Discounted Cash Flow

PJT Partners Inc.

PJT · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2016 $499.4m $-3.0m $103.8m -0.6% $-0.17
2017 $499.3m (-0.0%) $-32.6m (-973.0%) $110.2m (6.2%) -6.5% (-973.3%) $-1.73 (-917.6%)
2018 $575.7m (15.3%) $27.2m (183.5%) $115.7m (5.1%) 4.7% (172.4%) $1.23 (171.1%)
2019 $716.8m (24.5%) $29.6m (8.8%) $202.6m (75.1%) 4.1% (-12.6%) $1.23 (0.0%)
2020 $1.0b (45.8%) $117.5m (297.6%) $460.7m (127.4%) 11.2% (172.7%) $4.80 (290.2%)
2021 $986.4m (-5.6%) $106.2m (-9.7%) $117.7m (-74.5%) 10.8% (-4.3%) $4.25 (-11.5%)
2022 $1.0b (4.1%) $90.5m (-14.7%) $239.3m (103.3%) 8.8% (-18.1%) $3.61 (-15.1%)
2023 $1.1b (11.7%) $81.8m (-9.6%) $437.6m (82.9%) 7.1% (-19.1%) $3.24 (-10.2%)
2024 $1.5b (28.8%) $134.4m (64.3%) $527.7m (20.6%) 9.1% (27.6%) $5.28 (63.0%)
2025 $1.7b (14.9%) $180.1m (34.0%) $480.4m (-8.9%) 10.6% (16.6%) $7.00 (32.6%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model