NYSE:PJT

Stock Analysis Report

Executive Summary

PJT Partners Inc., an investment bank, provides various strategic advisory, shareholder engagement, restructuring and special situations, and private fund advisory and placement services to corporations, financial sponsors, institutional investors, and governments worldwide.

Snowflake

Fundamentals

Questionable track record with concerning outlook.


Similar Companies

Share Price & News

How has Partners's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PJT has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-1.0%

PJT

1.0%

US Capital Markets

0.7%

US Market


1 Year Return

-8.4%

PJT

8.6%

US Capital Markets

13.7%

US Market

Return vs Industry: PJT underperformed the US Capital Markets industry which returned 8.6% over the past year.

Return vs Market: PJT underperformed the US Market which returned 13.7% over the past year.


Shareholder returns

PJTIndustryMarket
7 Day-1.0%1.0%0.7%
30 Day4.8%5.5%4.7%
90 Day0.7%7.4%6.1%
1 Year-8.0%-8.4%11.0%8.6%16.2%13.7%
3 Year42.4%40.4%42.6%34.5%48.8%39.2%
5 Yearn/a76.2%59.9%62.5%44.5%

Price Volatility Vs. Market

How volatile is Partners's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Partners undervalued compared to its fair value and its price relative to the market?

50.12x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: PJT ($42.15) is trading above our estimate of fair value ($1.19)

Significantly Below Fair Value: PJT is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: PJT is poor value based on its PE Ratio (50.1x) compared to the Capital Markets industry average (37.8x).

PE vs Market: PJT is poor value based on its PE Ratio (50.1x) compared to the US market (18.2x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate PJT's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: PJT is overvalued based on its PB Ratio (177.6x) compared to the US Capital Markets industry average (6.4x).


Next Steps

Future Growth

How is Partners forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

12.7%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if PJT's forecast earnings growth is above the savings rate (2.7%).

Earnings vs Market: Insufficient data to determine if PJT's earnings are forecast to grow faster than the US market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: PJT's revenue (12.7% per year) is forecast to grow faster than the US market (7.3% per year).

High Growth Revenue: PJT's revenue (12.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if PJT's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Partners performed over the past 5 years?

-20.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PJT has high quality earnings.

Growing Profit Margin: PJT's current net profit margins (3.1%) are higher than last year (-3%).


Past Earnings Growth Analysis

Earnings Trend: PJT's earnings have declined by -20.2% per year over the past 5 years.

Accelerating Growth: PJT has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: PJT has become profitable in the last year, making it difficult to compare its past year earnings growth to the Capital Markets industry (20.7%).


Return on Equity

High ROE: PJT's Return on Equity (7.2%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is Partners's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: PJT has a low level of unsold assets or inventory.

Debt Coverage by Assets: PJT's debt is covered by short term assets (assets are 11.6x debt).


Financial Institutions Analysis

Asset Level: PJT's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if PJT has a sufficient allowance for bad loans.

Low Risk Liabilities: PJT reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if PJT has an acceptable proportion of non-loan assets held.

Low Risk Deposits: PJT has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if PJT has an appropriate level of bad loans.


Next Steps

Dividend

What is Partners's current dividend yield, its reliability and sustainability?

0.47%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Partners before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company0.5%marketbottom25%1.4%markettop25%3.6%industryaverage2.0%forecastin3Years0.5%

Current dividend yield vs market & industry

Notable Dividend: PJT's dividend (0.47%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.42%).

High Dividend: PJT's dividend (0.47%) is low compared to the top 25% of dividend payers in the US market (3.65%).


Stability and Growth of Payments

Stable Dividend: PJT is not paying a notable dividend for the US market, therefore no need to check if payments are stable.

Growing Dividend: PJT is not paying a notable dividend for the US market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: PJT is not paying a notable dividend for the US market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of PJT's dividend in 3 years as they are not forecast to pay a notable one for the US market.


Next Steps

Management

What is the CEO of Partners's salary, the management and board of directors tenure and is there insider trading?

4.2yrs

Average management tenure


CEO

Paul Taubman (58yo)

4.1yrs

Tenure

US$4,213,000

Compensation

Mr. Paul Jeffrey Taubman is the Founder, Chairman and Chief Executive Officer of PJT Partners Inc. ("PJT Partners"). Prior to founding PJT Partners, Mr. Taubman spent years at Morgan Stanley serving in a s ...


CEO Compensation Analysis

Compensation vs Market: Paul's total compensation ($USD4.21M) is about average for companies of similar size in the US market ($USD3.92M).

Compensation vs Earnings: Paul's compensation has been consistent with company performance over the past year.


Management Age and Tenure

4.2yrs

Average Tenure

57.5yo

Average Age

Experienced Management: PJT's management team is considered experienced (4.2 years average tenure).


Board Age and Tenure

4.1yrs

Average Tenure

63yo

Average Age

Experienced Board: PJT's board of directors are considered experienced (4.1 years average tenure).


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

BuyUS$202,90018 Mar 19
Paul Taubman
EntityIndividual
Role
Chief Executive Officer
Founding Partner
Shares5,000
Max PriceUS$40.58
SellUS$181,15711 Mar 19
James Cuminale
EntityIndividual
Role
Chief Legal Officer
General Counsel
Shares4,462
Max PriceUS$40.60
BuyUS$171,67208 Mar 19
Paul Taubman
EntityIndividual
Role
Chief Executive Officer
Founding Partner
Shares4,000
Max PriceUS$43.49

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 14.9%.


Management Team

  • Jim Cuminale (66yo)

    General Counsel

    • Tenure: 4.3yrs
    • Compensation: US$2.54m
  • Paul Taubman (58yo)

    Founding Partner

    • Tenure: 4.1yrs
    • Compensation: US$4.21m
  • Adam Schlesinger

    Managing Director

    • Tenure: 0yrs
  • Nick Tansley

    MD of Strategic Advisory Group & Head of European Industrials

    • Tenure: 0yrs
  • Mike Wilcox

    Managing Director of Restructuring group

    • Tenure: 0yrs
  • Karl Knapp

    Partner & Head of Global Industrials in the Strategic Advisory Group

    • Tenure: 0yrs
  • Helen Meates (57yo)

    Chief Financial Officer

    • Tenure: 4.1yrs
    • Compensation: US$2.81m
  • Ji-Yeun Lee (52yo)

    Managing Partner

    • Tenure: 0yrs
    • Compensation: US$5.03m
  • Sharon Pearson

    MD & Head of Investor & External Relations

    • Tenure: 0yrs
  • Paige Costigan

    Chief Operating Officer

    • Tenure: 4.8yrs

Board Members

  • Kenneth Whitney (60yo)

    Independent Director

    • Tenure: 4.1yrs
    • Compensation: US$190.64k
  • Tom Ryan (66yo)

    Independent Director

    • Tenure: 4.1yrs
    • Compensation: US$175.03k
  • Dennis Hersch (71yo)

    Lead Independent Director

    • Tenure: 4.1yrs
    • Compensation: US$138.56k
  • Paul Taubman (58yo)

    Founding Partner

    • Tenure: 4.1yrs
    • Compensation: US$4.21m
  • Emily Rafferty (72yo)

    Independent Director

    • Tenure: 4.1yrs
    • Compensation: US$190.64k
  • James Costos (56yo)

    Independent Director

    • Tenure: 2.8yrs
    • Compensation: US$208.88k

Company Information

PJT Partners Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: PJT Partners Inc.
  • Ticker: PJT
  • Exchange: NYSE
  • Founded: 2014
  • Industry: Investment Banking and Brokerage
  • Sector: Diversified Financials
  • Implied Market Cap: US$1.683b
  • Market Cap: US$973.084m
  • Shares outstanding: 39.94m
  • Website: https://www.pjtpartners.com

Number of Employees


Location

  • PJT Partners Inc.
  • 280 Park Avenue
  • New York
  • New York
  • 10017
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PJTNYSE (New York Stock Exchange)YesClass A Common StockUSUSDSep 2015
1PJDB (Deutsche Boerse AG)YesClass A Common StockDEEURSep 2015
0KECLSE (London Stock Exchange)YesClass A Common StockGBUSDSep 2015

Biography

PJT Partners Inc., an investment bank, provides various strategic advisory, shareholder engagement, restructuring and special situations, and private fund advisory and placement services to corporations, f ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/11/18 00:45
End of Day Share Price2019/11/15 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.