Partners Group PGHN.SW
What does Partners Group do?
Partners Group is a globally active manager of private market assets headquartered in Switzerland. The company invests on behalf of institutional and private investors in private equity, private infrastructure, private real estate, private credit and other strategies such as royalties. It uses direct investments, secondary investments and primary funds. Assets are managed through fund vehicles, mandates and tailored solutions.
The company earns revenue mainly from recurring management fees on assets under management and from performance-related fees, which arise from successful exits and value appreciation. The latter fluctuate strongly from period to period. In competitive terms, Partners Group stands alongside large international alternative asset managers. Positioning features include the integrated approach with operational value creation in portfolio companies, broad diversification across asset classes and its anchoring among long-term oriented investors.
Score profile
Rank vs. Asset Management (35 companies). 10 = top of the group, 5 = middle. Calculated from the metrics below, without AI.
Metrics compared with the industry
On profitability and quality, Partners Group ranks among the best in the group Asset Management (8.8/10). On growth, the company ranks in the bottom fifth in the group Asset Management (1.1/10). On valuation (higher = cheaper), the stock ranks below average in the group Asset Management (2.6/10). On financial strength, Partners Group ranks among the best in the group Asset Management (9.3/10).
| Metric | Stock | Group median | Ranking |
|---|---|---|---|
| Forward P/E | 14.9x | 12.0x | better than 28 % |
| Trailing P/E | 14.8x | 14.2x | better than 44 % |
| PEG ratio | 2.6x | 1.1x | better than 9 % |
| EV/EBITDA | 13.3x | 11.7x | better than 43 % |
| Price/sales | 7.1x | 3.5x | better than 17 % |
| Price/book | 12.0x | 3.2x | better than 8 % |
| Revenue growth | -7.4% | 9.8% | better than 16 % |
| Earnings growth | -12.0% | 6.2% | better than 7 % |
| Gross margin | 67.9% | 49.8% | better than 73 % |
| Operating margin | 59.4% | 33.5% | better than 96 % |
| Net margin | 48.0% | 21.0% | better than 93 % |
| Return on equity | 75.4% | 16.2% | better than 93 % |
| Debt/equity | 192.8% | 42.6% | better than 13 % |
| Current ratio | 1.1x | 2.0x | better than 30 % |
| Free cash flow yield | 9.6% | 3.6% | better than 87 % |
| Dividend yield | 6.8% | 2.8% | – |
| Payout ratio | 100.4% | 41.6% | – |
| Beta | 0.99 | 1.20 | – |
Valuation: what is Partners Group worth?
Two valuation approaches – a discounted cash flow model and a valuation at the industry’s median multiples – give Partners Group a model range of 546.98 CHF to 546.98 CHF per share.
14 analysts, average rating “Hold”, average price target 767.50 CHF (+13.0%).
The full DCF matrix, the reverse DCF (what growth the price implies) and scenarios are part of the Pro analysis.
What the business depends on
- The level of assets under management largely determines recurring management fees and thus the earnings base.
- Successful company sales and valuation increases in the portfolio lead to performance-related fees.
- The ability to raise new capital from institutional and private investors supports the growth of the platform.
Risks
- Performance-related fees are difficult to forecast and depend on exit markets, valuations and transaction activity.
- Weak capital markets or higher interest rates can weigh on valuations and slow exits and capital inflows.
- Increasing fee pressure, intense competition for investor capital and regulatory changes can reduce margins.
What to look for with Partners Group
Assets under management relative to recurring management fees are informative, as they show the stability of earnings apart from fluctuating performance fees.