OTCPK:SWPR.F

Stock Analysis Report

Executive Summary

Swiss Prime Site AG, through its subsidiaries, operates as a real estate company in Switzerland.

Rewards

PE ratio (11.7x) is below the US market (13.1x)

Earnings grew by 95.8% over the past year

Pays a reliable dividend of 4.05%

Risk Analysis

Earnings are forecast to decline by an average of -28.5% per year for the next 3 years

Debt is not well covered by operating cash flow

Shares are highly illiquid

Dividend of 4.05% is not well covered by earnings

+ 2 more risks


Snowflake Analysis

Proven track record average dividend payer.


Similar Companies

Share Price & News

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


Latest Share Price and Events

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


Market Performance


7 Day Return

-1.0%

SWPR.F

19.0%

US Real Estate

7.2%

US Market


1 Year Return

17.9%

SWPR.F

-30.9%

US Real Estate

-10.4%

US Market

Return vs Industry: SWPR.F exceeded the US Real Estate industry which returned -30.9% over the past year.

Return vs Market: SWPR.F exceeded the US Market which returned -10.4% over the past year.


Shareholder returns

SWPR.FIndustryMarket
7 Day-1.0%19.0%7.2%
30 Day-22.0%-30.3%-12.6%
90 Dayn/a-37.8%-19.4%
1 Year17.9%17.9%-30.3%-30.9%-8.5%-10.4%
3 Year12.7%12.7%-15.3%-17.4%15.8%8.3%
5 Year8.7%8.7%-31.1%-33.2%35.8%21.0%

Price Volatility Vs. Market

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


Simply Wall St News

No news available

Valuation

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

11.74x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: SWPR.F ($99) is trading above our estimate of fair value ($50.7)

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


Price To Earnings Ratio

PE vs Industry: SWPR.F is good value based on its PE Ratio (11.7x) compared to the Real Estate industry average (15.8x).

PE vs Market: SWPR.F is good value based on its PE Ratio (11.7x) compared to the US market (13.1x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: SWPR.F is overvalued based on its PB Ratio (1.3x) compared to the US Real Estate industry average (1.1x).


Next Steps

Future Growth

How is Swiss Prime Site forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

-28.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: SWPR.F's earnings are forecast to decline over the next 3 years (-28.5% per year).

Earnings vs Market: SWPR.F's earnings are forecast to decline over the next 3 years (-28.5% per year).

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

Revenue vs Market: SWPR.F's revenue is expected to decline over the next 3 years (-2.6% per year).

High Growth Revenue: SWPR.F's revenue is forecast to decline over the next 3 years (-2.6% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: SWPR.F's Return on Equity is forecast to be low in 3 years time (4.5%).


Next Steps

Past Performance

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

10.1%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: SWPR.F has a large one-off gain of CHF203.4M impacting its December 31 2019 financial results.

Growing Profit Margin: SWPR.F's current net profit margins (47.8%) are higher than last year (25.3%).


Past Earnings Growth Analysis

Earnings Trend: SWPR.F's earnings have grown by 10.1% per year over the past 5 years.

Accelerating Growth: SWPR.F's earnings growth over the past year (95.8%) exceeds its 5-year average (10.1% per year).

Earnings vs Industry: SWPR.F earnings growth over the past year (95.8%) exceeded the Real Estate industry 10.6%.


Return on Equity

High ROE: SWPR.F's Return on Equity (11.1%) is considered low.


Next Steps

Financial Health

How is Swiss Prime Site's financial position?


Financial Position Analysis

Short Term Liabilities: SWPR.F's short term assets (CHF469.7M) do not cover its short term liabilities (CHF1.6B).

Long Term Liabilities: SWPR.F's short term assets (CHF469.7M) do not cover its long term liabilities (CHF5.2B).


Debt to Equity History and Analysis

Debt Level: SWPR.F's debt to equity ratio (98.4%) is considered high.

Reducing Debt: SWPR.F's debt to equity ratio has reduced from 117.9% to 98.4% over the past 5 years.

Debt Coverage: SWPR.F's debt is not well covered by operating cash flow (7.6%).

Interest Coverage: SWPR.F's interest payments on its debt are well covered by EBIT (6.2x coverage).


Balance Sheet

Inventory Level: SWPR.F has a high level of physical assets or inventory.

Debt Coverage by Assets: SWPR.F's debt is not covered by short term assets (assets are 0.1x debt).


Next Steps

Dividend

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

4.05%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: SWPR.F's dividend (4.05%) is higher than the bottom 25% of dividend payers in the US market (1.95%).

High Dividend: SWPR.F's dividend (4.05%) is low compared to the top 25% of dividend payers in the US market (5.4%).


Stability and Growth of Payments

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

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


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (47.5%), SWPR.F's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: SWPR.F's dividends in 3 years are not forecast to be well covered by earnings (98.4% payout ratio).


Next Steps

Management

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

5.9yrs

Average management tenure


CEO

René Zahnd (53yo)

4.17s

Tenure

CHF1,813,000

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. Mr. Zahnd served as the Head of Business ...


CEO Compensation Analysis

Compensation vs Market: René's total compensation ($USD1.89M) is below average for companies of similar size in the US market ($USD7.28M).

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


Leadership Team

NamePositionTenureCompensationOwnership
René Zahnd
CEO & Member of Executive Board4.17yrsCHF1.81m0.0060% CHF443.9k
Markus Meier
CFO & Member of Executive Board5.17yrsno data0.0085% CHF631.2k
Peter Lehmann
CEO of Swiss Prime Site Immobilien AG & Member of the Executive Board18yrsno data0.016% CHF1.2m
Oliver Hofmann
CEO of Wincasa AG & Member of Executive Board6.67yrsno datano data
Markus Waeber
Group Head of Investor Relations & Communicationsno datano datano data
Mladen Tomic
Head of Corporate Communicationsno datano datano data
Marcel Denner
Head of Corporate Ventures & Developmentno datano datano data
Urs Baumann
Group Head of Sustainability & Innovationno datano datano data

5.9yrs

Average Tenure

53yo

Average Age

Experienced Management: SWPR.F's management team is seasoned and experienced (5.9 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Rudolf Huber
Director17.83yrsCHF240.00k0.028% CHF2.1m
Christopher Chambers
Director10.42yrsCHF225.00k0.056% CHF4.2m
Ton Büchner
Chairman of the Boardno datano datano data
Mario Seris
Vice Chairman4.17yrsCHF253.00k0.019% CHF1.4m
Thomas Studhalter
Director2yrsCHF246.00k0.0028% CHF211.2k
Gabrielle Nater-Bass
Director1yrCHF177.00k0.0012% CHF92.2k
Barbara Frei-Spreiter
Director2yrsCHF233.00k0.0027% CHF204.5k

3.1yrs

Average Tenure

54yo

Average Age

Experienced Board: SWPR.F's board of directors are considered experienced (3.1 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 been diluted in the past year, with total shares outstanding growing by 4.6%.


Top Shareholders

Company Information

Swiss Prime Site AG's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Swiss Prime Site AG
  • Ticker: SWPR.F
  • Exchange: OTCPK
  • Founded: 1999
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: CHF7.134b
  • Listing Market Cap: CHF7.435b
  • Shares outstanding: 75.97m
  • Website: https://www.sps.swiss

Number of Employees


Location

  • Swiss Prime Site AG
  • Frohburgstrasse 1
  • Olten
  • Solothurn
  • 4601
  • Switzerland

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SPSNSWX (SIX Swiss Exchange)YesRegistered SharesCHCHFOct 1999
SWPR.FOTCPK (Pink Sheets LLC)YesRegistered SharesUSUSDOct 1999
SU1NDB (Deutsche Boerse AG)YesRegistered SharesDEEUROct 1999
0QOGLSE (London Stock Exchange)YesRegistered SharesGBCHFOct 1999

Biography

Swiss Prime Site AG, through its subsidiaries, operates as a real estate company in Switzerland. The company operates in two segments, Real Estate and Services. The Real Estate segment purchases, sells, leases, and develops properties. The Services segment engages in the real estate service, assisted living, and retail and asset management business. Swiss Prime Site AG was founded in 1999 and is headquartered in Olten, Switzerland. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/03/31 00:43
End of Day Share Price2020/03/27 00:00
Earnings2019/12/31
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.