OTCPK:PSPS.F

Stock Analysis Report

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Executive Summary

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


Snowflake Analysis

Established dividend payer with acceptable track record.


Similar Companies

Share Price & News

How has PSP Swiss Property's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: PSPS.F's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

4.6%

PSPS.F

6.7%

US Real Estate

2.9%

US Market


1 Year Return

n/a

PSPS.F

-10.5%

US Real Estate

8.9%

US Market

Return vs Industry: Insufficient data to determine how PSPS.F performed against the US Real Estate industry.

Return vs Market: Insufficient data to determine how PSPS.F performed against the US Market.


Shareholder returns

PSPS.FIndustryMarket
7 Day4.6%6.7%2.9%
30 Day0.04%18.0%10.6%
90 Day-22.4%-18.4%5.1%
1 Yearn/a-9.9%-10.5%11.4%8.9%
3 Yearn/a-11.3%-13.3%34.3%25.4%
5 Year37.6%37.6%-19.0%-21.4%60.7%42.7%

Price Volatility Vs. Market

How volatile is PSP Swiss Property's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

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

12.38x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: PSPS.F ($118.75) is trading above our estimate of fair value ($46.27)

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


Price To Earnings Ratio

PE vs Industry: PSPS.F is good value based on its PE Ratio (12.4x) compared to the Real Estate industry average (16.1x).

PE vs Market: PSPS.F is good value based on its PE Ratio (12.4x) compared to the US market (16.4x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: PSPS.F is overvalued based on its PB Ratio (1.2x) compared to the US Real Estate industry average (1.1x).


Next Steps

Future Growth

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

-3.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: PSPS.F's earnings are forecast to decline over the next 3 years (-3.6% per year).

Earnings vs Market: PSPS.F's earnings are forecast to decline over the next 3 years (-3.6% per year).

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

Revenue vs Market: PSPS.F's revenue (2% per year) is forecast to grow slower than the US market (8.8% per year).

High Growth Revenue: PSPS.F's revenue (2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: PSPS.F's Return on Equity is forecast to be low in 3 years time (4.6%).


Next Steps

Past Performance

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

23.8%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: PSPS.F has a large one-off gain of CHF224.2M impacting its March 31 2020 financial results.

Growing Profit Margin: PSPS.F's current net profit margins are higher than last year .


Past Earnings Growth Analysis

Earnings Trend: PSPS.F's earnings have grown significantly by 23.8% per year over the past 5 years.

Accelerating Growth: PSPS.F's earnings growth over the past year (21%) is below its 5-year average (23.8% per year).

Earnings vs Industry: PSPS.F earnings growth over the past year (21%) exceeded the Real Estate industry -6.4%.


Return on Equity

High ROE: PSPS.F's Return on Equity (9.4%) is considered low.


Next Steps

Financial Health

How is PSP Swiss Property's financial position?


Financial Position Analysis

Short Term Liabilities: PSPS.F's short term assets (CHF134.5M) do not cover its short term liabilities (CHF512.9M).

Long Term Liabilities: PSPS.F's short term assets (CHF134.5M) do not cover its long term liabilities (CHF3.1B).


Debt to Equity History and Analysis

Debt Level: PSPS.F's debt to equity ratio (59.4%) is considered high.

Reducing Debt: PSPS.F's debt to equity ratio has increased from 51.7% to 59.4% over the past 5 years.

Debt Coverage: PSPS.F's debt is not well covered by operating cash flow (8%).

Interest Coverage: PSPS.F's interest payments on its debt are well covered by EBIT (14.1x coverage).


Balance Sheet


Next Steps

Dividend

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

3.16%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: PSPS.F's dividend (3.16%) is higher than the bottom 25% of dividend payers in the US market (1.62%).

High Dividend: PSPS.F's dividend (3.16%) is low compared to the top 25% of dividend payers in the US market (4.32%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (39.2%), PSPS.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: PSPS.F's dividends in 3 years are forecast to be covered by earnings (75.9% payout ratio).


Next Steps

Management

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

3.2yrs

Average management tenure


CEO

Giacomo Balzarini (51yo)

3.17yrs

Tenure

CHF2,131,000

Compensation

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 Offic ...


CEO Compensation Analysis

Compensation vs Market: Giacomo's total compensation ($USD2.23M) is below average for companies of similar size in the US market ($USD7.17M).

Compensation vs Earnings: Giacomo's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Giacomo Balzarini
CEO, CFO & Member of the Executive Board3.17yrsCHF2.13m0.11% CHF5.9m
Martin Heggli
COO & Member of the Executive Board3.17yrsCHF772.00k0.0058% CHF314.9k
Reto Grunder
Chief Investment Officer & Member of the Executive Board0.42yrno datano data
Vasco Cecchini
Chief Communications Officerno datano datano data
Ronald Ruepp
Secretary of the Boardno datano datano data

3.2yrs

Average Tenure

45yo

Average Age

Experienced Management: PSPS.F's management team is considered experienced (3.2 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Aviram Wertheim
Non-Executive Director11.17yrsCHF111.00kno data
Nathan Hetz
Non-Executive Director13.17yrsCHF91.00kno data
Peter Forstmoser
Non-Executive Director10.25yrsCHF75.00k0.0044% CHF237.9k
Luciano Gabriel
Non-Executive Chairman of the Board3.17yrsCHF160.00k0.43% CHF23.6m
Adrian Dudle
Non-Executive Director6.17yrsCHF78.00kno data
Henrik Saxborn
Director0.17yrno datano data
Josef Stadler
Non-Executive Director11.17yrsCHF78.00k0.00037% CHF20.2k
Corinne Denzler
Non-Executive Director4.25yrsCHF78.00k0.00055% CHF30.0k

8.2yrs

Average Tenure

58.5yo

Average Age

Experienced Board: PSPS.F's board of directors are considered experienced (8.2 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.


Top Shareholders

Company Information

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


Key Information

  • Name: PSP Swiss Property AG
  • Ticker: PSPS.F
  • Exchange: OTCPK
  • Founded: 1999
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: CHF5.220b
  • Listing Market Cap: CHF5.457b
  • Shares outstanding: 45.87m
  • Website: https://www.psp.info

Number of Employees


Location

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

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
PSPS.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDMar 2000
PSPNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFMar 2000
P7SDB (Deutsche Boerse AG)YesRegistered SharesDEEURMar 2000
0QO8LSE (London Stock Exchange)YesRegistered SharesGBCHFMar 2000

Biography

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. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/05 03:09
End of Day Share Price2020/06/04 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.