Pershing Square Holdings, Ltd.
Pershing Square Holdings, Ltd. is a closed-ended balanced fund launched and managed by Pershing Square Capital Management, L.P. It invests in public equity and fixed income markets across the globe. The fund seeks to invest in stocks of companies operating across diversified sectors. It primarily i…
Pershing Square Holdings, Ltd. is a closed-ended balanced fund launched and managed by Pershing Square Capital Management, L.P. It invests in public equity and fixed income markets across the globe. The fund seeks to invest in stocks of companies operating across diversified sectors. It primarily invests in value stocks of companies. For its fixed income portion, the fund primarily invests in convertible securities and debt securities. It also invests through derivatives. The fund employs long/short strategy to create its portfolio. It benchmarks the performance of its portfolio against the S&P 500 Index and HFRX Global Hedge Fund Index. Pershing Square Holdings, Ltd. was formed on February 2, 2012 and is domiciled in Guernsey.Looks undervalued
5-year outlook: Not shown because confidence is low: Dividend discount model disagrees strongly.
Other models: GBP 117.58–141.44 (median 129.51). The recommended value is in line with them.
Why: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Details and the full model are below.
Market price below modeled range
Justified P/B (ROE) using Fiscal year 2025 net income and book equity: return on equity of 16.8% gives a fair price-to-book of 1.94x, with 2% growth (capped at the terminal rate) and 9.6% discount. The range varies growth and discount by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice. Low confidence: the modelled value is far from the market price, which usually means the model does not capture this company well (for example expected growth well above its history).
Assumptions: growth 2%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 5.4%, own revenue history -6.6%).
Adjust assumptions
Why this model: Banks and insurers earn their money on their balance sheet, so value follows book value and how much the company earns on it (return on equity).
Compare models- Recommended: Justified P/B (ROE) — GBP 122.14 (+214.1%)
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EPS-based Gordon proxy
— GBP 141.44 (+263.8%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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FCFF (steady state)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/EBITDA (12x)
— GBP 117.58 (+202.4%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— not applicable
Not used: Cannot be computed: free cash flow is zero or negative.
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EV/Sales (Rule of 40)
— GBP 157.39 (+304.8%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear GBP 103.24 | 62.3% |
| Base GBP 122.14 | 68.2% |
| Bull GBP 154.55 | 74.8% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 76 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 4 of 5 years profitable | 16 / 20 |
| Cash generation | free cash flow positive in 2 of 5 years | 8 / 20 |
| Growth | revenue +1.3% a year | 12 / 20 |
| Balance sheet | net debt 1.0x EBITDA | 20 / 20 |
| Margins | EBITDA margin 95% | 20 / 20 |
Peers in Financials
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| PSH.L (this company) | GBP 38.88 | 68.2% | 3.7 | 0.6 | 1.3% | 76 |
| LRE.L Lancashire Holdings Limited | GBP 6.89 | 45.5% | 7.1 | 1.6 | 3.3% | 76 |
| ACA.PA Credit Agricole S.A. | EUR 15.88 | 36.0% | 6.8 | 0.7 | 6.9% | 78 |
| PRU.L Prudential plc | GBP 9.29 | 33.9% | 8.0 | 1.6 | 1.9% | 78 |
| V Visa Inc. | USD 422.59 | 33.3% | 8.9 | – | 0.2% | 100 |
| AGS.BR ageas SA/NV | EUR 77.60 | 32.5% | 8.2 | 1.5 | 5.0% | 76 |
| SYF Synchrony Financial | USD 74.07 | 29.9% | 7.2 | 1.4 | 2.1% | 100 |
| NWG.L NatWest Group plc | GBP 5.92 | 29.6% | 8.3 | 1.3 | 4.9% | 88 |
| ACGL Arch Capital Group | USD 110.57 | 28.9% | 8.6 | 1.6 | 0.1% | 100 |
| Peer median | 8.1 | 1.5 | ||||
Dividends
Paid in the last 12 months: GBP 0.01 per share · yield 0.02% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 0.006 |
| 2025 | 0.007 |
| 2024 | 0.006 |
| 2023 | 0.005 |
| 2022 | 0.005 |
| 2021 | 0.004 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | GBP 2,008,463,220 |
|---|---|
| EBITDA | GBP 1,915,356,383 |
| EBIT | GBP 1,915,356,383 |
| Net income | GBP 1,890,546,849 |
| Free cash flow | GBP -22,250,397 |
| Capital expenditures | GBP 0 |
| Debt | GBP 2,746,769,341 |
| Cash | GBP 854,551,473 |
| Working capital | GBP 455,930,113 |
| Shares outstanding | 179,390,137 |
| Reported dividends per share | GBP 0.4929 |