Partners Group Holding AG
Partners Group Holding AG is a private equity firm specializing in direct, secondary, and primary investments across private equity, private real estate, private infrastructure, private credit, private debt, royalties, and special opportunities. The firm also makes fund of funds investments. It see…
Partners Group Holding AG is a private equity firm specializing in direct, secondary, and primary investments across private equity, private real estate, private infrastructure, private credit, private debt, royalties, and special opportunities. The firm also makes fund of funds investments. It seeks to invest in distressed, special situations, later stage, mature, early venture, mid venture, late venture, industry consolidation, buyouts, recapitalizations, emerging growth, and seed capital. Partners Group's cross-sector royalties strategy invests across several key sectors, including pharmaceuticals, music, broader media & entertainment, and energy transition. For direct private equity investments, the firm invests directly in Technology, Health & Life, Goods & Products, and Services. For its private real estate direct investment practice, it focuses on seeking out properties globally. It also makes investments in private real estate secondaries and primaries and focuses on distressed assets in United States, Europe, and Japan. Under private debt, the firm provides senior debt financing, junior debt lending, broadly syndicated loan, mezzanine financing, alongside secondaries and primaries, CLO debt securities and equity, and participates in add on acquisitions in in first/second lien. It seeks to invest in upper middle markets in Americas, Europe, and Asia. In energy infrastructure, the firm seeks to invest in the areas of midstream, power generation, gas transportation, gas export infrastructure, renewable energy including wind and solar energy. The firm seeks to invest globally with a focus on South Africa, China, India, Philippines, Austria, France, Germany, Switzerland, Russia, Brazil, and Chile. It seeks to invest between 0.50 million ($0.68 million) and 100 million ($137 million) in equity investment in companies with enterprise value between 100 million ($137 million) to 2 billion ($2740 million). While investing in funds, it invests in venture capital, mezzanine, private equity, real estate, distressed,Priced within the modelled range
Other models: CHF 679.71–716.11 (median 689.04). The recommended value is in line with them.
Why: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Details and the full model are below.
Market price within modeled range
Uses reported dividends of CHF 41.9614 per share from Fiscal year 2025, with 2.4% perpetual growth (base growth capped at the terminal rate) and 9.6% discount rates. The range varies growth and discount assumptions by 1 percentage point; it is illustrative, not a statistical confidence interval or investment advice.
Assumptions: growth 7.16%, discount rate 9.60%, terminal growth 2.40% (sector defaults). See a worked example.
Blended growth assumption: 7.2% (sector default 5.4%, own revenue history 1.7%, analyst revenue consensus 10.7%).
5-year outlook: relative outlook of about 12.1% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of 10.7% a year; the growth assumption used is 7.2%.
Adjust assumptions
Why this model: Banks, insurers and other financials are valued on the dividends they pay, not on free cash flow.
Compare models- Recommended: Dividend discount model — CHF 596.78 (-11.3%)
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EPS-based Gordon proxy
— CHF 689.04 (+2.4%)
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)
— CHF 893.73 (+32.8%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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FCFF (steady state)
— CHF 716.11 (+6.4%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/EBITDA (12x)
— CHF 679.71 (+1.0%)
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)
— CHF 887.53 (+31.9%)
Not used: Cash-flow models do not suit banks and insurers, whose cash flow is mostly funding and deposits.
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EV/Sales (Rule of 40)
— CHF 1342.45 (+99.5%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear CHF 462.49 | -45.5% |
| Base CHF 596.78 | -12.8% |
| Bull CHF 834.39 | 19.3% |
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.
At CHF 673.00 the market implies perpetual dividend growth of about this rate (discount rate 9.6%).
Compare: the market implies 3.2% a year, this model assumes 2.4%. The market expects more than this model does, which is why it reads as overvalued.
How the Dividend discount model value changes with growth (rows) and discount rate (columns). Green cells are above the current price. Dividend growth cannot exceed the long-run rate, so duplicate capped scenarios are omitted.
| Growth \ Discount | 7.6% | 8.6% | 9.6% | 10.6% | 11.6% |
|---|---|---|---|---|---|
| -1.6% | 448.80 | 404.80 | 368.66 | 338.44 | 312.80 |
| 0.4% | 585.13 | 513.77 | 457.93 | 413.03 | 376.15 |
| 2.4% | 826.32 | 693.04 | 596.78 | 524.01 | 467.05 |
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: 92 / 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 | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +1.7% a year | 12 / 20 |
| Balance sheet | net debt 1.3x EBITDA | 20 / 20 |
| Margins | EBITDA margin 59% | 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 |
|---|---|---|---|---|---|---|
| PGHN.SW (this company) | CHF 673.00 | -12.8% | 13.9 | 8.0 | 6.2% | 92 |
| PSH.L Pershing Square Holdings, Ltd. | GBP 38.88 | 68.1% | 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 | 33.8% | 8.1 | 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 |
| Peer median | 7.6 | 1.4 | ||||
Dividends
Paid in the last 12 months: CHF 46.00 per share · yield 6.84% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 46.000 |
| 2025 | 42.000 |
| 2024 | 39.000 |
| 2023 | 37.000 |
| 2022 | 33.000 |
| 2021 | 27.500 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | CHF 2,804,400,000 |
|---|---|
| EBITDA | CHF 1,653,700,000 |
| EBIT | CHF 1,584,400,000 |
| Net income | CHF 1,260,700,000 |
| Free cash flow | CHF 1,461,900,000 |
| Capital expenditures | CHF 8,500,000 |
| Debt | CHF 2,486,099,999 |
| Cash | CHF 328,800,000 |
| Working capital | CHF 1,299,100,001 |
| Shares outstanding | 26,021,556 |
| Reported dividends per share | CHF 41.9614 |