 | 991.94 | 1,192.30 | 1,433.12 | 1,722.59 | 2,070.52 | 2,488.72 |
|---|---|---|---|---|---|---|---|---|---|---|
| EBITDA | 13.97 | 36.10 | 80.77 | 189.44 | 170.59 | 132.28 | 159 | 191.12 | 229.72 | 276.12 |
| EBIT | 5.83 | 26.12 | 47.96 | 153.08 | 135.66 | 96.76 | 116.30 | 139.79 | 168.03 | 201.97 |
| Tax Rate | 423.79% | 34.55% | 64.03% | 52.59% | 51.62% | 125.32% | 125.32% | 125.32% | 125.32% | 125.32% |
| EBIAT | -18.86 | 17.10 | 17.25 | 72.57 | 65.63 | -24.50 | -29.45 | -35.39 | -42.54 | -51.13 |
| Depreciation | 8.14 | 9.97 | 32.81 | 36.36 | 34.93 | 35.52 | 42.70 | 51.32 | 61.69 | 74.15 |
| Accounts Receivable | - | -27.18 | -87.65 | -5.65 | -56.10 | -20.01 | -62.47 | -75.09 | -90.25 | -108.48 |
| Inventories | - | - | - | - | - | - | - | - | - | - |
| Accounts Payable | - | 7.78 | 0.11 | 1.18 | 7.65 | 6.78 | 8.16 | 9.80 | 11.78 | 14.16 |
| Capital Expenditure | -1.06 | -7.21 | -8.81 | -8.85 | -8.74 | -10.50 | -12.62 | -15.17 | -18.24 | -21.92 |
| UFCF | -11.78 | 0.47 | -46.29 | 95.60 | 43.36 | -12.70 | -53.68 | -64.53 | -77.56 | -93.23 |
| WACC | ||||||||||
| PV UFCF | -11.84 | -46.67 | -52.31 | -58.62 | -65.70 | |||||
| SUM PV UFCF | -235.14 |
Terminal Value
| Growth in perpetuity method: | |
|---|---|
| Long-term growth rate | |
| WACC (%) | 7.25 |
| Free cash flow (t + 1) | -95.09 |
| Terminal Value | -1,811.24 |
| Present Value of Terminal Value | -1,276.41 |
Intrinsic Value
| Enterprise Value | -1,511.54 |
|---|---|
| Net Debt | - |
| Equity Value | -1,511.54 |
| Shares Outstanding | 24.27 |
| Equity Value Per Share | -62.29 |