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PSP Swiss Property

OTCPK:PSPS.F
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PSPS.F
OTCPK
CHF5B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

PSP Swiss Property AG, together with its subsidiaries, owns and operates real estate properties in Switzerland. The last earnings update was 13 days ago. More info.


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PSPS.F Share Price and Events
7 Day Returns
0%
OTCPK:PSPS.F
-0.9%
US Real Estate
-0.7%
US Market
1 Year Returns
-
OTCPK:PSPS.F
-15.7%
US Real Estate
3%
US Market
PSPS.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
PSP Swiss Property (PSPS.F) 0% 0% - - 8.1% 9.6%
US Real Estate -0.9% -6.6% -8.6% -15.7% 22.9% 4.2%
US Market -0.7% -2% 2.4% 3% 39.2% 42%
1 Year Return vs Industry and Market
  • No trading data on PSPS.F.
  • No trading data on PSPS.F.
Price Volatility
PSPS.F
Industry
5yr Volatility vs Market

PSPS.F Value

 Is PSP Swiss Property undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of PSP Swiss Property to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for PSP Swiss Property.

OTCPK:PSPS.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 7 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 11.1%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:PSPS.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 1.11
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.11 (1 + (1- 18%) (53.8%))
1.402
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.4
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.402 * 5.96%)
11.09%

Discounted Cash Flow Calculation for OTCPK:PSPS.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for PSP Swiss Property is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OTCPK:PSPS.F DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CHF, Millions) Source Present Value
Discounted (@ 11.09%)
2019 71.00 Analyst x1 63.91
2020 105.20 Analyst x3 85.25
2021 130.57 Analyst x3 95.24
2022 195.90 Analyst x1 128.64
2023 241.15 Est @ 23.1% 142.55
2024 282.12 Est @ 16.99% 150.12
2025 317.98 Est @ 12.71% 152.32
2026 348.87 Est @ 9.72% 150.44
2027 375.46 Est @ 7.62% 145.74
2028 398.56 Est @ 6.15% 139.27
Present value of next 10 years cash flows CHF1,253.50
OTCPK:PSPS.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CHF398.56 × (1 + 2.73%) ÷ (11.09% – 2.73%)
CHF4,899.36
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CHF4,899.36 ÷ (1 + 11.09%)10
CHF1,712.01
OTCPK:PSPS.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CHF1,253.50 + CHF1,712.01
CHF2,965.50
Equity Value per Share
(CHF)
= Total value / Shares Outstanding
= CHF2,965.50 / 45.87
CHF64.65
OTCPK:PSPS.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:PSPS.F represents 0.93601x of SWX:PSPN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.93601x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CHF) x Listing Adjustment Factor
= CHF 64.65 x 0.93601
$60.52
Value per share (USD) From above. $60.52
Current discount Discount to share price of $102.40
= -1 x ($102.40 - $60.52) / $60.52
-69.2%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of PSP Swiss Property is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for PSP Swiss Property's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are PSP Swiss Property's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:PSPS.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CHF CHF7.58
SWX:PSPN Share Price ** SWX (2019-04-17) in CHF CHF109.4
United States of America Real Estate Industry PE Ratio Median Figure of 26 Publicly-Listed Real Estate Companies 15.37x
United States of America Market PE Ratio Median Figure of 3,088 Publicly-Listed Companies 17.89x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of PSP Swiss Property.

OTCPK:PSPS.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SWX:PSPN Share Price ÷ EPS (both in CHF)

= 109.4 ÷ 7.58

14.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PSP Swiss Property is good value based on earnings compared to the US Real Estate industry average.
  • PSP Swiss Property is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does PSP Swiss Property's expected growth come at a high price?
Raw Data
OTCPK:PSPS.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts
-6.3%per year
United States of America Real Estate Industry PEG Ratio Median Figure of 12 Publicly-Listed Real Estate Companies 0.44x
United States of America Market PEG Ratio Median Figure of 2,117 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

OTCPK:PSPS.F PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 14.43x ÷ -6.3%

-2.29x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PSP Swiss Property earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on PSP Swiss Property's assets?
Raw Data
OTCPK:PSPS.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CHF CHF92.36
SWX:PSPN Share Price * SWX (2019-04-17) in CHF CHF109.4
United States of America Real Estate Industry PB Ratio Median Figure of 52 Publicly-Listed Real Estate Companies 1.44x
United States of America Market PB Ratio Median Figure of 5,195 Publicly-Listed Companies 1.83x
OTCPK:PSPS.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SWX:PSPN Share Price ÷ Book Value per Share (both in CHF)

= 109.4 ÷ 92.36

1.18x

* Primary Listing of PSP Swiss Property.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • PSP Swiss Property is good value based on assets compared to the US Real Estate industry average.
X
Value checks
We assess PSP Swiss Property's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. PSP Swiss Property has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

PSPS.F Future Performance

 How is PSP Swiss Property expected to perform in the next 1 to 3 years based on estimates from 7 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-6.3%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is PSP Swiss Property expected to grow at an attractive rate?
  • PSP Swiss Property's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • PSP Swiss Property's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • PSP Swiss Property's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:PSPS.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:PSPS.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 7 Analysts -6.3%
OTCPK:PSPS.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 7 Analysts 1.7%
United States of America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 6.9%
United States of America Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 6.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:PSPS.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
All numbers in CHF Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:PSPS.F Future Estimates Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 314 1
2022-12-31 320 226 249 3
2021-12-31 316 208 235 5
2020-12-31 305 200 256 5
2019-12-31 295 199 269 5
OTCPK:PSPS.F Past Financials Data
Date (Data in CHF Millions) Revenue Cash Flow Net Income *
2019-03-31 320 203 348
2018-12-31 314 208 308
2018-09-30 316 207 313
2018-06-30 323 203 321
2018-03-31 319 198 257
2017-12-31 316 173 257
2017-09-30 332 181 197
2017-06-30 326 161 164
2017-03-31 340 172 128
2016-12-31 371 205 135
2016-09-30 367 208 158
2016-06-30 353 217 164

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • PSP Swiss Property's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • PSP Swiss Property's revenue is expected to grow by 1.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:PSPS.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below

All data from PSP Swiss Property Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:PSPS.F Future Estimates Data
Date (Data in CHF Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 5.42 6.03 4.81 2.00
2021-12-31 5.02 6.05 4.36 7.00
2020-12-31 5.41 6.27 4.32 7.00
2019-12-31 5.77 6.77 4.83 7.00
OTCPK:PSPS.F Past Financials Data
Date (Data in CHF Millions) EPS *
2019-03-31 7.58
2018-12-31 6.72
2018-09-30 6.82
2018-06-30 7.01
2018-03-31 5.61
2017-12-31 5.60
2017-09-30 4.29
2017-06-30 3.58
2017-03-31 2.78
2016-12-31 2.94
2016-09-30 3.45
2016-06-30 3.59

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • PSP Swiss Property is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess PSP Swiss Property's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
PSP Swiss Property has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

PSPS.F Past Performance

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

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare PSP Swiss Property's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • PSP Swiss Property's year on year earnings growth rate has been positive over the past 5 years.
  • PSP Swiss Property's 1-year earnings growth exceeds its 5-year average (35.1% vs 11%)
  • PSP Swiss Property's earnings growth has exceeded the US Real Estate industry average in the past year (35.1% vs -15.8%).
Earnings and Revenue History
PSP Swiss Property's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from PSP Swiss Property Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:PSPS.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CHF Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 320.02 347.64 27.52
2018-12-31 313.91 308.15 27.46
2018-09-30 316.29 312.97 27.11
2018-06-30 323.30 321.46 27.22
2018-03-31 318.63 257.40 25.98
2017-12-31 315.98 256.89 26.00
2017-09-30 332.31 196.85 26.58
2017-06-30 326.10 164.13 26.37
2017-03-31 340.39 127.71 26.32
2016-12-31 370.96 134.87 27.92
2016-09-30 367.14 158.10 27.39
2016-06-30 353.25 164.45 27.20
2016-03-31 336.56 196.46 26.32
2015-12-31 301.74 187.73 24.88
2015-09-30 289.57 168.81 25.06
2015-06-30 287.39 167.70 25.08
2015-03-31 321.87 169.71 26.05
2014-12-31 368.78 175.35 25.54
2014-09-30 370.12 201.41 25.43
2014-06-30 436.64 208.14 25.70
2014-03-31 410.14 261.83 25.92
2013-12-31 363.88 270.99 25.99
2013-09-30 367.99 361.63 25.94
2013-06-30 293.51 348.21 25.95
2013-03-31 340.86 381.63 26.01
2012-12-31 341.83 368.39 25.95
2012-09-30 333.28 385.00 26.40
2012-06-30 338.48 384.66 25.85

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • PSP Swiss Property has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • PSP Swiss Property used its assets less efficiently than the US Real Estate industry average last year based on Return on Assets.
  • PSP Swiss Property's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess PSP Swiss Property's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
PSP Swiss Property has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

PSPS.F Health

 How is PSP Swiss Property's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up PSP Swiss Property's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • PSP Swiss Property's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • PSP Swiss Property's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of PSP Swiss Property's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from PSP Swiss Property Company Filings, last reported 1 month ago.

OTCPK:PSPS.F Past Debt and Equity Data
Date (Data in CHF Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 4,236.21 2,699.58 17.41
2018-12-31 4,156.91 2,532.20 23.16
2018-09-30 4,064.57 2,592.09 36.68
2018-06-30 3,998.52 2,615.89 12.27
2018-03-31 4,033.54 2,557.42 28.20
2017-12-31 3,988.56 2,522.37 33.48
2017-09-30 3,892.69 2,545.72 33.40
2017-06-30 3,817.52 2,427.12 25.15
2017-03-31 3,911.32 2,303.59 23.28
2016-12-31 3,866.75 2,298.90 21.12
2016-09-30 3,825.30 2,239.50 32.18
2016-06-30 3,780.34 2,137.54 27.82
2016-03-31 3,912.35 2,015.41 19.64
2015-12-31 3,870.47 2,034.15 29.35
2015-09-30 3,810.91 2,048.45 29.81
2015-06-30 3,766.23 2,118.13 20.36
2015-03-31 3,858.71 1,990.56 22.69
2014-12-31 3,840.80 1,982.53 32.26
2014-09-30 3,806.86 1,973.28 28.62
2014-06-30 3,766.07 1,920.68 27.98
2014-03-31 3,871.57 1,902.71 106.26
2013-12-31 3,839.23 1,862.98 37.41
2013-09-30 3,776.27 1,903.93 52.53
2013-06-30 3,728.54 1,973.10 37.13
2013-03-31 3,752.59 1,857.58 33.86
2012-12-31 3,691.55 1,856.36 33.60
2012-09-30 3,537.84 1,880.14 35.01
2012-06-30 3,473.88 1,949.65 32.48
  • PSP Swiss Property's level of debt (63.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (49.2% vs 63.7% today).
  • Debt is not well covered by operating cash flow (7.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 11.5x coverage).
X
Financial health checks
We assess PSP Swiss Property's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. PSP Swiss Property has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

PSPS.F Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.2%
Current annual income from PSP Swiss Property dividends. Estimated to be 3.36% next year.
If you bought $2,000 of PSP Swiss Property shares you are expected to receive $64 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • PSP Swiss Property's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.44%).
  • PSP Swiss Property's dividend is below the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:PSPS.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 7 Analyst Estimates (S&P Global) See Below
United States of America Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 16 Stocks 2.7%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2000 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:PSPS.F Future Dividends Estimate Data
Date (Data in CHF) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31 4.01 1.00
2021-12-31 3.74 8.00
2020-12-31 3.67 8.00
2019-12-31 3.59 9.00
OTCPK:PSPS.F Past Annualized Dividends Data
Date (Data in CHF) Dividend per share (annual) Avg. Yield (%)
2019-02-26 3.500 3.320
2018-02-27 3.400 3.582
2017-03-06 3.350 3.746
2016-03-01 3.300 3.620
2015-03-03 3.250 3.825
2014-03-03 3.250 3.865
2014-02-28 3.250 3.985
2013-03-01 3.200 3.949
2012-11-13 3.000 3.482
2012-08-17 3.000 3.484
2012-02-28 3.000 3.624
2011-02-25 2.800 3.601
2010-03-01 2.700 3.903

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, PSP Swiss Property has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but PSP Swiss Property only paid a dividend in the past 9 years.
Current Payout to shareholders
What portion of PSP Swiss Property's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.1x coverage).
X
Income/ dividend checks
We assess PSP Swiss Property's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can PSP Swiss Property afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. PSP Swiss Property has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

PSPS.F Management

 What is the CEO of PSP Swiss Property's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Giacomo Balzarini
COMPENSATION CHF1,644,000
AGE 50
TENURE AS CEO 2.1 years
CEO Bio

Mr. Giacomo Balzarin, 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 Officer at PSP Swiss Property AG since April 1, 2007. Mr. Balzarin served as the Chief Financial Officer at PSP Swiss Property AG since April 1, 2007 until March 31, 2017. Mr. Balzarin joined PSP Swiss Property Group on December 1, 2006. From 1993 to 1996, he worked for Union Bank of Switzerland in Zurich in the areas of corporate account management and business development. From 1997 until 2006 he worked at Swiss Reinsurance Company in risk and project management, strategic development and asset management; his last position at Swiss Re was Managing Director, responsible for building up itsd indirect international real estate portfolios. He serves as Director of PSP Participations Ltd., PSP Finance Ltd., PSP Real Estate Ltd., PSP Properties Ltd., Immobiliengesellschaft Septima AG, SI 7 Place du Molard Ltd., PSP Management Ltd and PSP Group Services Ltd as well as the subsidiary PSP West V AG and its subsidiaries. Mr. Balzarini completed his studies in economics at the University of Zurich in 1996. In 2002, he obtained an MBA from the University of Chicago (Ill., USA).

CEO Compensation
  • Giacomo's compensation has been consistent with company performance over the past year.
  • Giacomo's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the PSP Swiss Property management team in years:

2.1
Average Tenure
44
Average Age
  • The tenure for the PSP Swiss Property management team is about average.
Management Team

Giacomo Balzarini

TITLE
CEO, CFO & Member of the Executive Board
COMPENSATION
CHF2M
AGE
50
TENURE
2.1 yrs

Adrian Murer

TITLE
Chief Investment Officer & Member of the Executive Board
COMPENSATION
CHF1M
AGE
44
TENURE
2.8 yrs

Martin Heggli

TITLE
COO & Member of the Executive Board
COMPENSATION
CHF588K
AGE
41
TENURE
2.1 yrs

Vasco Cecchini

TITLE
Chief Communications Officer

Ronald Ruepp

TITLE
Secretary of the Board
Board of Directors Tenure

Average tenure and age of the PSP Swiss Property board of directors in years:

9.2
Average Tenure
60
Average Age
  • The tenure for the PSP Swiss Property board of directors is about average.
Board of Directors

Luciano Gabriel

TITLE
Chairman of the Board
COMPENSATION
CHF162K
AGE
65
TENURE
2.1 yrs

Josef Stadler

TITLE
Director
COMPENSATION
CHF78K
AGE
55
TENURE
10.1 yrs

Peter Forstmoser

TITLE
Director
COMPENSATION
CHF75K
AGE
75
TENURE
9.2 yrs

Nathan Hetz

TITLE
Director
COMPENSATION
CHF99K
AGE
66
TENURE
12.1 yrs

Aviram Wertheim

TITLE
Director
COMPENSATION
CHF103K
AGE
60
TENURE
10.1 yrs

Adrian Dudle

TITLE
Director
COMPENSATION
CHF78K
AGE
53
TENURE
5.1 yrs

Corinne Denzler

TITLE
Director
COMPENSATION
CHF78K
AGE
52
TENURE
3.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
X
Management checks
We assess PSP Swiss Property's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. PSP Swiss Property has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

PSPS.F News

Simply Wall St News

PSPS.F Company Info

Description

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 and commercial, and storage properties; and parking spaces. As of December 31, 2018, it owned 163 office and commercial properties; and 11 development sites and individual projects primarily in Zurich, Geneva, Basel, Bern, and Lausanne. PSP Swiss Property AG was founded in 1999 and is based in Zug, Switzerland.

Details
Name: PSP Swiss Property AG
PSPS.F
Exchange: OTCPK
Founded: 1999
CHF4,961,828,989
45,867,891
Website: http://www.psp.info
Address: PSP Swiss Property AG
Kolinplatz 2,
Zug,
Zug, 6300,
Switzerland
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SWX PSPN Registered Shares SIX Swiss Exchange CH CHF 07. Mar 2000
OTCPK PSPS.F Registered Shares Pink Sheets LLC US USD 07. Mar 2000
DB P7S Registered Shares Deutsche Boerse AG DE EUR 07. Mar 2000
LSE 0QO8 Registered Shares London Stock Exchange GB CHF 07. Mar 2000
BATS-CHIXE PSPNZ Registered Shares BATS 'Chi-X Europe' GB CHF 07. Mar 2000
Number of employees
Current staff
Staff numbers
86
PSP Swiss Property employees.
Industry
Real Estate Operating Companies
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/20 01:56
End of day share price update: 2019/04/17 00:00
Last estimates confirmation: 2019/05/16
Last earnings filing: 2019/05/07
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.