Discounted Cash Flow (DCF) Analysis Unlevered

PJT Partners Inc. (PJT)

$75.87

+1.86 (+2.51%)
All numbers are in Millions, Currency in USD
Stock DCF: -62.29 | 75.87 | overvalue

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 499.28580.25717.641,052.30991.941,192.301,433.121,722.592,070.522,488.72
Revenue (%)
EBITDA 13.9736.1080.77189.44170.59132.28159191.12229.72276.12
EBITDA (%)
EBIT 5.8326.1247.96153.08135.6696.76116.30139.79168.03201.97
EBIT (%)
Depreciation 8.149.9732.8136.3634.9335.5242.7051.3261.6974.15
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 145.62106.11215.95299.51262.88315.98379.80456.52548.72659.56
Total Cash (%)
Account Receivables 112.69139.87227.52233.17289.27309.28371.75446.83537.08645.56
Account Receivables (%)
Inventories ----------
Inventories (%)
Accounts Payable 16.8724.6624.7725.9433.5940.3848.5358.3370.1284.28
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 499.28580.25717.641,052.30991.941,192.301,433.121,722.592,070.522,488.72
EBITDA 13.9736.1080.77189.44170.59132.28159191.12229.72276.12
EBIT 5.8326.1247.96153.08135.6696.76116.30139.79168.03201.97
Tax Rate 423.79%34.55%64.03%52.59%51.62%125.32%125.32%125.32%125.32%125.32%
EBIAT -18.8617.1017.2572.5765.63-24.50-29.45-35.39-42.54-51.13
Depreciation 8.149.9732.8136.3634.9335.5242.7051.3261.6974.15
Accounts Receivable --27.18-87.65-5.65-56.10-20.01-62.47-75.09-90.25-108.48
Inventories ----------
Accounts Payable -7.780.111.187.656.788.169.8011.7814.16
Capital Expenditure -1.06-7.21-8.81-8.85-8.74-10.50-12.62-15.17-18.24-21.92
UFCF -11.780.47-46.2995.6043.36-12.70-53.68-64.53-77.56-93.23
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