Partners Group (PGHN) Fair Value & Analysis
Financial Services · CH · Market cap CHF 17.6B
Fair value as of: Jul 12, 2026
From 26 valuation models · updated 26 days ago
Share price +6.8% over the past month.
A solid business, but screening 84% overvalued on our models.
What matters now
- The price sits above even our optimistic bull case (CHF 148.45). The favourable scenario is already priced in.
- Solid but not exceptional quality (66/100) and above fair value, neither a clear bargain nor a standout compounder.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.
How to read this chart
60‑month range CHF 635.11 – CHF 1,357 · fair‑value band CHF 89.07 – CHF 148.45 · the CHF 722.40 price screens above the CHF 118.76 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.
Analysis
Partners Group (PGHN) currently trades at CHF 722.40, while our model-based Fair Value estimate is CHF 118.76, implying the stock looks roughly 83.6% overvalued today. We read business quality at 66/100 (solid quality), in the Financial Services sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).
Over the trailing twelve months, Partners Group generated revenue of CHF 2.6B at a net margin of 49.4%. Revenue grew 20.1% year over year. It earns a return on equity of 54.8%. Net debt stands at CHF 2.2B. Fundamentals as of Jul 12, 2026
Our scenario range runs from CHF 89.07 (bear case) to CHF 148.45 (bull case); at CHF 722.40, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 34% below its 52-week high, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -51% fair-value upside, at -84%, PGHN screens richer than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 26 models by family
Widest divergence: DCF Models (CHF 165.32) versus Asset-Based (CHF 8.32). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 74 · Market factors (momentum, volatility) 26
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
Partners Group Holding AG is a private equity firm specializing in direct, secondary, and primary investments across private equity, private real estate, private infrastructure, and private debt. The firm also makes fund of funds investments.
Full company description
Partners Group Holding AG is a private equity firm specializing in direct, secondary, and primary investments across private equity, private real estate, private infrastructure, and private debt. 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. For direct private equity investments, the firm invests directly into 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 market 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, turnaround, and secondary funds. It typically invests between 20 million ($21.17) and 100 million ($105.87) per fund. The firm is a value-add investor targeting majority and minority stake in its investee companies. Partne
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Partners Group reported revenue of CHF 2.8B in FY2025 versus CHF 2.6B in FY2021, a compound +1.7%/yr. Reported net income was CHF 1.3B in FY2025, compounding −3.7%/yr from FY2021.
PGHN screens 84% overvalued. Compare with Fondul Proprietatea SA →
Recent news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Partners Group Drives EBITDA Margin Uplift Through AI Collaboration Between Private Equity Portfolio Companies
- Partners Group Invests in Avenue Capital Group's Global Commercial Aviation Leasing Portfolio
Peer Group
Asset Management · 963 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Asset Management median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Fondul Proprietatea SA FP | $0.0420 | $0.0800 | +90% |
| BlackRock, Inc BLK | $1,036 | $504.81 | -51% |
| Blackstone Inc BX | $124.56 | $16.35 | -87% |
| Investor AB INVEB | kr 394.40 | kr 788.80 | +100% |
| Brookfield Corporation BN | C$62.45 | C$10.12 | -84% |
| KKR & Co KKR | $100.94 | $44.88 | -56% |
| AB Industrivärden INDUA | kr 532.50 | kr 1,065 | +100% |
| Jio Financial Services Limited JIOFIN | ₹242.98 | ₹40.19 | -83% |
| Bajaj Holdings BAJAJHLDNG | ₹10,398 | ₹9,202 | -12% |
| HDFC Asset Management Company HDFCAMC | ₹2,729 | ₹301.41 | -89% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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