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PARTNERS GROUP HOLDING AG (P2H.DE) Stock Fundamental Analysis

FRA:P2H - Deutsche Boerse Ag - CH0024608827 - Common Stock - Currency: EUR

1101.5  +23.5 (+2.18%)

Fundamental Rating

6

We assign a fundamental rating of 6 out of 10 to P2H. P2H was compared to 109 industry peers in the Capital Markets industry. Both the health and profitability get an excellent rating, making P2H a very profitable company, without any liquidiy or solvency issues. P2H is not valued too expensively and it also shows a decent growth rate. These ratings could make P2H a good candidate for quality investing.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

P2H had positive earnings in the past year.
P2H had a positive operating cash flow in the past year.
In the past 5 years P2H has always been profitable.
Each year in the past 5 years P2H had a positive operating cash flow.
P2H.DE Yearly Net Income VS EBIT VS OCF VS FCFP2H.DE Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

1.2 Ratios

The Return On Assets of P2H (19.84%) is better than 98.17% of its industry peers.
With an excellent Return On Equity value of 46.71%, P2H belongs to the best of the industry, outperforming 99.08% of the companies in the same industry.
P2H has a Return On Invested Capital of 21.86%. This is amongst the best in the industry. P2H outperforms 99.08% of its industry peers.
The Average Return On Invested Capital over the past 3 years for P2H is significantly above the industry average of 8.40%.
Industry RankSector Rank
ROA 19.84%
ROE 46.71%
ROIC 21.86%
ROA(3y)20.9%
ROA(5y)22.59%
ROE(3y)43.22%
ROE(5y)43.1%
ROIC(3y)23.48%
ROIC(5y)25.07%
P2H.DE Yearly ROA, ROE, ROICP2H.DE Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 10 20 30 40 50

1.3 Margins

With an excellent Profit Margin value of 55.87%, P2H belongs to the best of the industry, outperforming 89.91% of the companies in the same industry.
In the last couple of years the Profit Margin of P2H has remained more or less at the same level.
With an excellent Operating Margin value of 64.85%, P2H belongs to the best of the industry, outperforming 92.66% of the companies in the same industry.
P2H's Operating Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 64.85%
PM (TTM) 55.87%
GM N/A
OM growth 3Y0.46%
OM growth 5Y-0.09%
PM growth 3Y-0.38%
PM growth 5Y-0.8%
GM growth 3YN/A
GM growth 5YN/A
P2H.DE Yearly Profit, Operating, Gross MarginsP2H.DE Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60

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7

2. Health

2.1 Basic Checks

P2H has less shares outstanding than it did 1 year ago.
P2H has less shares outstanding than it did 5 years ago.
P2H has a worse debt/assets ratio than last year.
P2H.DE Yearly Shares OutstandingP2H.DE Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M 25M
P2H.DE Yearly Total Debt VS Total AssetsP2H.DE Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

P2H has an Altman-Z score of 7.52. This indicates that P2H is financially healthy and has little risk of bankruptcy at the moment.
Looking at the Altman-Z score, with a value of 7.52, P2H belongs to the top of the industry, outperforming 93.58% of the companies in the same industry.
The Debt to FCF ratio of P2H is 2.70, which is a good value as it means it would take P2H, 2.70 years of fcf income to pay off all of its debts.
P2H has a Debt to FCF ratio of 2.70. This is amongst the best in the industry. P2H outperforms 83.49% of its industry peers.
A Debt/Equity ratio of 0.88 indicates that P2H is somewhat dependend on debt financing.
P2H has a Debt to Equity ratio (0.88) which is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.88
Debt/FCF 2.7
Altman-Z 7.52
ROIC/WACCN/A
WACCN/A
P2H.DE Yearly LT Debt VS Equity VS FCFP2H.DE Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B

2.3 Liquidity

P2H has a Current Ratio of 2.50. This indicates that P2H is financially healthy and has no problem in meeting its short term obligations.
With a decent Current ratio value of 2.50, P2H is doing good in the industry, outperforming 77.98% of the companies in the same industry.
A Quick Ratio of 2.50 indicates that P2H has no problem at all paying its short term obligations.
P2H has a better Quick ratio (2.50) than 78.90% of its industry peers.
Industry RankSector Rank
Current Ratio 2.5
Quick Ratio 2.5
P2H.DE Yearly Current Assets VS Current LiabilitesP2H.DE Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

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6

3. Growth

3.1 Past

P2H shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 11.75%, which is quite good.
The Earnings Per Share has been growing slightly by 5.06% on average over the past years.
The Revenue has grown by 8.71% in the past year. This is quite good.
Measured over the past years, P2H shows a small growth in Revenue. The Revenue has been growing by 5.46% on average per year.
EPS 1Y (TTM)11.75%
EPS 3Y-7.89%
EPS 5Y5.06%
EPS Q2Q%36.79%
Revenue 1Y (TTM)8.71%
Revenue growth 3Y-7.98%
Revenue growth 5Y5.46%
Sales Q2Q%32.04%

3.2 Future

P2H is expected to show quite a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 10.59% yearly.
Based on estimates for the next years, P2H will show a quite strong growth in Revenue. The Revenue will grow by 11.70% on average per year.
EPS Next Y14.57%
EPS Next 2Y17.6%
EPS Next 3Y15.35%
EPS Next 5Y10.59%
Revenue Next Year17.42%
Revenue Next 2Y18.7%
Revenue Next 3Y16.15%
Revenue Next 5Y11.7%

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
P2H.DE Yearly Revenue VS EstimatesP2H.DE Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 1B 2B 3B
P2H.DE Yearly EPS VS EstimatesP2H.DE Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 20 40 60

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4

4. Valuation

4.1 Price/Earnings Ratio

A Price/Earnings ratio of 23.93 indicates a rather expensive valuation of P2H.
Compared to the rest of the industry, the Price/Earnings ratio of P2H is on the same level as its industry peers.
The average S&P500 Price/Earnings ratio is at 26.98. P2H is around the same levels.
With a Price/Forward Earnings ratio of 20.89, P2H is valued on the expensive side.
Based on the Price/Forward Earnings ratio, P2H is valued a bit cheaper than 62.39% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 21.49. P2H is around the same levels.
Industry RankSector Rank
PE 23.93
Fwd PE 20.89
P2H.DE Price Earnings VS Forward Price EarningsP2H.DE Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 10 20 30

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of P2H indicates a somewhat cheap valuation: P2H is cheaper than 70.64% of the companies listed in the same industry.
Based on the Price/Free Cash Flow ratio, P2H is valued a bit cheaper than 68.81% of the companies in the same industry.
Industry RankSector Rank
P/FCF 34.72
EV/EBITDA 21.12
P2H.DE Per share dataP2H.DE EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 20 40 60 80

4.3 Compensation for Growth

P2H's PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
The decent profitability rating of P2H may justify a higher PE ratio.
A more expensive valuation may be justified as P2H's earnings are expected to grow with 15.35% in the coming years.
PEG (NY)1.64
PEG (5Y)4.73
EPS Next 2Y17.6%
EPS Next 3Y15.35%

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 4.16%, P2H is a good candidate for dividend investing.
P2H's Dividend Yield is a higher than the industry average which is at 5.70.
Compared to an average S&P500 Dividend Yield of 2.42, P2H pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.16%

5.2 History

The dividend of P2H is nicely growing with an annual growth rate of 12.14%!
Dividend Growth(5Y)12.14%
Div Incr Years0
Div Non Decr Years0
P2H.DE Yearly Dividends per shareP2H.DE Yearly Dividends per shareYearly Dividends per share 2025 10 20 30 40

5.3 Sustainability

90.27% of the earnings are spent on dividend by P2H. This is not a sustainable payout ratio.
P2H's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP90.27%
EPS Next 2Y17.6%
EPS Next 3Y15.35%
P2H.DE Yearly Income VS Free CF VS DividendP2H.DE Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B
P2H.DE Dividend Payout.P2H.DE Dividend Payout, showing the Payout Ratio.P2H.DE Dividend Payout.PayoutRetained Earnings

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PARTNERS GROUP HOLDING AG

FRA:P2H (6/27/2025, 7:00:00 PM)

1101.5

+23.5 (+2.18%)

Chartmill FA Rating
GICS SectorFinancials
GICS IndustryGroupFinancial Services
GICS IndustryCapital Markets
Earnings (Last)03-11 2025-03-11/bmo
Earnings (Next)09-02 2025-09-02
Inst Owners44.56%
Inst Owner ChangeN/A
Ins Owners11.55%
Ins Owner ChangeN/A
Market Cap29.41B
Analysts75.45
Price Target1336.13 (21.3%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.16%
Yearly Dividend41.93
Dividend Growth(5Y)12.14%
DP90.27%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-3.01%
PT rev (3m)N/A
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)N/A
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)N/A
Valuation
Industry RankSector Rank
PE 23.93
Fwd PE 20.89
P/S 13.64
P/FCF 34.72
P/OCF 29.47
P/B 11.4
P/tB 11.89
EV/EBITDA 21.12
EPS(TTM)46.03
EY4.18%
EPS(NY)52.74
Fwd EY4.79%
FCF(TTM)31.73
FCFY2.88%
OCF(TTM)37.37
OCFY3.39%
SpS80.77
BVpS96.61
TBVpS92.62
PEG (NY)1.64
PEG (5Y)4.73
Profitability
Industry RankSector Rank
ROA 19.84%
ROE 46.71%
ROCE 30.91%
ROIC 21.86%
ROICexc 23.22%
ROICexgc 23.73%
OM 64.85%
PM (TTM) 55.87%
GM N/A
FCFM 39.28%
ROA(3y)20.9%
ROA(5y)22.59%
ROE(3y)43.22%
ROE(5y)43.1%
ROIC(3y)23.48%
ROIC(5y)25.07%
ROICexc(3y)26.5%
ROICexc(5y)31.23%
ROICexgc(3y)27.05%
ROICexgc(5y)31.95%
ROCE(3y)31.23%
ROCE(5y)32.03%
ROICexcg growth 3Y-18.47%
ROICexcg growth 5Y-7.28%
ROICexc growth 3Y-18.49%
ROICexc growth 5Y-7.16%
OM growth 3Y0.46%
OM growth 5Y-0.09%
PM growth 3Y-0.38%
PM growth 5Y-0.8%
GM growth 3YN/A
GM growth 5YN/A
F-Score4
Asset Turnover0.36
Health
Industry RankSector Rank
Debt/Equity 0.88
Debt/FCF 2.7
Debt/EBITDA 1.57
Cap/Depr 290.33%
Cap/Sales 6.99%
Interest Coverage 51.73
Cash Conversion 68.8%
Profit Quality 70.3%
Current Ratio 2.5
Quick Ratio 2.5
Altman-Z 7.52
F-Score4
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)257.94%
Cap/Depr(5y)199.17%
Cap/Sales(3y)5.91%
Cap/Sales(5y)4.43%
Profit Quality(3y)73.38%
Profit Quality(5y)80.77%
High Growth Momentum
Growth
EPS 1Y (TTM)11.75%
EPS 3Y-7.89%
EPS 5Y5.06%
EPS Q2Q%36.79%
EPS Next Y14.57%
EPS Next 2Y17.6%
EPS Next 3Y15.35%
EPS Next 5Y10.59%
Revenue 1Y (TTM)8.71%
Revenue growth 3Y-7.98%
Revenue growth 5Y5.46%
Sales Q2Q%32.04%
Revenue Next Year17.42%
Revenue Next 2Y18.7%
Revenue Next 3Y16.15%
Revenue Next 5Y11.7%
EBIT growth 1Y9.74%
EBIT growth 3Y-7.55%
EBIT growth 5Y5.37%
EBIT Next Year21.29%
EBIT Next 3Y17.37%
EBIT Next 5Y10.07%
FCF growth 1Y48.35%
FCF growth 3Y7.09%
FCF growth 5Y-0.8%
OCF growth 1Y45.22%
OCF growth 3Y9.99%
OCF growth 5Y-0.57%