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PSPN

PSP Swiss Property SWX:PSPN Stock Report

Last Price

CHF121.00

Market Cap

CHF5.6b

7D

-1.9%

1Y

3.9%

Updated

23 May, 2022

Data

Company Financials +
PSPN fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance4/6
Financial Health1/6
Dividends5/6

PSPN Stock Overview

PSP Swiss Property AG, together with its subsidiaries, owns and operates real estate properties in Switzerland.

PSP Swiss Property Competitors

Price History & Performance

Summary of all time highs, changes and price drops for PSP Swiss Property
Historical stock prices
Current Share PriceCHF121.00
52 Week HighCHF127.30
52 Week LowCHF105.40
Beta0.19
1 Month Change-0.57%
3 Month Change6.33%
1 Year Change3.86%
3 Year Change9.01%
5 Year Change32.02%
Change since IPO220.53%

Recent News & Updates

Shareholder Returns

PSPNCH Real EstateCH Market
7D-1.9%-0.3%-2.3%
1Y3.9%1.8%-1.9%

Return vs Industry: PSPN exceeded the Swiss Real Estate industry which returned 2.7% over the past year.

Return vs Market: PSPN exceeded the Swiss Market which returned -2.4% over the past year.

Price Volatility

Is PSPN's price volatile compared to industry and market?
PSPN volatility
PSPN Average Weekly Movement2.8%
Real Estate Industry Average Movement2.8%
Market Average Movement4.9%
10% most volatile stocks in CH Market8.5%
10% least volatile stocks in CH Market2.5%

Stable Share Price: PSPN is less volatile than 75% of Swiss stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: PSPN's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
199989Giacomo Balzarinihttps://www.psp.info

PSP Swiss Property AG, together with its subsidiaries, owns and operates real estate properties in Switzerland. It operates through Real Estate Investments and Property Management segments. The company owns, operates, and leases office, retail, gastronomy, and parking spaces.

PSP Swiss Property Fundamentals Summary

How do PSP Swiss Property's earnings and revenue compare to its market cap?
PSPN fundamental statistics
Market CapCHF5.55b
Earnings (TTM)CHF584.18m
Revenue (TTM)CHF409.31m

9.5x

P/E Ratio

13.6x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
PSPN income statement (TTM)
RevenueCHF409.31m
Cost of RevenueCHF98.16m
Gross ProfitCHF311.15m
Other Expenses-CHF273.03m
EarningsCHF584.18m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Aug 19, 2022

Earnings per share (EPS)12.74
Gross Margin76.02%
Net Profit Margin142.72%
Debt/Equity Ratio60.7%

How did PSPN perform over the long term?

See historical performance and comparison

Dividends

3.1%

Current Dividend Yield

29%

Payout Ratio

Valuation

Is PSP Swiss Property undervalued compared to its fair value and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • PE vs Industry

  • PE vs Market

  • PEG Ratio

  • PB vs Industry


9.5x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: PSPN (CHF121) is trading above our estimate of fair value (CHF68.85)

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


Price To Earnings Ratio

PE vs Industry: PSPN is good value based on its PE Ratio (9.5x) compared to the Swiss Real Estate industry average (12.6x).

PE vs Market: PSPN is good value based on its PE Ratio (9.5x) compared to the Swiss market (17.9x).


Price to Earnings Growth Ratio

PEG Ratio: PSPN's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: PSPN's PB Ratio (1.1x) is in line with the CH Real Estate industry average.


Future Growth

How is PSP Swiss Property forecast to perform in the next 1 to 3 years based on estimates from 8 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-14.0%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PSPN's earnings are forecast to decline over the next 3 years (-14% per year).

Earnings vs Market: PSPN's earnings are forecast to decline over the next 3 years (-14% per year).

High Growth Earnings: PSPN's earnings are forecast to decline over the next 3 years.

Revenue vs Market: PSPN's revenue is expected to decline over the next 3 years (-0.02% per year).

High Growth Revenue: PSPN's revenue is forecast to decline over the next 3 years (-0.02% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PSPN's Return on Equity is forecast to be low in 3 years time (4.3%).


Past Performance

How has PSP Swiss Property performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


20.0%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: PSPN has a large one-off gain of CHF452.6M impacting its March 31 2022 financial results.

Growing Profit Margin: PSPN's current net profit margins are higher than last year (85.4%).


Past Earnings Growth Analysis

Earnings Trend: PSPN's earnings have grown significantly by 20% per year over the past 5 years.

Accelerating Growth: PSPN's earnings growth over the past year (75.4%) exceeds its 5-year average (20% per year).

Earnings vs Industry: PSPN earnings growth over the past year (75.4%) exceeded the Real Estate industry 61.3%.


Return on Equity

High ROE: PSPN's Return on Equity (11.8%) is considered low.


Financial Health

How is PSP Swiss Property's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: PSPN's short term assets (CHF76.6M) do not cover its short term liabilities (CHF438.1M).

Long Term Liabilities: PSPN's short term assets (CHF76.6M) do not cover its long term liabilities (CHF3.9B).


Debt to Equity History and Analysis

Debt Level: PSPN's net debt to equity ratio (60.4%) is considered high.

Reducing Debt: PSPN's debt to equity ratio has increased from 58.9% to 60.7% over the past 5 years.

Debt Coverage: PSPN's debt is not well covered by operating cash flow (10.6%).

Interest Coverage: PSPN's interest payments on its debt are well covered by EBIT (24.4x coverage).


Balance Sheet


Dividend

What is PSP Swiss Property current dividend yield, its reliability and sustainability?

Dividend Score

5/6

Dividend Score 5/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


3.10%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: PSPN's dividend (3.1%) is higher than the bottom 25% of dividend payers in the Swiss market (1.88%).

High Dividend: PSPN's dividend (3.1%) is low compared to the top 25% of dividend payers in the Swiss market (3.91%).


Stability and Growth of Payments

Stable Dividend: PSPN's dividends per share have been stable in the past 10 years.

Growing Dividend: PSPN's dividend payments have increased over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (29.4%), PSPN's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (54%), PSPN's dividend payments are covered by cash flows.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.1yrs

Average management tenure


CEO

Giacomo Balzarini (53 yo)

15.08yrs

Tenure

CHF2,176,000

Compensation

Mr. Giacomo Balzarini, lic. oec. publ., MBA is Chief Executive Officer at PSP Swiss Property AG since April 1, 2017 and its Member of Executive Board since April 1, 2007.He serves as Chief Financial Offic...


CEO Compensation Analysis

Compensation vs Market: Giacomo's total compensation ($USD2.25M) is about average for companies of similar size in the Swiss market ($USD2.15M).

Compensation vs Earnings: Giacomo's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: PSPN's management team is seasoned and experienced (5.1 years average tenure).


Board Members

Experienced Board: PSPN's board of directors are considered experienced (7.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

PSP Swiss Property AG's employee growth, exchange listings and data sources


Key Information

  • Name: PSP Swiss Property AG
  • Ticker: PSPN
  • Exchange: SWX
  • Founded: 1999
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Implied Market Cap: CHF5.550b
  • Shares outstanding: 45.87m
  • Website: https://www.psp.info

Number of Employees


Location

  • PSP Swiss Property AG
  • Kolinplatz 2
  • Zug
  • Zug
  • 6300
  • Switzerland

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/05/23 00:00
End of Day Share Price2022/05/23 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


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.