PLAZZA AG (PLAN) AI Stock Analysis

• Market Cap: CHF945.99M
• Dividend Yield: 2.16%
• Average Volume (3M): 624.00
• Price to Earnings (P/E): 6.1
• Beta (1Y): -0.06
• Revenue Growth: 27.85%
• EPS Growth: 89.97%
• Country: CH
• Employees: 20
• Sector: General
• Sector Strength: N/A
• Industry: Real Estate - Services
• EPS (TTM): 17.09
• Shares Outstanding: 1,827,000
• 10 Day Avg. Volume: 342
• 30 Day Avg. Volume: 624
• PEG Ratio: 0.72
• Price to Book (P/B): 1.09
• Price to Sales (P/S): 21.42
• P/FCF Ratio: 31.76
• 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): 11.4
• Revenue Forecast (FY): CHF41.32M

• Rating: 72 Outperform
• Price Target: CHF515.00 ▲(24.10% Upside)
• Action: Reiterated Date: 03/07/26
• Date: Action: Reiterated 03/07/26

The score is primarily supported by strong reported financial performance, including a major 2025 revenue growth step-up, but is tempered by higher leverage and questions around earnings quality/cash-flow alignment. Technically, the trend is positive, yet very overbought readings raise near-term risk. Valuation is reasonable with a modest dividend yield, providing some support but not a major tailwind.

Positive Factors

Accelerating revenue growth

A material 2025 revenue step-up indicates strengthening demand and execution on development projects. Sustained top-line momentum improves scale economics, supports higher recurring leasing income and fee revenue, and gives management flexibility to fund new projects and partnerships over the next 2–6 months.

High reported profitability

Consistently strong gross and operating margins imply structural ability to extract value from developments and asset management. Durable margin strength, if sustained, bolsters internal funding for growth, underpins partner economics in JV deals, and supports operating leverage across the portfolio.

Sizable equity base and strong FCF conversion

A large equity cushion improves balance-sheet resilience and borrowing capacity for development cycles. Near-one-to-one FCF conversion historically means reported earnings largely convert to spendable cash, supporting reinvestment, debt service and distributions when cash generation remains stable.

Negative Factors

Rising leverage

A rapid increase in debt reduces financial flexibility and raises fixed costs, constraining the company's ability to pursue opportunistic development or absorb shocks. In a capital-intensive real estate cycle, higher leverage increases refinancing and covenant risks over the next several quarters.

Earnings quality concerns

Evidence of atypical margin outcomes and non-operating gains makes sustainable core operating profitability hard to assess. This complicates forecasting cash flows, raises the risk of future restatements or adjustments, and undermines confidence in recurring earnings power.

Cash-flow volatility and weaker coverage

A sharp fall in cash coverage versus earnings signals timing mismatches or non-cash accounting gains. Volatile operating cash reduces capacity to service debt, fund development pipelines, or pay distributions without selling assets or raising expensive capital, raising medium-term execution risk.

PLAZZA AG Business Overview & Revenue Model

Company Description

Plazza AG plans, develops, manages, and markets real estate properties and projects in Switzerland. It has a portfolio of residential, commercial, and office buildings. The company was founded in 2015 and is based in Zurich, Switzerland.

How the Company Makes Money

PLAZZA AG generates revenue through multiple channels, including the sale and leasing of developed properties, management fees from its real estate assets, and strategic partnerships with other developers and investors. The company earns significant income from the sale of residential units and commercial space, capitalizing on property appreciation and demand in key urban areas. Additionally, PLAZZA AG may engage in joint ventures or partnerships that enhance its investment capabilities and market reach, contributing to its overall profitability.

PLAZZA AG Financial Statement Overview

Summary

Strong reported profitability and a sharp acceleration in 2025 revenue growth support the score. Offsetting factors include rising leverage (debt up to ~328M; debt-to-equity ~0.42) and earnings-quality/cash-flow consistency concerns (cash coverage of earnings fell to ~0.35 in 2025 and margins appear economically atypical at times).

Income Statement

Revenue growth accelerated sharply in 2025 (+42.6% vs. low-single-digit growth in prior years), indicating strong top-line momentum. Profitability is exceptionally high on paper, with consistently very strong gross margins and unusually high EBIT and net income margins in multiple years, but the margin profile is volatile and at times economically atypical (e.g., net income exceeding revenue), suggesting earnings are likely influenced by non-operating or one-off items. Overall: strong reported profitability and improving growth, tempered by quality/consistency questions in the earnings mix.

Balance Sheet

The company maintains a sizable equity base (2025 equity ~788M vs. assets ~1.29B), supporting balance-sheet resilience. However, leverage has risen meaningfully over time, with total debt increasing from 0 (2020) to ~328M (2025) and debt-to-equity moving up to ~0.42, reducing flexibility versus earlier years. Returns on equity improved versus 2022–2023 but remain moderate in 2024–2025 (~6.8%–7.7%), indicating decent but not standout capital efficiency given the asset base.

Cash Flow

Free cash flow is consistently positive and closely tracks net income (free cash flow to net income ~0.99 across years), which is supportive of earnings conversion. That said, cash generation is uneven relative to operating results: the cash flow coverage of earnings swings materially, dropping to ~0.35 in 2025 (after stronger levels in 2024 and extreme outliers in 2021–2022), implying periods where reported profitability is not matched by near-term operating cash. 2025 free cash flow growth was very strong, but the year-to-year volatility lowers confidence.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	40.11M	33.42M	28.92M	28.27M	26.95M
Gross Profit	39.21M	30.57M	25.24M	26.13M	26.14M
EBITDA	75.86M	62.05M	21.21M	20.41M	20.59M
Net Income	60.70M	50.70M	18.27M	23.60M	71.94M
Balance Sheet
Total Assets	1.29B	1.15B	1.02B	953.52M	890.76M
Cash, Cash Equivalents and Short-Term Investments	1.31M	34.49M	1.51M	1.98M	2.63M
Total Debt	327.53M	249.66M	157.60M	94.40M	47.20M
Total Liabilities	498.87M	403.11M	308.10M	245.51M	191.86M
Stockholders Equity	788.00M	745.93M	711.79M	708.01M	698.90M
Cash Flow
Free Cash Flow	27.05M	17.49M	21.46M	17.56M	22.13M
Operating Cash Flow	27.20M	17.64M	21.53M	17.59M	22.15M
Investing Cash Flow	-118.06M	-60.16M	-70.71M	-50.95M	-75.31M
Financing Cash Flow	57.67M	75.50M	48.71M	32.71M	34.78M

PLAZZA AG Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 415.00
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Negative
• STOCH: Negative

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:PLAN, the sentiment is Positive. The current price of 415 is below the 20-day moving average (MA) of 447.75, below the 50-day MA of 437.38, and above the 200-day MA of 407.99, indicating a bullish trend. The MACD of 7.66 indicates Negative momentum. The RSI at 75.77 is Negative, neither overbought nor oversold. The STOCH value of 84.31 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CH:PLAN.

PLAZZA AG Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PLAN	72 Outperform	CHF945.99M	6.07	7.56%	2.16%	27.85%	89.97%
WARN	72 Outperform	CHF634.22M	7.88	6.89%	3.61%	3.38%	111.64%
SFPN	71 Outperform	CHF365.36M	7.89	―	3.65%	15.04%	325.05%
ALLN	71 Outperform	CHF3.69B	8.22	9.87%	3.45%	6.79%	196.21%
NREN	68 Neutral	CHF433.28M	6.99	―	3.52%	45.30%	823.48%
Sector *	55 Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%