PSP Swiss Property AG

SWX:PSPN Stock Report

Market Cap: CHF 5.8b

PSP Swiss Property Valuation

Is PSPN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PSPN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PSPN (CHF127.3) is trading above our estimate of fair value (CHF56.69)

Significantly Below Fair Value: PSPN is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PSPN?

Key metric: As PSPN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PSPN. This is calculated by dividing PSPN's market cap by their current earnings.
What is PSPN's PE Ratio?
PE Ratio21x
EarningsCHF 278.19m
Market CapCHF 5.84b

Price to Earnings Ratio vs Peers

How does PSPN's PE Ratio compare to its peers?

The above table shows the PE ratio for PSPN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average27.4x
SPSN Swiss Prime Site
40.6x18.3%CHF 7.5b
MOBN Mobimo Holding
26.9x11.0%CHF 2.1b
ISN Intershop Holding
14.3xn/aCHF 1.2b
EPIC EPIC Suisse
27.9xn/aCHF 816.1m
PSPN PSP Swiss Property
21x-2.0%CHF 5.8b

Price-To-Earnings vs Peers: PSPN is good value based on its Price-To-Earnings Ratio (21x) compared to the peer average (27.4x).

Price to Earnings Ratio vs Industry

How does PSPN's PE Ratio compare vs other companies in the European Real Estate Industry?

31 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PSPN 21.0xIndustry Avg. 18.1xNo. of Companies31PE01632486480+
31 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PSPN is expensive based on its Price-To-Earnings Ratio (21x) compared to the European Real Estate industry average (18.1x).

Price to Earnings Ratio vs Fair Ratio

What is PSPN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PSPN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio21x
Fair PE Ratio24.8x

Price-To-Earnings vs Fair Ratio: PSPN is good value based on its Price-To-Earnings Ratio (21x) compared to the estimated Fair Price-To-Earnings Ratio (24.8x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst PSPN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCHF 127.30
CHF 131.70
+3.5%
4.9%CHF 148.00CHF 125.00n/a10
Dec ’25CHF 128.40
CHF 131.70
+2.6%
4.9%CHF 148.00CHF 125.00n/a10
Nov ’25CHF 123.50
CHF 130.30
+5.5%
5.9%CHF 148.00CHF 117.00n/a10
Oct ’25CHF 125.10
CHF 128.20
+2.5%
3.8%CHF 135.00CHF 117.00n/a10
Sep ’25CHF 123.20
CHF 125.56
+1.9%
4.5%CHF 133.00CHF 115.00n/a9
Aug ’25CHF 117.40
CHF 123.44
+5.1%
4.2%CHF 130.00CHF 115.00n/a9
Jul ’25CHF 115.20
CHF 123.44
+7.2%
4.2%CHF 130.00CHF 115.00n/a9
Jun ’25CHF 113.30
CHF 124.25
+9.7%
4.0%CHF 130.00CHF 115.00n/a8
May ’25CHF 113.90
CHF 123.63
+8.5%
3.9%CHF 130.00CHF 115.00n/a8
Apr ’25CHF 118.20
CHF 122.38
+3.5%
3.4%CHF 128.00CHF 115.00n/a8
Mar ’25CHF 113.50
CHF 121.25
+6.8%
5.9%CHF 130.00CHF 105.00n/a8
Feb ’25CHF 115.20
CHF 120.63
+4.7%
7.1%CHF 130.00CHF 100.00n/a8
Jan ’25CHF 117.60
CHF 119.25
+1.4%
7.1%CHF 130.00CHF 100.00n/a8
Dec ’24CHF 115.10
CHF 116.57
+1.3%
6.7%CHF 128.00CHF 100.00CHF 128.407
Nov ’24CHF 110.60
CHF 115.71
+4.6%
7.1%CHF 128.00CHF 100.00CHF 123.507
Oct ’24CHF 108.20
CHF 115.71
+6.9%
7.1%CHF 128.00CHF 100.00CHF 125.107
Sep ’24CHF 107.00
CHF 113.75
+6.3%
7.5%CHF 128.00CHF 100.00CHF 123.208
Aug ’24CHF 102.80
CHF 114.33
+11.2%
7.0%CHF 128.00CHF 100.00CHF 117.409
Jul ’24CHF 99.90
CHF 114.33
+14.4%
7.0%CHF 128.00CHF 100.00CHF 115.209
Jun ’24CHF 97.30
CHF 114.89
+18.1%
7.4%CHF 128.00CHF 100.00CHF 113.309
May ’24CHF 105.10
CHF 118.00
+12.3%
7.8%CHF 128.00CHF 100.00CHF 113.909
Apr ’24CHF 104.00
CHF 119.22
+14.6%
6.7%CHF 128.00CHF 100.00CHF 118.209
Mar ’24CHF 105.00
CHF 119.22
+13.5%
6.7%CHF 128.00CHF 100.00CHF 113.509
Feb ’24CHF 113.80
CHF 119.33
+4.9%
6.7%CHF 128.00CHF 100.00CHF 115.209
Jan ’24CHF 108.50
CHF 118.22
+9.0%
6.6%CHF 128.00CHF 100.00CHF 117.609
Dec ’23CHF 106.00
CHF 118.78
+12.1%
6.5%CHF 128.00CHF 100.00CHF 115.109

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/24 02:32
End of Day Share Price 2024/12/23 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

PSP Swiss Property AG is covered by 22 analysts. 9 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Ruud Van MaanenABN AMRO Bank N.V.
Andreas von ArxBaader Helvea Equity Research
Gerhard SchwarzBaader Helvea Equity Research