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.

Rewards

Revenue is forecast to grow 12.27% per year

Earnings grew by 9.9% over the past year

Risk Analysis

Earnings have declined by -11.62% per year over past 5 years

Shareholders have been diluted in the past year



Snowflake Analysis

Acceptable 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

0.4%

PJT

1.7%

US Capital Markets

1.5%

US Market


1 Year Return

13.0%

PJT

19.0%

US Capital Markets

20.1%

US Market

Return vs Industry: PJT underperformed the US Capital Markets industry which returned 19% over the past year.

Return vs Market: PJT underperformed the US Market which returned 20.1% over the past year.


Shareholder returns

PJTIndustryMarket
7 Day0.4%1.7%1.5%
30 Day10.9%0.5%1.4%
90 Day20.2%8.6%8.7%
1 Year13.5%13.0%21.4%19.0%22.7%20.1%
3 Year40.2%38.3%40.0%32.1%50.1%40.5%
5 Yearn/a83.6%66.5%73.1%54.1%

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?

41.64x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: Insufficient data to calculate PJT's fair value to establish if it is undervalued.

Significantly Below Fair Value: Insufficient data to calculate PJT's fair value to establish if it is undervalued.


Price To Earnings Ratio

PE vs Industry: PJT is poor value based on its PE Ratio (41.6x) compared to the Capital Markets industry average (36x).

PE vs Market: PJT is poor value based on its PE Ratio (41.6x) compared to the US market (18.4x).


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 (216x) compared to the US Capital Markets industry average (6.7x).


Next Steps

Future Growth

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

12.3%

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 (1.7%).

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 (12.3% per year) is forecast to grow faster than the US market (7.6% per year).

High Growth Revenue: PJT's revenue (12.3% 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?

-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 (4.1%) are lower than last year (4.6%).


Past Earnings Growth Analysis

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

Accelerating Growth: PJT's earnings growth over the past year (9.9%) exceeds its 5-year average (-11.6% per year).

Earnings vs Industry: PJT earnings growth over the past year (9.9%) exceeded the Capital Markets industry 8.4%.


Return on Equity

High ROE: PJT's Return on Equity (11.9%) 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?

0.39%

Current Dividend Yield


Upcoming Dividend Payment

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


Dividend Yield vs Market

company0.4%marketbottom25%1.4%markettop25%3.7%industryaverage1.9%forecastin3Years0.4%

Current dividend yield vs market & industry

Notable Dividend: PJT's dividend (0.39%) isn’t notable compared to the bottom 25% of dividend payers in the US market (1.44%).

High Dividend: PJT's dividend (0.39%) is low compared to the top 25% of dividend payers in the US market (3.69%).


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?

4.5yrs

Average management tenure


CEO

Paul Taubman (58yo)

4.3yrs

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 ($USD4.21M) is about average for companies of similar size in the US market ($USD3.76M).

Compensation vs Earnings: Paul's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Paul Taubman
Founding Partner4.3yrsUS$4.21m1.99% $40.8m
Ji-Yeun Lee
Managing Partner0yrsUS$5.03m0.32% $6.6m
Helen Meates
Chief Financial Officer4.3yrsUS$2.81m0.13% $2.7m
James Cuminale
General Counsel4.6yrsUS$2.54m0.21% $4.2m
Paige Costigan
Chief Operating Officer5.1yrsno datano data
Sharon Pearson
MD & Head of Investor & External Relations0yrsno datano data
Adam Schlesinger
Managing Director0yrsno datano data
Nick Tansley
MD of Strategic Advisory Group & Head of European Industrials0yrsno datano data
Karl Knapp
Partner & Head of Global Industrials in the Strategic Advisory Group0yrsno datano data
Mike Wilcox
Managing Director of Restructuring group0yrsno datano data

4.5yrs

Average Tenure

57.5yo

Average Age

Experienced Management: PJT's management team is considered experienced (4.5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Paul Taubman
Founding Partner4.3yrsUS$4.21m1.99% $40.8m
Kenneth Whitney
Independent Director4.3yrsUS$190.64k0.19% $3.9m
Thomas Ryan
Independent Director4.3yrsUS$175.03k0.064% $1.3m
Dennis Hersch
Lead Independent Director4.3yrsUS$138.56k0.099% $2.0m
Emily Rafferty
Independent Director4.3yrsUS$190.64k0.021% $431.1k
James Costos
Independent Director3yrsUS$208.88k0.011% $230.6k

4.3yrs

Average Tenure

63yo

Average Age

Experienced Board: PJT's board of directors are considered experienced (4.3 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 been diluted in the past year, with total shares outstanding growing by 9.7%.


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$2.048b
  • Market Cap: US$1.184b
  • 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, financial sponsors, institutional investors, and governments worldwide. It offers a range of financial advisory and transaction execution capability, including mergers and acquisitions, joint ventures, minority investments, asset swaps, divestitures, takeover defenses, corporate finance advisory, private placements, and distressed sales. The company also advices companies, creditors, and financial sponsors on recapitalizations, reorganizations, exchange offers, debt repurchases, capital raises, and distressed mergers and acquisitions. In addition, it offers private fund advisory and placement services for various investment strategies, including private equity, hedge fund, real estate, and secondary advisory groups. The company was formerly known as Blackstone Advisory Inc. and changed its name to PJT Partners Inc. in March 2015. PJT Partners Inc. was founded in 2014 and is headquartered in New York, New York. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/17 01:15
End of Day Share Price2020/02/14 00:00
Earnings2019/12/31
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.