PJT Partners Inc. (PJT)

Industry: Financial - Capital Markets Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
TW	55	Tradeweb Markets I	1,995	37.58	28.30	18.51	15.11	26.03	21.54
601901.SS	56	Founder Securities	1,945	16.58	13.44	34.52	28.49	23.35	28.52
INVEXA.MX	57	INVEX Controladora	1,908	3.14	2.18	2.56	1.74	4.92	1.74
0RS1.L	58	Lang & Schwarz AG	1,790	4.03	2.81	2.01	2.01	0.09	0.07
601878.SS	59	Zheshang Securitie	1,722	20.43	17.81	36.61	31.77	29.80	31.77
601788.SS	60	Everbright Securit	1,686	23.16	19.57	43.52	39.25	40.68	39.22
PIPR	61	Piper Sandler Comp	1,672	24.53	16.93	19.32	15.47	13.23	15.29
PJT	62	PJT Partners Inc.	1,656	25.70	22.34	10.20	9.37	7.79	9.84
601555.SS	63	Soochow Securities	1,636	14.04	12.03	36.15	30.93	31.99	30.93
000783.SZ	64	Changjiang Securit	1,591	12.16	10.85	25.47	23.41	14.14	23.41
600927.SS	65	Yongan Futures	1,590	34.84	38.59	94.51	99.85	49.60	99.85
OPY	66	Oppenheimer Holdin	1,541	9.17	8.74	3.63	3.25	2.63	2.42
COWN	67	Cowen Inc.	1,538	19.20	19.20	11.70	11.70	33.16	9.56
MC	68	Moelis & Company	1,468	22.79	18.08	17.54	13.58	26.21	14.09
CF-PC.TO	69	Canaccord Genuity	1,375	-	-	26.62	35.42	97.65	10.43
000728.SZ	70	Guoyuan Securities	1,358	14.82	12.80	38.83	33.74	46.50	33.74

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	15.70	13.12	19.32	15.47	26.03	15.29
Full Range Median Multiple	17.89	15.19	25.47	23.41	26.21	21.54
Industry Multiple	18.32	15.81	27.43	25.71	29.33	24.17
Market Implied Multiple	27.20	23.64	10.85	9.97	8.29	10.47
Company (PJT) Multiple	25.70	22.34	10.20	9.37	7.79	9.84
(*) Net Income / EBITDA / Revenue	178	205	410	446	536	424
Winsorized Enterprise Value	N/A	N/A	7,912	6,896	13,953	6,484
Full Range Median Enterprise Value	N/A	N/A	10,432	10,433	14,045	9,137
(-) Net Debt	-400	-400	-400	-400	-400	-400
Winsorized Equity Value	2,795	2,689	8,312	7,296	14,353	6,885
Full Range Median Equity Value	3,186	3,112	10,833	10,833	14,446	9,538
(/) Shares Outstanding	26	26	26	26	26	26
Winsorized Fair Value	$108.55	$104.41	$322.82	$283.36	$557.42	$267.38
Full Range Median Fair Value	$123.72	$120.84	$420.71	$420.73	$561.02	$370.41
Current Price	$188.10	$188.10	$188.10	$188.10	$188.10	$188.10
Upside / Downside	-42.29%	-44.49%	71.62%	50.64%	196.34%	42.15%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$75.99	$73.09	$225.98	$198.35	$390.19	$187.17
Buy / Don't Buy	Don’t Buy	Don’t Buy	BUY	BUY	BUY	Don’t Buy