Partners Group Holding AG (PGHN) Fair Value & Analysis
Financial Services · CH · Market cap CHF 17.6B · ISIN CH0024608827
What is Partners Group Holding AG really worth?
A strong business, currently priced close to our fair value of CHF 635.65.
Strengths
Risks
For context
Fair value as of: Sep 1, 2026
From 13 valuation models · updated 4 days ago
Share price −5.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- 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.
- The price sits close to our fair value, market and models broadly agree here, little valuation tension.
- 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 Sep 1, 2026.
How to read this chart
60‑month range CHF 635.11 – CHF 1,357 · fair‑value band CHF 476.74 – CHF 1,526 · the CHF 679.00 price screens above the CHF 635.65 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 1, 2026.
Analysis
Partners Group Holding AG (PGHN) currently trades at CHF 679.00, while our model-based Fair Value estimate is CHF 635.65, implying the stock looks roughly 6.8% fairly valued today. The Quality Score stands at 82/100 (high quality), in the Financial Services sector. Bull case: the DCF Models group reads highest at a median of CHF 957.21 per share, and 7 of the 13 models we run sit above the CHF 679.00 price. Bear case: the Multiples group reads lowest at CHF 118.76, and 6 of the 13 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Partners Group Holding AG 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 Sep 1, 2026
Our scenario range runs from CHF 476.74 (bear case) to CHF 1,526 (bull case); at CHF 679.00, the current price sits within 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 38% below its 52-week high, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at −6%, PGHN screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly CHF 1.65 per share, which is 0.3 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 13 models by family
Widest divergence: DCF Models (CHF 957.21) versus Asset-Based (CHF 56.84). Highest evidence: Growth DCF (75).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 1, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 74 · Market factors (momentum, volatility) 30
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
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 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.
of which total revenue +13.7 % · buybacks/dilution +0.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Partners Group Sees Strong Growth at US HVAC Portfolio Companies as Extreme Weather Increases Demand for Cooling
- Can Partners Group Holding (SWX:PGHN) Stay Below Fair Value After AI Gains?
- Partners Group in Exclusive Talks for Aroma-Zone
Peer Group
Asset Management · 697 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
Strength profile in five axes (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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Sep 1, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Blackstone Inc BX | $142.39 | $52.88 | −63% |
| Investor AB INVEB | kr 417.20 | kr 824.66 | +98% |
| Brookfield Corporation BN | C$55.74 | C$10.67 | −81% |
| KKR & Co KKR | $108.68 | $19.97 | −82% |
| Apollo Global Management, Inc APO | $135.04 | $101.04 | −25% |
| State Street Corporation STT | $193.33 | $138.33 | −28% |
| Ameriprise Financial, Inc AMP | $559.32 | $515.24 | −8% |
| Ares Management Corporation ARES | $143.10 | $30.88 | −78% |
| Northern Trust Corporation NTRS | $186.79 | $122.02 | −35% |
| Raymond James Financial, Inc RJF | $181.10 | $142.42 | −21% |
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