PJT - PJT Partners Inc.
Price:
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CONSENSUS:
Buy
DETAILS
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PRICE TARGET:
$185.00
DETAILS
HIGH:
$194.00
LOW:
$176.00
MEDIAN:
$185.00
CONSENSUS:
$185.00
UPSIDE:
2.53%
AlphaVal
Deterministic, archetype-aware fair value
Banks, Insurers & Asset Managers
85% confidence
Primary model: P/Tangible Book × ROE Quality
Adjust Assumptions
165.0%
8.9%
Key Value Driver
ROTCE (165.0%) vs. cost of equity (8.9%)
Implied Market Multiple
42.25x
Plain-Language Summary
With ROTCE of 165.0% vs. 8.9% cost of equity, fair P/TBV is 4.00x on $4.27 tangible book, implying $88.02 per share. DDM cross-check: $24.37.
Analyst Consensus (External Reference)
Never blended into the bear/base/bull estimates above -- shown only as an outside comparison.
Average Target (13 analysts)
$185.00
Analyst Range
$176.00 – $194.00
Divergence from AlphaVal
52%
Warnings
Traditional cash flow models don't work well for banks — lending activity distorts how much cash the business actually generates.
Common valuation shortcuts don't apply here — for banks, interest payments are a core business cost, not overhead.
Dividend-based valuation: $24.37 (72% below our primary estimate). Large gaps suggest the dividend may not fully reflect the company's value.
Wall Street's average price target is $185.00 (from 13 analysts). Our estimate is 52% below the consensus -- consider that gap carefully.
Key Risks
- Book value quality matters as much as level — check loan loss reserves
- Interest rate sensitivity creates non-linear earnings surprises
- Insurance reserving is actuarial, not financial — errors emerge slowly