NYSE:PJT

Stock Analysis Report

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Executive Summary

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

Rewards

Trading at 79.7% below our estimate of its fair value

Earnings grew by 208.5% over the past year

Risk Analysis

No risks detected for PJT from our risk checks.


Snowflake Analysis

Flawless balance sheet with solid track record.


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

-0.6%

PJT

-1.5%

US Capital Markets

-1.4%

US Market


1 Year Return

71.2%

PJT

8.9%

US Capital Markets

17.8%

US Market

Return vs Industry: PJT exceeded the US Capital Markets industry which returned 9.9% over the past year.

Return vs Market: PJT exceeded the US Market which returned 18.5% over the past year.


Shareholder returns

PJTIndustryMarket
7 Day-0.6%-1.5%-1.4%
30 Day16.9%5.7%4.7%
90 Day25.7%3.0%8.2%
1 Year71.9%71.2%11.6%8.9%20.5%17.8%
3 Year72.9%70.7%21.7%12.3%42.2%32.7%
5 Year223.2%215.5%68.7%47.6%83.4%62.7%

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%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PJT ($67.13) is trading below our estimate of fair value ($330.46)

Significantly Below Fair Value: PJT is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: PJT is poor value based on its PE Ratio (25.3x) compared to the US Capital Markets industry average (22.9x).

PE vs Market: PJT is poor value based on its PE Ratio (25.3x) compared to the US market (19x).


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 (12.9x) compared to the US Capital Markets industry average (4.8x).


Next Steps

Future Growth

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

8.5%

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 (2.2%).

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 (8.5% per year) is forecast to grow slower than the US market (10.1% per year).

High Growth Revenue: PJT's revenue (8.5% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PJT's Return on Equity is forecast to be very high in 3 years time (80.5%).


Next Steps

Past Performance

How has Partners performed over the past 5 years?

11.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PJT has high quality earnings.

Growing Profit Margin: PJT's current net profit margins (7.5%) are higher than last year (3.4%).


Past Earnings Growth Analysis

Earnings Trend: PJT's earnings have grown by 11.6% per year over the past 5 years.

Accelerating Growth: PJT's earnings growth over the past year (208.5%) exceeds its 5-year average (11.6% per year).

Earnings vs Industry: PJT earnings growth over the past year (208.5%) exceeded the Capital Markets industry 11.9%.


Return on Equity

High ROE: PJT's Return on Equity (19.4%) is considered low.


Next Steps

Financial Health

How is Partners's financial position?


Financial Position Analysis

Short Term Liabilities: PJT's short term assets ($294.5M) exceed its short term liabilities ($175.9M).

Long Term Liabilities: PJT's short term assets ($294.5M) exceed its long term liabilities ($185.2M).


Debt to Equity History and Analysis

Debt Level: PJT is debt free.

Reducing Debt: PJT had no debt 5 years ago.

Debt Coverage: PJT has no debt, therefore it does not need to be covered by operating cash flow.

Interest Coverage: PJT has no debt, therefore coverage of interest payments is not a concern.


Balance Sheet


Next Steps

Dividend

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

0.30%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: PJT's dividend (0.3%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.64%).

High Dividend: PJT's dividend (0.3%) is low compared to the top 25% of dividend payers in the US market (4.68%).


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

How experienced are the management team and are they aligned to shareholders interests?

5.0yrs

Average management tenure


CEO

Paul Taubman (59 yo)

5yrs

Tenure

US$1,015,000

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 ($USD1.02M) is below average for companies of similar size in the US market ($USD5.63M).

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


Leadership Team

NamePositionTenureCompensationOwnership
Paul Taubman
Founding Partner5yrsUS$1.02m1.91%
$ 51.4m
Ji-Yeun Lee
Managing Partnerno dataUS$4.32m0.44%
$ 11.8m
Helen Meates
Chief Financial Officer5yrsUS$2.63m0.19%
$ 5.1m
James Cuminale
General Counsel5.25yrsUS$2.23m0.19%
$ 5.2m
Paige Costigan
Chief Operating Officer5.75yrsno datano data
Sharon Pearson
MD & Head of Investor & External Relationsno datano datano data
Adam Schlesinger
Managing Directorno datano datano data
Nick Tansley
MD of Strategic Advisory Group & Head of European Industrialsno datano datano data
Karl Knapp
Partner & Head of Global Industrials in the Strategic Advisory Groupno datano datano data
Mike Wilcox
Managing Director of Restructuring groupno datano datano data
Antonin Baladi
Head of European Technology1.08yrsno datano data
Salvatore Rappa
MD, Corporate Counsel & Corporate Secretaryno datano datano data

5.0yrs

Average Tenure

58yo

Average Age

Experienced Management: PJT's management team is seasoned and experienced (5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Paul Taubman
Founding Partner5yrsUS$1.02m1.91%
$ 51.4m
Kenneth Whitney
Independent Director5yrsUS$164.09k0.18%
$ 4.9m
Thomas Ryan
Independent Director5yrsUS$175.01k0.062%
$ 1.7m
Dennis Hersch
Lead Independent Director5yrsUS$164.09k0.095%
$ 2.6m
Grace Skaugen
Independent Director0.25yrno datano data
Emily Rafferty
Independent Director5yrsUS$164.09k0.020%
$ 543.2k
James Costos
Independent Director3.67yrsUS$164.09k0.011%
$ 290.5k

5.0yrs

Average Tenure

67yo

Average Age

Experienced Board: PJT's board of directors are considered experienced (5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

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


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

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$2.685b
  • Market Cap: US$1.613b
  • Shares outstanding: 40.07m
  • 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 and shareholder advisory, restructuring and special situations, and private fund advisory and fundraising services to corporations, financi ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/22 01:11
End of Day Share Price2020/10/21 00:00
Earnings2020/06/30
Annual Earnings2019/12/31


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.