Investment firm PJT Partners' Q2 revenue up 13%, beats estimates

Overview

• PJT Partners Q2 revenue up 13% to $407 mln, beating analyst expectations

• Adjusted EPS rises 29% to $1.54, exceeding analyst estimates

• Company repurchased 2.1 mln shares, maintaining strong cash position

Outlook

• PJT Partners did not provide specific future guidance

• Company remains confident in future growth prospects

Result Drivers

• STRATEGIC ADVISORY REVENUES - Increase driven by higher strategic advisory activities

• PLACEMENT REVENUES - Decline due to reduced fund placement revenues

• INTEREST INCOME - Growth attributed to increased fair market value of equity securities received as transaction compensation

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "hold" and the breakdown of recommendations is no "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the investment banking & brokerage services peer group is "buy."

• Wall Street's median 12-month price target for PJT Partners Inc is $167.50, about 9% below its July 28 closing price of $182.52

• The stock recently traded at 28 times the next 12-month earnings vs. a P/E of 22 three months ago

Press Release: ID:nBw5Zt6zRa