Over the past six months, PJT’s stock price fell to $147.48. Shareholders have lost 17.2% of their capital, which is disappointing considering the S&P 500 has climbed by 7.3%. This may have investors wondering how to approach the situation.

Given the weaker price action, is now the time to buy PJT? Find out in our full research report, it’s free.

Why Does PJT Spark Debate?

Spun off from Blackstone in 2015 and founded by former Morgan Stanley executive Paul J. Taubman, PJT Partners (NYSE: PJT) is an advisory-focused investment bank that provides strategic advice, restructuring services, and fundraising solutions to corporations, boards, and investment firms.

Two Things to Like:

1. Long-Term Revenue Growth Shows Momentum

A company’s long-term performance is an indicator of its overall quality. Any business can experience short-term success, but top-performing ones enjoy sustained growth for years.

Thankfully, PJT’s 10.2% annualized revenue growth over the last five years was decent. Its growth was slightly above the average financials company and shows its offerings resonate with customers.

2. EPS Surges Higher Over the Last Two Years

Although long-term earnings trends give us the big picture, we like to analyze EPS over a shorter period to see if we are missing a change in the business.

PJT’s EPS grew at an astounding 46.2% compounded annual growth rate over the last two years, higher than its 21.9% annualized revenue growth. This tells us the company became more profitable on a per-share basis as it expanded.

One Reason to be Careful:

Declining TBVPS Reflects Erosion of Asset Value

In the financials industry, tangible book value per share (TBVPS) provides the clearest picture of shareholder value, as it focuses on concrete assets while excluding intangible items that may not hold value during challenging times.

To the detriment of investors, PJT’s TBVPS declined at a 31% annual clip over the last two years.

Final Judgment

PJT’s merits more than compensate for its flaws. After the recent drawdown, the stock trades at 19.6× forward P/E (or $147.48 per share). Is now a good time to buy? See for yourself in our in-depth research report, it’s free.

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