Pershing Square Holdings Ltd (PSH) Fair Value & Analysis
Financial Services · GB · Market cap 6.8B GBX · ISIN GG00BPFJTF46
What is Pershing Square Holdings Ltd really worth?
A solid business, trading 51% below our fair value of £78.60.
Strengths
Risks
For context
Fair value as of: Aug 30, 2026
From 8 valuation models · updated 6 days ago
Fair value updated Aug 30, 2026, revised from £78.48 to £78.60 (+0.2%) since Aug 27, 2026. Share price −0.9% over the past month.
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What matters now
- The price is below even our cautious bear case (£41.11). The market is more pessimistic than our downside scenario.
- Solid quality (66/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (£41.11 to £98.25) leaves room in how you read the outcome.
- 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 Aug 30, 2026.
How to read this chart
60‑month range £21.70 – £50.23 · fair‑value band £41.11 – £98.25 · the £38.88 price screens below the £78.60 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 30, 2026.
Analysis
Pershing Square Holdings Ltd (PSH) currently trades at £38.88, while our model-based Fair Value estimate is £78.60, implying the stock looks roughly 50.5% undervalued today. The Quality Score stands at 66/100 (solid quality), in the Financial Services sector. Bull case: the Earnings-Based group reads highest at a median of £504.99 per share, and 6 of the 8 models we run sit above the £38.88 price. Bear case: the Dividend Discount group reads lowest at £10.21, and 2 of the 8 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Pershing Square Holdings Ltd generated revenue of £3.5B at a net margin of 72.7%. Revenue grew 19.5% year over year. It earns a return on equity of 18.0%. Net debt stands at £2.5B. Fundamentals as of Aug 30, 2026
Our scenario range runs from £41.11 (bear case) to £98.25 (bull case); at £38.88, the current price sits below 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. For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 102%, PSH 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 £6.59 per share, which is 8.4 % 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 8 models by family
Widest divergence: Earnings-Based (£504.99) versus Dividend Discount (£10.21). Highest evidence: DDM Multi-Stage (65).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 30, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 63 · Market factors (momentum, volatility) 47
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Pershing Square Holdings Ltd reported revenue of $2.7B in FY2025 versus $2.6B in FY2021, a compound +1.3%/yr. Reported net income was $2.5B in FY2025, compounding +0.9%/yr from FY2021.
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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.
Insider activity: 45/100
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 Aug 30, 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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