Partners Group
Note: This is a daily stock update and the information stands true as of 03/09/24, 09:00 CEST.
Company Update:
Expert Opinion:
Environment is increasingly challenging, and valuation is now quite demanding. While the performance fees will eventually pick up, I believe there is no reason to be invested in Partners Group for the time being.
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Company Update:
AUM grew only 2% (4% excl Forex) which was a disappointment.
Revenues are down 17% to CHF907m, a 6% miss to consensus.
Management fees are up by 4% (2% miss) but the big miss comes from Performance fees that are down 39% , a 19% miss v/s our expectations.
Miss on EBIT was only 3% thanks to a very good cost control.
As expected, the firm confirmed their guidance for FY24 regarding gross client demand of USD 20 to 25 billion, based on an expected normalization of the investment environment and continued strong interest in its bespoke solutions and flagship offerings as well as a significant pick-up in investment activity. However, Partners Group specified the guidance for the share of performance fees in total revenues to 20% which is the lower end of the previously given range of 20-30%.Revenues are down 17% to CHF907m, a 6% miss to consensus.
Management fees are up by 4% (2% miss) but the big miss comes from Performance fees that are down 39% , a 19% miss v/s our expectations.
Miss on EBIT was only 3% thanks to a very good cost control.
Expert Opinion:
Environment is increasingly challenging, and valuation is now quite demanding. While the performance fees will eventually pick up, I believe there is no reason to be invested in Partners Group for the time being.
For daily updates, subscribe to our newsletter and for detailed daily updates, reach our to us at sales@alphavalue.eu
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