Partners Group Holding AG (PGHN) fair value: what the stock is really worth
We calculate from audited financials what Partners Group Holding AG is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 18, 2026.
How to read this chart
60‑month range CHF 613.00 – CHF 1,357 · fair‑value band CHF 476.74 – CHF 1,526 · the CHF 618.20 price screens below the CHF 964.71 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 18, 2026.
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.
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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
Stock analysis
Partners Group Holding AG (PGHN) currently trades at CHF 618.20, while our model-based Fair Value estimate is CHF 964.71, implying the stock looks roughly 35.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of CHF 957.21 per share, and 9 of the 13 models we run sit above the CHF 618.20 price.
Bear case: the Multiples group reads lowest at CHF 118.76, and 4 of the 13 models stay below the price. Evidence for this calculation is high.
Scenario range: CHF 476.74 (bear) to CHF 1,526 (bull), the price of CHF 618.20 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 82/100 (high quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Partners Group Holding AG 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.
Key figures
Market cap CHF 17.6B · P/E ratio 12.8 · P/S ratio 5.73 · EPS (TTM) CHF 48.47 · Dividend yield 7.4% · Net margin 45.0% · Return on equity 54.8% · Return on assets (EBIT) 28.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).
What moves the price
The share trades about 44% below its 52-week high, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −25% fair-value upside, at 56%, PGHN screens cheaper than that median.
Fair Value models
Bear CHF 476.74Fair Value CHF 964.71Bull CHF 1,526
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (CHF 1.76 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.92/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+32.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+14.8%
Revenue growth 21 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.8%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+15.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+7.6%
Dividend (yield on the price)7.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.8% vs 13%, slowing
Profit margin 2004 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.36% → 58%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.8%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Neutral
Recent news coverage is roughly neutral, about typical for how stocks are covered.
Compare Partners Group Holding AG with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Asset Management · 655 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score80 · Top 25%
Fair Value upside−6% · Below median
Profitability
Return on equity (TTM)55% · Top 25%
Return on assets16% · Top 25%
Net margin (TTM)49% · Above median
Operating margin (TTM)61% · Above median
Growth and dividend
Revenue growth20% · Above median
Dividend yield (TTM)7.4% · Top 25%
Balance sheet
Debt / equity0.61× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Partners Group Holding AG Fair Value". https://www.fairvalue-calculator.com/stock/PGHN
Frequently asked questions
Is Partners Group Holding AG (PGHN) overvalued or undervalued?
As of Sep 18, 2026, our model estimates a fair value of CHF 964.71 versus a price of CHF 618.20, about +56% upside (undervalued).
What is the fair value of PGHN?
Our model-based fair value for Partners Group Holding AG is CHF 964.71 (as of Sep 18, 2026), built from audited fundamentals. The current price: CHF 618.20.
What is the quality score of PGHN?
Partners Group Holding AG has a Quality Score of 82/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Partners Group Holding AG (PGHN)?
Our model-based price target is the fair value of CHF 964.71 (as of Sep 18, 2026) from 13 valuation models. Cautious scenario CHF 476.74, optimistic scenario CHF 1,526. It is a calculation from audited fundamentals, not an analyst target.
What is the Partners Group Holding AG stock forecast for 2026?
Our models put fair value at CHF 964.71, about +56% upside versus a price of CHF 618.20 (undervalued). Cautious scenario CHF 476.74, optimistic scenario CHF 1,526. The calculation is refreshed regularly with new filings.
What is the revenue of Partners Group Holding AG (PGHN)?
Partners Group Holding AG reported trailing-twelve-month revenue of about CHF 2.6B (latest available figure, as of Sep 18, 2026).
Does Partners Group Holding AG pay a dividend?
Partners Group Holding AG currently shows a dividend yield of about 7.44% relative to its recent price (as of Sep 18, 2026).
What growth is priced into Partners Group Holding AG (PGHN)?
For today's price to be fair in a discounted-cash-flow model, Partners Group Holding AG would have to grow free cash flow by -1.1 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.8 % per year. As of Sep 18, 2026.
What discount rate (WACC) does the fair value of PGHN use?
Our models discount Partners Group Holding AG at 8.9 %: a base by market capitalisation (large), damped by beta 0.95, country premium for Switzerland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Partners Group Holding AG that is -1.1 % per year a year over ten years, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Partners Group Holding AG (PGHN) delivered so far?
Over the past 5 years revenue at Partners Group Holding AG grew +14.8 % a year. The price currently implies -1.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Partners Group Holding AG (PGHN) growing?
The median revenue growth in the sector is +8.1 % a year. That is the yardstick for the growth priced into Partners Group Holding AG (-1.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Partners Group Holding AG (PGHN)?
The free-cash-flow yield on the price is 9.09 %: that much free cash flow Partners Group Holding AG produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Partners Group Holding AG (PGHN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Partners Group Holding AG it is CHF 964.71 per share (as of Sep 18, 2026), against a price of CHF 618.20. It is the blended result of 13 valuation models (cash flow, earnings, asset, dividend).
Is Partners Group Holding AG stock overvalued or undervalued in 2026?
As of Sep 18, 2026, PGHN trades below its calculated fair value: price CHF 618.20, fair value CHF 964.71, a gap of about +56% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of PGHN?
No. The price is what the market pays today (CHF 618.20); the fair value is what the company's own numbers justify (CHF 964.71). For Partners Group Holding AG the two are CHF 346.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is Partners Group Holding AG worth?
The market values Partners Group Holding AG at about CHF 17.6B (market capitalisation, as of Sep 18, 2026). Per share that is CHF 618.20; our models calculate a fair value of CHF 964.71 per share.
What do the bullish and bearish scenarios say about PGHN?
Our models span a range for Partners Group Holding AG: cautious scenario CHF 476.74, base CHF 964.71, optimistic CHF 1,526 per share (as of Sep 18, 2026, price CHF 618.20). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PGHN?
Partners Group Holding AG trades at a price-to-earnings ratio of 12.8 (as of Sep 18, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 964.71 is built from several models across several years. Other multiples: PEG 2.1, P/B 10.0, P/S 8.5, EV/EBITDA 14.5.
What is the PEG ratio of PGHN?
The PEG ratio of Partners Group Holding AG is 2.05 (P/E divided by earnings growth, as of Sep 18, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Partners Group Holding AG (PGHN)?
Balance-sheet figures for Partners Group Holding AG (as of Sep 18, 2026): return on equity 54.8%, debt of 0.61 per unit of equity. They feed the Quality Score of 82/100, which measures business quality independently of the share price.
How far is PGHN from its 52-week high?
Partners Group Holding AG trades at CHF 618.20, about 44% below its 52-week high of CHF 1,099 (as of Sep 18, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 964.71 is for.
Which stocks are comparable to Partners Group Holding AG?
From the same area (Financial Services) we also value Blackstone Inc, Investor AB, Brookfield Corporation, KKR & Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Partners Group Holding AG stock attractive at the current price?
The data as of Sep 18, 2026: price CHF 618.20, calculated fair value CHF 964.71 (+56%), Quality Score 82/100, from 13 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of PGHN calculated?
We run Partners Group Holding AG through 13 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of CHF 964.71, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 16.1 % above its aggregate fair value. Partners Group Holding AG currently trades 56 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Partners Group Holding AG (PGHN)?
The closing price on Sep 21, 2026 was CHF 618.20. Our model-based fair value is CHF 964.71, about +56% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Partners Group Holding AG right now?
The rarer combination: high quality (82/100) AND below fair value. That earns a closer look rather than a quick verdict. The model range is unusually wide (CHF 476.74 to CHF 1,526). The outcome hinges heavily on assumptions, so read the point estimate with caution. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Partners Group Holding AG (PGHN) come from?
Earnings per share at Partners Group Holding AG grew +11.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share +13.9 %, EBIT margin +0.2 %, tax rate −1.0 %, residual (interest, one-offs) −1.7 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Partners Group Holding AG
How large is the market capitalisation of Partners Group Holding AG (PGHN)?
The market capitalisation of Partners Group Holding AG is CHF 17.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Partners Group Holding AG (PGHN)?
The price-to-sales ratio of Partners Group Holding AG is 5.73 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Partners Group Holding AG (PGHN)?
Earnings per share at Partners Group Holding AG are CHF 48.47 (price ÷ EPS = P/E 12.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Partners Group Holding AG (PGHN)?
The dividend yield of Partners Group Holding AG is 7.4% (payout 94.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Partners Group Holding AG (PGHN)?
The net margin of Partners Group Holding AG is 45.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Partners Group Holding AG (PGHN)?
The return on equity (ROE) of Partners Group Holding AG is 54.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Partners Group Holding AG (PGHN)?
On an EBIT basis the return on assets of Partners Group Holding AG is 28.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Partners Group Holding AG (PGHN)?
The operating margin of Partners Group Holding AG is 60.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Partners Group Holding AG (PGHN)?
Revenue at Partners Group Holding AG is growing +20.1% versus a year earlier (3y avg +14.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Partners Group Holding AG (PGHN)?
Earnings per share at Partners Group Holding AG are growing +11.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Partners Group Holding AG (PGHN) carry?
The net debt of Partners Group Holding AG is CHF 2.2B (fiscal year 2025, ≈ 1.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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