Intrinsic value of PJT Partners - PJT

Previous Close

$43.64

  Intrinsic Value

$71.01

stock screener

  Rating & Target

str. buy

+63%

Previous close

$43.64

 
Intrinsic value

$71.01

 
Up/down potential

+63%

 
Rating

str. buy

Our model is not good at valuating stocks of financial companies, such as PJT.

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of PJT stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  22.91
  22.50
  20.75
  19.18
  17.76
  16.48
  15.33
  14.30
  13.37
  12.53
  11.78
  11.10
  10.49
  9.94
  9.45
  9.00
  8.60
  8.24
  7.92
  7.63
  7.36
  7.13
  6.91
  6.72
  6.55
  6.40
  6.26
  6.13
  6.02
  5.92
  5.82
Revenue, $m
  499
  611
  738
  880
  1,036
  1,207
  1,392
  1,591
  1,803
  2,029
  2,268
  2,520
  2,785
  3,061
  3,351
  3,652
  3,967
  4,293
  4,633
  4,987
  5,354
  5,736
  6,132
  6,545
  6,973
  7,419
  7,883
  8,367
  8,870
  9,395
  9,942
Variable operating expenses, $m
 
  366
  440
  523
  615
  715
  823
  940
  1,065
  1,198
  1,338
  1,478
  1,633
  1,796
  1,965
  2,142
  2,327
  2,518
  2,718
  2,925
  3,141
  3,364
  3,597
  3,839
  4,090
  4,352
  4,624
  4,908
  5,203
  5,511
  5,832
Fixed operating expenses, $m
 
  168
  172
  177
  181
  186
  190
  195
  200
  205
  210
  215
  221
  226
  232
  238
  243
  250
  256
  262
  269
  275
  282
  289
  297
  304
  312
  319
  327
  336
  344
Total operating expenses, $m
  460
  534
  612
  700
  796
  901
  1,013
  1,135
  1,265
  1,403
  1,548
  1,693
  1,854
  2,022
  2,197
  2,380
  2,570
  2,768
  2,974
  3,187
  3,410
  3,639
  3,879
  4,128
  4,387
  4,656
  4,936
  5,227
  5,530
  5,847
  6,176
Operating income, $m
  39
  77
  126
  180
  240
  306
  378
  455
  538
  627
  721
  827
  931
  1,040
  1,154
  1,272
  1,396
  1,525
  1,660
  1,800
  1,945
  2,096
  2,253
  2,416
  2,586
  2,763
  2,948
  3,140
  3,340
  3,549
  3,766
EBITDA, $m
  53
  92
  142
  198
  260
  328
  402
  482
  567
  658
  755
  857
  964
  1,076
  1,193
  1,316
  1,443
  1,576
  1,715
  1,859
  2,008
  2,164
  2,326
  2,494
  2,669
  2,851
  3,041
  3,239
  3,445
  3,660
  3,884
Interest expense (income), $m
  0
  0
  -4
  -1
  3
  8
  12
  18
  23
  29
  35
  42
  49
  56
  64
  72
  80
  89
  98
  107
  117
  127
  138
  149
  160
  172
  184
  197
  210
  224
  239
Earnings before tax, $m
  15
  77
  130
  180
  237
  298
  366
  438
  515
  598
  685
  785
  882
  984
  1,090
  1,201
  1,316
  1,437
  1,562
  1,692
  1,828
  1,969
  2,115
  2,268
  2,426
  2,591
  2,763
  2,943
  3,129
  3,324
  3,528
Tax expense, $m
  10
  21
  35
  49
  64
  81
  99
  118
  139
  161
  185
  212
  238
  266
  294
  324
  355
  388
  422
  457
  494
  532
  571
  612
  655
  700
  746
  794
  845
  898
  952
Net income, $m
  -3
  57
  95
  132
  173
  218
  267
  320
  376
  437
  500
  573
  644
  718
  796
  877
  961
  1,049
  1,140
  1,235
  1,334
  1,437
  1,544
  1,655
  1,771
  1,892
  2,017
  2,148
  2,284
  2,427
  2,575

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  152
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  590
  537
  648
  772
  909
  1,059
  1,222
  1,396
  1,583
  1,782
  1,991
  2,213
  2,445
  2,688
  2,942
  3,207
  3,482
  3,770
  4,068
  4,378
  4,701
  5,036
  5,384
  5,746
  6,122
  6,514
  6,921
  7,346
  7,788
  8,248
  8,729
Adjusted assets (=assets-cash), $m
  438
  537
  648
  772
  909
  1,059
  1,222
  1,396
  1,583
  1,782
  1,991
  2,213
  2,445
  2,688
  2,942
  3,207
  3,482
  3,770
  4,068
  4,378
  4,701
  5,036
  5,384
  5,746
  6,122
  6,514
  6,921
  7,346
  7,788
  8,248
  8,729
Revenue / Adjusted assets
  1.139
  1.138
  1.139
  1.140
  1.140
  1.140
  1.139
  1.140
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
  1.139
Average production assets, $m
  54
  66
  80
  95
  112
  130
  150
  172
  195
  219
  245
  272
  301
  331
  362
  394
  428
  464
  500
  539
  578
  619
  662
  707
  753
  801
  851
  904
  958
  1,015
  1,074
Working capital, $m
  0
  -186
  -225
  -268
  -316
  -368
  -424
  -485
  -550
  -619
  -692
  -769
  -849
  -934
  -1,022
  -1,114
  -1,210
  -1,310
  -1,413
  -1,521
  -1,633
  -1,749
  -1,870
  -1,996
  -2,127
  -2,263
  -2,404
  -2,552
  -2,705
  -2,865
  -3,032
Total debt, $m
  0
  -116
  -16
  96
  219
  354
  501
  658
  826
  1,004
  1,193
  1,392
  1,601
  1,820
  2,049
  2,287
  2,535
  2,794
  3,062
  3,341
  3,632
  3,933
  4,247
  4,572
  4,911
  5,263
  5,630
  6,012
  6,410
  6,825
  7,257
Total liabilities, $m
  599
  483
  583
  695
  818
  953
  1,100
  1,257
  1,425
  1,603
  1,792
  1,991
  2,200
  2,419
  2,648
  2,886
  3,134
  3,393
  3,661
  3,940
  4,231
  4,532
  4,846
  5,171
  5,510
  5,862
  6,229
  6,611
  7,009
  7,424
  7,856
Total equity, $m
  -9
  54
  65
  77
  91
  106
  122
  140
  158
  178
  199
  221
  244
  269
  294
  321
  348
  377
  407
  438
  470
  504
  538
  575
  612
  651
  692
  735
  779
  825
  873
Total liabilities and equity, $m
  590
  537
  648
  772
  909
  1,059
  1,222
  1,397
  1,583
  1,781
  1,991
  2,212
  2,444
  2,688
  2,942
  3,207
  3,482
  3,770
  4,068
  4,378
  4,701
  5,036
  5,384
  5,746
  6,122
  6,513
  6,921
  7,346
  7,788
  8,249
  8,729
Debt-to-equity ratio
  0.000
  -2.160
  -0.240
  1.240
  2.410
  3.350
  4.100
  4.710
  5.220
  5.640
  5.990
  6.290
  6.550
  6.770
  6.960
  7.130
  7.280
  7.410
  7.530
  7.630
  7.730
  7.810
  7.890
  7.960
  8.020
  8.080
  8.130
  8.180
  8.230
  8.270
  8.310
Adjusted equity ratio
  -0.368
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100
  0.100

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -3
  57
  95
  132
  173
  218
  267
  320
  376
  437
  500
  573
  644
  718
  796
  877
  961
  1,049
  1,140
  1,235
  1,334
  1,437
  1,544
  1,655
  1,771
  1,892
  2,017
  2,148
  2,284
  2,427
  2,575
Depreciation, amort., depletion, $m
  14
  14
  16
  18
  19
  22
  24
  26
  29
  31
  34
  30
  33
  36
  40
  43
  47
  51
  55
  59
  64
  68
  73
  78
  83
  88
  94
  99
  105
  112
  118
Funds from operations, $m
  119
  71
  111
  149
  192
  239
  291
  346
  405
  468
  535
  603
  677
  754
  835
  920
  1,008
  1,100
  1,195
  1,295
  1,398
  1,505
  1,617
  1,733
  1,854
  1,980
  2,111
  2,247
  2,390
  2,538
  2,693
Change in working capital, $m
  2
  -34
  -39
  -43
  -48
  -52
  -56
  -61
  -65
  -69
  -73
  -77
  -81
  -84
  -88
  -92
  -96
  -100
  -104
  -108
  -112
  -116
  -121
  -126
  -131
  -136
  -142
  -147
  -154
  -160
  -167
Cash from operations, $m
  117
  105
  149
  193
  240
  291
  347
  406
  470
  537
  607
  680
  757
  839
  924
  1,012
  1,104
  1,200
  1,299
  1,402
  1,510
  1,622
  1,738
  1,859
  1,985
  2,116
  2,252
  2,395
  2,543
  2,698
  2,860
Maintenance CAPEX, $m
  0
  -6
  -7
  -9
  -10
  -12
  -14
  -17
  -19
  -21
  -24
  -27
  -30
  -33
  -36
  -40
  -43
  -47
  -51
  -55
  -59
  -64
  -68
  -73
  -78
  -83
  -88
  -94
  -99
  -105
  -112
New CAPEX, $m
  -13
  -12
  -14
  -15
  -17
  -18
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -35
  -37
  -38
  -40
  -41
  -43
  -45
  -46
  -48
  -50
  -52
  -54
  -57
  -59
Cash from investing activities, $m
  -12
  -18
  -21
  -24
  -27
  -30
  -34
  -38
  -42
  -45
  -50
  -54
  -59
  -63
  -67
  -73
  -77
  -82
  -88
  -93
  -99
  -105
  -111
  -118
  -124
  -131
  -138
  -146
  -153
  -162
  -171
Free cash flow, $m
  105
  87
  128
  168
  213
  261
  313
  368
  428
  491
  558
  626
  699
  776
  856
  940
  1,027
  1,117
  1,211
  1,309
  1,411
  1,517
  1,627
  1,742
  1,861
  1,985
  2,114
  2,249
  2,390
  2,536
  2,689
Issuance/(repayment) of debt, $m
  0
  -116
  100
  112
  123
  135
  146
  157
  168
  179
  189
  199
  209
  219
  229
  238
  248
  258
  269
  279
  290
  302
  313
  326
  339
  352
  367
  382
  398
  415
  432
Issuance/(repurchase) of shares, $m
  0
  158
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -29
  42
  100
  112
  123
  135
  146
  157
  168
  179
  189
  199
  209
  219
  229
  238
  248
  258
  269
  279
  290
  302
  313
  326
  339
  352
  367
  382
  398
  415
  432
Total cash flow (excl. dividends), $m
  74
  129
  229
  280
  336
  396
  459
  526
  596
  670
  746
  825
  908
  995
  1,085
  1,178
  1,275
  1,375
  1,480
  1,588
  1,701
  1,818
  1,940
  2,067
  2,200
  2,337
  2,481
  2,631
  2,787
  2,951
  3,122
Retained Cash Flow (-), $m
  -102
  -215
  -11
  -12
  -14
  -15
  -16
  -17
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -28
  -29
  -30
  -31
  -32
  -34
  -35
  -36
  -38
  -39
  -41
  -42
  -44
  -46
  -48
Prev. year cash balance distribution, $m
 
  152
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  67
  217
  268
  322
  381
  443
  508
  577
  650
  725
  802
  885
  970
  1,059
  1,151
  1,247
  1,347
  1,450
  1,557
  1,669
  1,785
  1,906
  2,031
  2,162
  2,298
  2,440
  2,588
  2,743
  2,905
  3,074
Discount rate, %
 
  5.90
  6.20
  6.50
  6.83
  7.17
  7.53
  7.91
  8.30
  8.72
  9.15
  9.61
  10.09
  10.60
  11.13
  11.68
  12.27
  12.88
  13.52
  14.20
  14.91
  15.65
  16.44
  17.26
  18.12
  19.03
  19.98
  20.98
  22.03
  23.13
  24.29
PV of cash for distribution, $m
 
  63
  193
  222
  247
  269
  286
  298
  305
  306
  302
  292
  279
  262
  242
  220
  196
  172
  148
  125
  104
  84
  67
  52
  40
  30
  21
  15
  10
  7
  5
Current shareholders' claim on cash, %
  100
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0
  50.0

PJT Partners Inc. is an advisory-focused investment bank. The Company offers an array of strategic advisory, restructuring and special situations and private fund advisory and placement services to corporations, financial sponsors, institutional investors and governments. It provides, through Park Hill Group, private fund advisory and placement services for alternative investment managers, including private equity funds, real estate funds and hedge funds. Its advisory business 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. Its Restructuring and Special Situations Group's services include advising companies, creditors and financial sponsors on recapitalizations, reorganizations, exchange offers, debt repurchases, capital raises, and distressed mergers and acquisitions.

FINANCIAL RATIOS  of  PJT Partners (PJT)

Valuation Ratios
P/E Ratio -261.8
Price to Sales 1.6
Price to Book -87.3
Price to Tangible Book
Price to Cash Flow 6.7
Price to Free Cash Flow 7.6
Growth Rates
Sales Growth Rate 22.9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -62.9%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets -0.6%
Ret/ On Assets - 3 Yr. Avg. 0.9%
Return On Total Capital 5%
Ret/ On T. Cap. - 3 Yr. Avg. 4.5%
Return On Equity 5%
Return On Equity - 3 Yr. Avg. 4.5%
Asset Turnover 0.9
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 5.8%
EBITDA Margin - 3 Yr. Avg. 4%
Operating Margin 7.8%
Oper. Margin - 3 Yr. Avg. 4.3%
Pre-Tax Margin 3%
Pre-Tax Margin - 3 Yr. Avg. 1.2%
Net Profit Margin -0.6%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 66.7%
Eff/ Tax Rate - 3 Yr. Avg. 38.9%
Payout Ratio -133.3%

PJT stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PJT stock intrinsic value calculation we used $499 million for the last fiscal year's total revenue generated by PJT Partners. The default revenue input number comes from 2016 income statement of PJT Partners. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PJT stock valuation model: a) initial revenue growth rate of 22.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.9%, whose default value for PJT is calculated based on our internal credit rating of PJT Partners, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of PJT Partners.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PJT stock the variable cost ratio is equal to 60.1%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $164 million in the base year in the intrinsic value calculation for PJT stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for PJT Partners.

Corporate tax rate of 27% is the nominal tax rate for PJT Partners. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PJT stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PJT are equal to 10.8%.

Life of production assets of 9.1 years is the average useful life of capital assets used in PJT Partners operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PJT is equal to -30.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $-9 million for PJT Partners - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 34.284 million for PJT Partners is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of PJT Partners at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ Should You Sell PJT Partners Inc (PJT) At This PE Ratio?   [Dec-01-17 07:50AM  Simply Wall St.]
▶ PJT Partners posts 3Q profit   [Oct-31-17 09:03AM  Associated Press]
▶ Should You Buy Partner Jet Corp (TSXV:PJT) At $0.26?   [Oct-05-17 03:00PM  Simply Wall St.]
▶ MOVES-Morgan Stanley's Antakly moves to PJT   [Oct-04-17 09:17AM  Reuters]
▶ [$$] PJT Cleared In Caspersen Stock Drop Lawsuit   [Sep-12-17 05:41PM  The Wall Street Journal]
▶ [$$] Bon-Ton Stores Hires Restructuring Adviser to Explore Turnaround   [Sep-07-17 02:46PM  The Wall Street Journal]
▶ PJT Partners posts 2Q profit   [Aug-02-17 10:06PM  Associated Press]
▶ PJT Partners posts 2Q profit   [07:01AM  Associated Press]
▶ PJT's Coleman Says Puerto Rico Board Is Breaking the Law   [Jun-28-17 03:09PM  Bloomberg Video]
▶ ETFs with exposure to PJT Partners, Inc. : June 6, 2017   [Jun-06-17 11:47AM  Capital Cube]
▶ ETFs with exposure to PJT Partners, Inc. : May 26, 2017   [May-26-17 01:22PM  Capital Cube]
▶ ETFs with exposure to PJT Partners, Inc. : May 15, 2017   [May-15-17 04:22PM  Capital Cube]
▶ PJT Partners posts 1Q profit   [May-02-17 07:27AM  Associated Press]
▶ ETFs with exposure to PJT Partners, Inc. : April 26, 2017   [Apr-26-17 03:31PM  Capital Cube]
▶ Weekly CEO Buys Highlights   [Mar-27-17 12:11PM  GuruFocus.com]
▶ PJT Partners posts 4Q profit   [08:36AM  Associated Press]
▶ Here is What Hedge Funds Think About PJT Partners Inc (PJT)   [Dec-11-16 05:45AM  at Insider Monkey]
▶ [$$] Brazil's Telecom Oi Hires Laplace as Financial Adviser   [Nov-22-16 08:49AM  at The Wall Street Journal]
Financial statements of PJT
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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