Partners Group Continued uncertain outlook

Research evidence excerpt

Partners Group Continued uncertain outlook

iQprofile SM Partners Group

Key Income Statement Data (Dec) 2024A 2025A 2026E 2027E 2028E Company Sector

(CHF Millions) Other Financials

Net revenues 2135.6 2563.1 2317.2 2495.1 2671.4

Adjusted EBITDA 1357.4 1610.6 1457.9 1564.9 1678.5

Depreciation -48.6 -69.3 -72.8 -76.4 -80.2 Company Description Adjusted EBIT 1308.8 1541.3 1385.2 1488.5 1598.3

NII 61.1 -10.2 -52.1 -52.1 -52.1 Partners Group is a world-class global private markets asset

Adjusted PBT 1369.9 1531.1 1333.1 1436.4 1546.2 management firm with investment programs in private

Adjusted net income 1127.7 1260.7 1093.1 1177.8 1267.8 equity, private debt, private real estate and private

Key Balance Sheet Data infrastructure. The firm is differentiated from others by its

Other intangibles 74.6 61.1 99.7 364.9 364.9 relative value approach, whereby it invests in all stages,

PPE 533.1 505.6 505.6 505.6 505.6 geographies and types of private equity (e.g., primaries,

Total non-current assets 2065.0 2471.3 2471.3 2471.3 2471.3 secondaries, directs).

Cash and cash equivalents 823.5 1124.7 1124.7 1124.7 1124.7

Total current assets 3618.3 3916.9 3916.9 3916.9 3916.9

Short term debt 0 0 0 0 0 Investment Rationale

Total current liabilities 1449.3 2347.0 2347.0 2347.0 2347.0

Partners is a world leader in providing access to private Long term debt 1329.6 1329.7 1329.7 1329.7 1329.7

Total non-current liabilities 1819.9 1854.0 1854.0 1854.0 1854.0 asset investments for both institutional and retail investors.

The company has, we think, built a diverse product range. It

Key Metrics

is also expanding geographically. We believe this, and its

Adjusted EBITDA margin 63.6 62.8 62.9 62.7 62.8

overall long duration assets, should lead to strong and Price/Earnings Ratio 16.7 14.9 17.1 15.8 14.7