Ina Invest Ltd. (CHAM) AI Stock Analysis

• Market Cap: CHF1.18B
• Dividend Yield: 0.86%
• Average Volume (3M): 13.77K
• Price to Earnings (P/E): 9.2
• Beta (1Y): 0.11
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: CH
• Employees: 10
• Sector: Financial
• Sector Strength: 70
• Industry: Real Estate - Development
• EPS (TTM): N/A
• Shares Outstanding: 47,478,954
• 10 Day Avg. Volume: 7,396
• 30 Day Avg. Volume: 13,767
• PEG Ratio: -0.20
• Price to Book (P/B): 0.80
• Price to Sales (P/S): 17.55
• P/FCF Ratio: 65.50
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): 1.38
• Revenue Forecast (FY): CHF15.25M

• Rating: 56 Neutral
• Price Target: CHF24.00 ▲(3.00% Upside)

The score is driven by weakened financial performance (declining revenue and sizable recent losses) partially offset by a materially improved balance sheet (no debt) and positive cash flow. Technical indicators show soft momentum, while valuation is a key support due to a low P/E and high dividend yield.

Ina Invest Ltd. Business Overview & Revenue Model

Company Description

Cham Swiss Properties AG, together with its subsidiaries, operates as a real estate company in Switzerland. It operates through Ina Portfolio and CERES Portfolio segments. The company engages in developing and building real estate and construction projects; planning and completion of new buildings and conversions of real estate; and holding, managing, renting, and brokering real estate properties. It also develops residential and commercial properties. The company was formerly known as Ina Invest AG and changed its name to Cham Swiss Properties AG in April 2025. Cham Swiss Properties AG is based in Opfikon, Switzerland.

How the Company Makes Money

Ina Invest Ltd. Financial Statement Overview

Summary

Mixed fundamentals: revenue is down sharply in 2024 and profitability deteriorated into sizable losses in 2023–2024, but the balance sheet strengthened materially with zero debt in 2024 and operating/free cash flow remained positive (though weaker in 2024).

Income Statement

Revenue has been choppy and is down in 2024 (about -19% year over year), with profitability deteriorating meaningfully: net income moved from a solid profit in 2022 to sizable losses in 2023 and 2024. Gross margin remains high in 2023–2024, but operating results are deeply negative, indicating elevated operating/other costs relative to the current revenue base. Overall, earnings quality and predictability look weak despite pockets of strong gross profitability.

Balance Sheet

The balance sheet improved materially in 2024 with total debt reduced to zero and a large equity base relative to assets, which lowers financial risk and increases flexibility. However, returns to shareholders are currently negative (loss-making years in 2023–2024), and prior years showed meaningful leverage (debt-to-equity around ~1.5x in 2022–2023), highlighting that the capital structure has not been consistently conservative. Stronger profitability is needed to translate the balance-sheet strength into attractive returns.

Cash Flow

Operating cash flow and free cash flow are positive in 2022–2024, which is a clear support while accounting earnings are negative in 2023–2024. That said, free cash flow dropped sharply in 2024 versus 2023, and cash generation looks modest relative to the company’s size, suggesting limited cash yield and potential volatility typical of development-focused real estate. Cash flow is a partial bright spot, but the trajectory weakened in the latest year.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	132.61M	16.60M	15.17M	16.21M	20.07M	2.19M
Gross Profit	9.91M	13.05M	12.44M	10.66M	4.24M	902.00K
EBITDA	7.30M	-14.61M	7.31M	24.26M	-1.10M	-4.30M
Net Income	127.01M	-15.08M	-5.49M	9.55M	6.92M	1.39M
Balance Sheet
Total Assets	1.72B	875.71M	855.67M	860.28M	449.86M	384.19M
Cash, Cash Equivalents and Short-Term Investments	3.39M	5.98M	8.41M	12.60M	11.13M	14.12M
Total Debt	485.93M	0.00	335.61M	343.10M	43.00M	0.00
Total Liabilities	667.73M	479.89M	441.57M	449.53M	100.19M	46.60M
Stockholders Equity	1.02B	363.72M	222.95M	226.79M	201.06M	194.04M
Cash Flow
Free Cash Flow	51.19M	4.45M	2.96M	5.87M	9.20M	-7.26M
Operating Cash Flow	52.13M	4.76M	5.03M	6.11M	9.36M	-7.25M
Investing Cash Flow	-49.82M	-17.19M	-11.71M	-184.09M	-54.41M	-86.88M
Financing Cash Flow	2.01M	9.99M	2.50M	179.45M	42.07M	107.04M

Ina Invest Ltd. Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
EPIC	69 Neutral	CHF1.02B	17.20	―	―	―	―
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
CHAM	56 Neutral	CHF1.18B	9.18	―	0.86%	―	―

Ina Invest Ltd. Corporate Events

Cham Swiss Properties Expands Affordable Housing in Winterthur’s ‘Rocket & Tigerli’ Project

Cham Swiss Properties has revised its ‘Rocket & Tigerli’ project in Winterthur, opting to replace a planned hotel with additional apartments, 30% of which will be affordable. This change aims to address the local housing shortage and enhance community benefits, including retail and gastronomy spaces. The project will use a CO₂-equivalent alternative to wood-hybrid construction to maintain sustainability goals, with completion expected in 2030.