Partners Group Climbs After Earnings, Dividend Beat Estimatesby
Company's stock rises to a record high in Zurich trading
Revenue from private equity rose to 406.5 million francs
Partners Group Holding AG, a Swiss investor in private markets, rose to a record in Zurich trading after full-year earnings and the proposed dividend beat expectations.
The stock jumped as much as 6.3 percent and was up 6 percent at 397.75 Swiss francs as of 11:29 a.m. in Zurich, valuing the company at 10.6 billion francs ($10.9 billion).
Earnings before interest, taxes, depreciation and amortization advanced 6 percent to 367 million francs last year from 2014 as performance fees doubled and revenue from private equity increased, the Baar, Switzerland-based company said in a statement on Tuesday. That compares with an average estimate of 355 million francs by 10 analysts surveyed by Bloomberg. The dividend rose 24 percent to 10.50 francs a share, versus an estimated 9.50 francs.
Partners Group, which has doubled assets under management in the past five years and makes about half of its investments in the U.S, said performance fees were helped by the company’s move toward “direct” investments. The company, which has about 840 employees across 18 offices worldwide, said last week it will build a new headquarters for its Americas operations in Colorado.
Revenue from private equity rose to 406.5 million francs from 373 million francs, while income from real estate was little changed at 98.7 million francs. Infrastructure revenue increased 8 percent to 44.1 million francs.
Client inflows for Partners Group funds, from investors such as corporate and public pension funds, was 8.4 billion euros ($9.4 billion) in 2015, compared with 6.1 billion euros a year earlier, the company said. It confirmed a target range of 7 billion to 9 billion euros of inflows for 2016.