PJT Partners Inc Dossier
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SectorFinancials IndustryCapital Markets Beta (adjusted)0.90 Intrinsic Value $164.34median of 6 methods · middle span $97-$180based on filings through 30 Jun 2026 Market Price $140.30Price as of 1 Oct 2026 UndervaluedIntrinsic value is 17% above the market price −50% · IV below pricenear fair value ±15%IV above price · +50% Data confidence Sign in to view data confidence Market Cap $6B Enterprise Value $5.7B Shares Outstanding 42.6M diluted Moat Rating None Next Earnings Date3 Nov 2026 Last ex-dividend2 Sep 2026 All prices and values are periodic snapshots, not live quotes. Source dates are shown for reference. ThesisStreet consensus, scenarios, merits, risks, and invalidation triggers Thesis Summary PJT Partners Inc. continues to demonstrate robust financial performance, highlighted by record first-quarter 2026 revenues of $418.2 million (up 29% year-over-year) and strong momentum across its Strategic Advisory, Restructuring, and Park Hill businesses. The firm's capital-light, advisory-focused model allows it to maintain a debt-free balance sheet and return substantial capital to shareholders, as evidenced by its newly authorized $800 million share repurchase program. However, the stock's valuation is currently trading near its fair value, reflecting much of the near-term optimism. While elevated restructuring activity and a recovery in M&A provide solid tailwinds, potential macroeconomic headwinds, transaction delays, and intense competition for senior advisory talent limit significant near-term price upside, justifying a Hold recommendation. This section is the 12-month view: analyst targets and the probability-weighted scenarios built from them. The intrinsic value at the top of this page answers a different question: what the business is worth today. Street view · analyst 12-month targets Low · most bearish analyst$171.00 Mean target$187.80 High · most bullish analyst$203.00 Our research · scenarios, merits, risks, and invalidation triggersResearch as of 18 Sep 2026 Scenarios · 12-month scenario targets Bear CaseDownside scenario $171.00 A prolonged macroeconomic slowdown or recessionary fears cause corporate boards to postpone transactions, severely impacting M&A advisory volumes. At the same time, intense competition for top-tier banking talent keeps compensation ratios elevated, squeezing operating margins. Restructuring activity fails to offset the decline in strategic advisory, leading to an earnings miss and multiple contraction. Base CaseCentral scenario $187.80 Matches the consensus meanPJT Partners maintains steady growth with a gradual recovery in strategic advisory and stable restructuring revenues. The firm continues to execute its capital return strategy, utilizing its strong cash position and lack of funded debt to buy back shares. Operating margins remain stable around 19% to 20%, and the firm achieves a consensus-aligned EPS growth trajectory. Bull CaseUpside scenario $203.00 A rapid acceleration in global M&A volumes combined with sustained high restructuring activity drives advisory fees significantly above consensus. Strong fundraising trends in the Park Hill business, particularly in private equity and private capital solutions, further boost placement fees. Operating leverage improves as revenue growth outpaces compensation expenses, leading to expanded operating margins and accelerated share repurchases under the $800 million authorization. Scenarios are anchored to street consensus at the research date, with our probabilities and rationale. Key Investment Merits
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All scenarios are estimates and subject to change. Past performance is not indicative of future results. Quality Pillars MembersThis section is available to registered members. Create a free account or sign in to unlock the full breakdown. Explore this dossierValuationIntrinsic value, the six-method breakdown, peer medians, and your assumptions sandbox.Financial SnapshotRevenue, profitability, returns, balance sheet, dividends, and the filing-level detail.Qualitative AnalysisBusiness overview, strategic initiatives, and mergers, acquisitions & partnerships.Outlook & Key DatesForward estimates, reporting calendar, and the monitoring framework. |