SWX:PGHN

Stock Analysis Report

Executive Summary

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.

Rewards


Snowflake Analysis


Similar Companies

Share Price & News

How has Partners Group Holding's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PGHN's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

-1.9%

PGHN

-5.0%

CH Capital Markets

2.8%

CH Market


1 Year Return

-13.0%

PGHN

-30.6%

CH Capital Markets

-5.3%

CH Market

Return vs Industry: PGHN exceeded the Swiss Capital Markets industry which returned -29.9% over the past year.

Return vs Market: PGHN underperformed the Swiss Market which returned -5.2% over the past year.


Shareholder returns

PGHNIndustryMarket
7 Day-1.9%-5.0%2.8%
30 Day-25.3%-20.0%-10.1%
90 Day-27.6%-33.3%-13.8%
1 Year-10.3%-13.0%-27.9%-30.6%-0.6%-5.3%
3 Year25.8%16.1%-34.1%-41.4%15.5%3.7%
5 Year148.8%117.2%-47.6%-57.7%15.6%-3.3%

Price Volatility Vs. Market

How volatile is Partners Group Holding's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Partners Group Holding undervalued compared to its fair value and its price relative to the market?

8.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: PGHN (CHF650.4) is trading below our estimate of fair value (CHF710.07)

Significantly Below Fair Value: PGHN is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: PGHN is poor value based on its PE Ratio (19.2x) compared to the Capital Markets industry average (16.8x).

PE vs Market: PGHN is poor value based on its PE Ratio (19.2x) compared to the Swiss market (16.4x).


Price to Earnings Growth Ratio

PEG Ratio: PGHN is poor value based on its PEG Ratio (3.3x)


Price to Book Ratio

PB vs Industry: PGHN is overvalued based on its PB Ratio (7.5x) compared to the CH Capital Markets industry average (0.9x).

Future Growth

How is Partners Group Holding forecast to perform in the next 1 to 3 years based on estimates from 11 analysts?

5.9%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PGHN's forecast earnings growth (5.9% per year) is above the savings rate (-0.6%).

Earnings vs Market: PGHN's earnings (5.9% per year) are forecast to grow slower than the Swiss market (8.3% per year).

High Growth Earnings: PGHN's earnings are forecast to grow, but not significantly.

Revenue vs Market: PGHN's revenue (7% per year) is forecast to grow faster than the Swiss market (2.2% per year).

High Growth Revenue: PGHN's revenue (7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PGHN's Return on Equity is forecast to be high in 3 years time (37.3%)

Past Performance

How has Partners Group Holding performed over the past 5 years?

18.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PGHN has high quality earnings.

Growing Profit Margin: PGHN's current net profit margins (56%) are lower than last year (58.2%).


Past Earnings Growth Analysis

Earnings Trend: PGHN's earnings have grown by 18.2% per year over the past 5 years.

Accelerating Growth: PGHN's earnings growth over the past year (17%) is below its 5-year average (18.2% per year).

Earnings vs Industry: PGHN earnings growth over the past year (17%) exceeded the Capital Markets industry 4.1%.


Return on Equity

High ROE: PGHN's Return on Equity (39.3%) is considered high.

Financial Health

How is Partners Group Holding's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: PGHN has a low level of unsold assets or inventory.

Debt Coverage by Assets: PGHN's debt is covered by short term assets (assets are 3.3x debt).


Financial Institutions Analysis

Asset Level: PGHN's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if PGHN has a sufficient allowance for bad loans.

Low Risk Liabilities: PGHN reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if PGHN has an acceptable proportion of non-loan assets held.

Low Risk Deposits: PGHN has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if PGHN has an appropriate level of bad loans.

Dividend

What is Partners Group Holding's current dividend yield, its reliability and sustainability?

3.92%

Current Dividend Yield


Upcoming Dividend Payment


Dividend Yield vs Market

Notable Dividend: PGHN's dividend (3.92%) is higher than the bottom 25% of dividend payers in the Swiss market (2.08%).

High Dividend: PGHN's dividend (3.92%) is low compared to the top 25% of dividend payers in the Swiss market (4.36%).


Stability and Growth of Payments

Stable Dividend: PGHN's dividends per share have been stable in the past 10 years.

Growing Dividend: PGHN's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (75.2%), PGHN's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PGHN's dividends in 3 years are forecast to be covered by earnings (75.2% payout ratio).

Management

How experienced are the management team and are they aligned to shareholders interests?

2.8yrs

Average management tenure


CEO

Andre Frei (43yo)

7.25s

Tenure

CHF5,521,000

Compensation

Mr. Andre Frei, CFA, serves as the Partner and Co-Chairman of Executive Board at Partners Group Holding AG and has been its Co-Chief Executive Officer since 2013.. Mr. Frei previously was the Chief Risk Of ...


CEO Compensation Analysis

Compensation vs Market: Andre's total compensation ($USD5.64M) is about average for companies of similar size in the Swiss market ($USD6.31M).

Compensation vs Earnings: Andre's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Steffen Meister
Executive Chairman of the Board1.92yrsCHF1.86m1.33% CHF228.1m
Andre Frei
Partner7.25yrsCHF5.52m0.20% CHF34.1m
David Layton
Co-CEO, Partner & Member of Global Executive Board & Head of Private Equity1.25yrsCHF5.80m0.025% CHF4.3m
Marcel Erni
Executive Directorno dataCHF1.36m10.12% CHF1.7b
Urs Wietlisbach
Executive Directorno dataCHF1.36m10.12% CHF1.7b
Alfred Gantner
Former Executive Chairmanno dataCHF1.37m10.12% CHF1.7b
Charles Dallara
Advisory Partner0.92yrCHF368.00kno data
Philip Sauer
Chief Financial Officer2.75yrsno datano data
Manuel Ottinger
Co-Chief Financial Officer2.75yrsno datano data
Stefan Näf
Partnerno dataCHF904.00kno data

2.8yrs

Average Tenure

49.5yo

Average Age

Experienced Management: PGHN's management team is considered experienced (2.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Steffen Meister
Executive Chairman of the Board1.92yrsCHF1.86m1.33% CHF228.1m
Marcel Erni
Executive Directorno dataCHF1.36m10.12% CHF1.7b
Urs Wietlisbach
Executive Directorno dataCHF1.36m10.12% CHF1.7b
Alfred Gantner
Former Executive Chairmanno dataCHF1.37m10.12% CHF1.7b
Michelle Felman
Independent Director4.25yrsCHF260.00k0.00039% CHF67.0k
Eric Strutz
Vice Chairman & Lead Independent Director1.25yrsCHF208.00k0.00039% CHF67.0k
Martin Strobel
Independent Director0.92yrCHF364.00k0.0022% CHF378.1k
Anil Gupta
Advisory Board Member no datano datano data
Patrick Ward
Independent Director7.25yrsCHF570.00kno data
Grace Del Rosario-Castaño
Independent Director4.92yrsCHF260.00k0.00039% CHF67.0k

3.1yrs

Average Tenure

55yo

Average Age

Experienced Board: PGHN's board of directors are considered experienced (3.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Partners Group Holding AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Partners Group Holding AG
  • Ticker: PGHN
  • Exchange: SWX
  • Founded: 1996
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: CHF17.184b
  • Shares outstanding: 26.42m
  • Website: https://www.partnersgroup.com/en/

Number of Employees


Location

  • Partners Group Holding AG
  • Zugerstrasse 57
  • Baar
  • Zug
  • 6341
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PGHNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFMar 2006
P2HDB (Deutsche Boerse AG)YesRegistered SharesDEEURMar 2006
PGPH.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDMar 2006
0QOQLSE (London Stock Exchange)YesRegistered SharesGBCHFMar 2006
PGHN NBMV (Bolsa Mexicana de Valores)YesRegistered SharesMXMXNMar 2006

Biography

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 healthcare, consumer, media & telecommunications, education, information technology, industrials, infrastructure/energy & utilities, financial and business services and real estate operating companies. 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, mezzanine financing, alongside secondaries and primaries, and also participates in add on acquisitions. It seeks to invest in 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 seems to invest between €500,000 ($685,010) and €100 million ($137 million) in equity investment in companies with enterprise value between €100 million ($137 million) to €2 billion ($2740 million). The firm is a value-add investor targeting majority and minority stake in its investee companies. While investing in funds, it invests in venture capital, mezzanine, private equity, real estate, distressed, turnaround, and secondary funds. Partners Group Holding AG was founded in 1996 and is based in Baar, Switzerland with additional offices across North America, South America, Europe, Australia, and Asia. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/04/03 21:01
End of Day Share Price2020/04/03 00:00
Earnings2019/12/31
Annual Earnings2019/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.