2025-05-29-Jefferies-帕特纳集团私募股权（PEY）_帕特纳集团私募股权第一季度最新电话会议_7页_107kb

Partners Group Private Equity (PEY LN) Equity Research Summary

Company Overview

Partners Group Private Equity (PEY LN) is a listed fund investing directly in private companies and fund interests. As of the report date, the stock trades at a 31.0% discount to its NAV, with a current price of €9.60.

First Quarter Performance

• The fund's NAV declined in Q1 due to multiple compression and an increase in net debt, offset partly by EBITDA growth. The estimated NAV is €13.92, reflecting a gross internal rate of return of -4.6% for Q1.

Portfolio Metrics

• Top 20 holdings have a weighted average EV/EBITDA multiple of 18x, down from 21x at the end of 2024, while EBITDA growth is sustained at 12%. Net debt/EBITDA increased to 6x due to portfolio adjustments.
• Approximately 71% of the portfolio expects minimal EBITDA impact from tariffs, with only 9% at high risk (5-10%).

Capital Allocation

• About 40% of the NAV is tied to ongoing and upcoming exit processes, with an average holding period of five years. A sell-down of Galderma contributed to liquidity.
• Under the capital allocation policy, €12.5m in additional exits would trigger share buybacks, aligning with the high proportion of the portfolio in exit phases.

Risks and Outlook

• Key risks include overcommitment on the portfolio and elevated valuations initially paid for investments (e.g., for 2021 vintage companies, which are now growing into valuations). As noted, the multiple decline to 18x EV/EBITDA levels seen in September 2024 suggests a de-rating, partly due to the exclusion of high-multiple holdings.
• Analysts maintain a HOLD rating with a price target aligned near current levels, expecting potential for buybacks in the near-to-medium term based on exit progress.

Analyst Comments

• The equity analyst team from Jefferies highlights the implications of exit processes and capital allocation, noting favorable conditions for buybacks. The current trading point reflects recent sell-downs and overall market dynamics.