Swiss Prime Site (SWX:SPSN) - Share price, News & Analysis

SPSN fundamental analysis
Snowflake Score
Valuation	1/6
Future Growth	0/6
Past Performance	2/6
Financial Health	3/6
Dividends	4/6

SPSN Stock Overview

Swiss Prime Site AG, a real estate company, engages in buying and selling, managing, and developing investment properties in Switzerland.

Rewards

Price-To-Earnings ratio (15x) is below the Swiss market (17.9x)

Pays a reliable dividend of 3.38%

Risk Analysis

Earnings are forecast to decline by an average of 10.8% per year for the next 3 years

Debt is not well covered by operating cash flow

Large one-off items impacting financial results

Swiss Prime Site Competitors

Vonovia

XTRA:VNA

€26.0b

SEGRO

LSE:SGRO

UK£13.3b

Deutsche Wohnen

XTRA:DWNI

€10.0b

Gecina

ENXTPA:GFC

€7.8b

Price History & Performance

Summary of all time highs, changes and price drops for Swiss Prime Site
Historical stock prices
Current Share Price	CHF99.45
52 Week High	CHF101.20
52 Week Low	CHF85.95
Beta	0
1 Month Change	4.74%
3 Month Change	11.12%
1 Year Change	9.23%
3 Year Change	22.93%
5 Year Change	11.74%
Change since IPO	-32.29%

Recent News & Updates

Feb 20

Swiss Prime Site (VTX:SPSN) Is Reducing Its Dividend To CHF1.68

Swiss Prime Site AG ( VTX:SPSN ) has announced it will be reducing its dividend payable on the 30th of March to...

Oct 05

Is Swiss Prime Site (VTX:SPSN) A Risky Investment?

Howard Marks put it nicely when he said that, rather than worrying about share price volatility, 'The possibility of...

Shareholder Returns

	SPSN	CH Real Estate	CH Market
7D	0.8%	-0.3%	-2.3%
1Y	9.2%	1.8%	-1.9%

Return vs Industry: SPSN exceeded the Swiss Real Estate industry which returned 1.8% over the past year.

Return vs Market: SPSN exceeded the Swiss Market which returned -1.9% over the past year.

Price Volatility

Is SPSN's price volatile compared to industry and market?
SPSN volatility
SPSN Average Weekly Movement	2.7%
Real Estate Industry Average Movement	2.8%
Market Average Movement	4.9%
10% most volatile stocks in CH Market	8.5%
10% least volatile stocks in CH Market	2.5%

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

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

About the Company

Founded	Employees	CEO	Website
1999	1,569	René Zahnd	https://sps.swiss

Swiss Prime Site AG, a real estate company, engages in buying and selling, managing, and developing investment properties in Switzerland. The company operates in two segments, Real Estate and Services. The Real Estate segment purchases, sells, leases, and develops properties.

Swiss Prime Site Fundamentals Summary

How do Swiss Prime Site's earnings and revenue compare to its market cap?
SPSN fundamental statistics
Market Cap	CHF7.63b
Earnings (TTM)	CHF507.38m
Revenue (TTM)	CHF772.92m

15.0x

P/E Ratio

9.9x

P/S Ratio

Is SPSN overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
SPSN income statement (TTM)
Revenue	CHF772.92m
Cost of Revenue	CHF156.20m
Gross Profit	CHF616.72m
Other Expenses	CHF109.34m
Earnings	CHF507.38m

Last Reported Earnings

Dec 31, 2021

Next Earnings Date

Aug 25, 2022

Earnings per share (EPS)	6.61
Gross Margin	79.79%
Net Profit Margin	65.64%
Debt/Equity Ratio	81.2%

How did SPSN perform over the long term?

See historical performance and comparison

Dividends

3.4%

Current Dividend Yield

50%

Payout Ratio

Does SPSN pay a reliable dividends?

See SPSN dividend history and benchmarks

When do you need to buy SPSN by to receive an upcoming dividend?
Swiss Prime Site dividend dates
Ex Dividend Date	Jun 09 2022
Dividend Pay Date	Jun 13 2022
Days until Ex dividend	15 days
Days until Dividend pay date	19 days

Does SPSN pay a reliable dividends?

See SPSN dividend history and benchmarks

Valuation

Is Swiss Prime Site undervalued compared to its fair value and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

15.04x

Price to Earnings (PE) ratio

Share Price vs. Fair Value

Below Fair Value: SPSN (CHF99.2) is trading above our estimate of fair value (CHF76.41)

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

Price To Earnings Ratio

PE vs Industry: SPSN is poor value based on its Price-To-Earnings Ratio (15x) compared to the Swiss Real Estate industry average (12.6x).

PE vs Market: SPSN is good value based on its Price-To-Earnings Ratio (15x) compared to the Swiss market (17.9x).

Price to Earnings Growth Ratio

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

Price to Book Ratio

PB vs Industry: SPSN is overvalued based on its Price-To-Book Ratio (1.2x) compared to the CH Real Estate industry average (1.1x).

Future Growth

How is Swiss Prime Site forecast to perform in the next 1 to 3 years based on estimates from 4 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

-10.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SPSN's earnings are forecast to decline over the next 3 years (-10.8% per year).

Earnings vs Market: SPSN's earnings are forecast to decline over the next 3 years (-10.8% per year).

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

Revenue vs Market: SPSN's revenue is expected to decline over the next 3 years (-0.3% per year).

High Growth Revenue: SPSN's revenue is forecast to decline over the next 3 years (-0.3% per year).

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SPSN's Return on Equity is forecast to be low in 3 years time (5%).

Past Performance

How has Swiss Prime Site performed over the past 5 years?

Past Performance Score

2/6

Past Performance Score 2/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

16.2%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SPSN has a large one-off gain of CHF293.9M impacting its December 31 2021 financial results.

Growing Profit Margin: SPSN's current net profit margins (65.6%) are higher than last year (60.2%).

Past Earnings Growth Analysis

Earnings Trend: SPSN's earnings have grown by 16.2% per year over the past 5 years.

Accelerating Growth: SPSN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: SPSN had negative earnings growth (-16.9%) over the past year, making it difficult to compare to the Real Estate industry average (61.3%).

Return on Equity

High ROE: SPSN's Return on Equity (8%) is considered low.

Financial Health

How is Swiss Prime Site's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: SPSN's short term assets (CHF528.1M) exceed its short term liabilities (CHF380.7M).

Long Term Liabilities: SPSN's short term assets (CHF528.1M) do not cover its long term liabilities (CHF6.4B).

Debt to Equity History and Analysis

Debt Level: SPSN's net debt to equity ratio (79.4%) is considered high.

Reducing Debt: SPSN's debt to equity ratio has reduced from 94.3% to 81.2% over the past 5 years.

Debt Coverage: SPSN's debt is not well covered by operating cash flow (8.3%).

Interest Coverage: SPSN's interest payments on its debt are well covered by EBIT (9x coverage).

Balance Sheet

Dividend

What is Swiss Prime Site current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

3.37%

Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: SPSN's dividend (3.38%) is higher than the bottom 25% of dividend payers in the Swiss market (1.91%).

High Dividend: SPSN's dividend (3.38%) is low compared to the top 25% of dividend payers in the Swiss market (3.88%).

Stability and Growth of Payments

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

Growing Dividend: SPSN's dividend payments have fallen over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonable payout ratio (50.2%), SPSN's dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (62.9%), SPSN'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?

1.3yrs

Average management tenure

CEO

René Zahnd (55 yo)

6.5yrs

Tenure

CHF1,657,000

Compensation

Mr. René Zahnd has been the Chief Executive Officer of Swiss Prime Site AG since January 1, 2016 and has been its Member of Executive Board since November 01, 2015. He serves as President of the Board of D...

CEO Compensation Analysis

Compensation vs Market: René's total compensation ($USD1.73M) is about average for companies of similar size in the Swiss market ($USD2.17M).

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

Leadership Team

Experienced Management: SPSN's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.

Board Members

Experienced Board: SPSN's board of directors are considered experienced (3.2 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.

Data	Last Updated (UTC time)
Company Analysis	2022/05/24 00:00
End of Day Share Price	2022/05/24 00:00
Earnings	2021/12/31
Annual Earnings	2021/12/31