PSP Swiss Property AG (CH:PSPN)
:PSPN
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PSP Swiss Property AG
(PSPN)
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Rating:62Neutral
Price Target:
CHF156.00
▼(-1.20% Downside)
Action:Reiterated
Date:05/14/26
The score is driven primarily by solid underlying financial performance (strong recent revenue growth and profitability) but held back by deteriorating cash conversion and recent FCF decline. Technical signals are notably weak (below key moving averages with negative MACD), while valuation appears on the expensive side for the current setup. The latest earnings call was a positive offset due to raised EBITDA guidance, low vacancy outlook, and strong liquidity/capital position.
Positive Factors
Low vacancy and strong leasing in core markets
Sustained low vacancy in prime Swiss locations and outsized re-letting gains indicate robust demand for core assets. This underpins recurring rental income, reduces vacancy risk across the portfolio and supports stable cash flows and rental upside over the medium term.
Negative Factors
Reliance on valuation gains and one-off items
A large share of reported improvement stems from non-cash valuation and disposal gains. This inflates headline profitability and can reverse with market moves, obscuring true rental income growth and making earnings less dependable for forecasting recurring cash flows.
Read all positive and negative factors
Positive Factors
Negative Factors
Low vacancy and strong leasing in core markets
Sustained low vacancy in prime Swiss locations and outsized re-letting gains indicate robust demand for core assets. This underpins recurring rental income, reduces vacancy risk across the portfolio and supports stable cash flows and rental upside over the medium term.
Read all positive factors
PSP Swiss Property AG (PSPN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF6.76B
Dividend Yield2.74%
Average Volume (3M)71.17K
Price to Earnings (P/E)16.5
Beta (1Y)0.19
Revenue Growth-1.21%
EPS Growth16.41%
CountryCH
Employees77
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)9.00
Shares Outstanding45,867,893
10 Day Avg. Volume66,789
30 Day Avg. Volume71,170
Financial Highlights & Ratios
PEG Ratio1.78
Price to Book (P/B)1.17
Price to Sales (P/S)17.52
P/FCF Ratio41.12
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF153.75Price Target Upside-2.63% Downside
Rating ConsensusHold
Number of Analyst Covering4
EPS Forecast (FY)5.27
Revenue Forecast (FY)CHF362.31M
PSP Swiss Property AG Business Overview & Revenue Model
Company 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, ga...
How the Company Makes Money
PSP Swiss Property AG makes money primarily by generating recurring rental income from tenants in its Swiss property portfolio. Tenants (typically businesses) pay contractually agreed rents for the use of office, retail, and other leased spaces; t...
PSP Swiss Property AG Earnings Call Summary
Earnings Call Date:Feb 24, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 18, 2026
Earnings Call Sentiment Positive
The call conveys a predominantly positive operational and financial picture: strong valuation gains, improved loan-to-value, healthy liquidity, robust leasing in core city locations, an increase in dividend, and an upgraded EBITDA guidance for 2026. Offsetting risks include flat rental income driven by disposals, reliance on valuation and one-off gains, cautious acquisition activity due to high prices, execution risk on some development projects, and structural office-market uncertainties (AI and bank consolidation). On balance the positives (recurring cash-flow strength, low vacancy, capital strength and clear guidance) outweigh the manageable risks.Positive Updates
Operating Income Growth
Operating income increased by 9.4% in FY2025, driven predominantly by net changes in fair value.
Negative Updates
Flat Rental Income and Disposals Impact
Rental income was flat year-on-year, partly due to disposals which reduced the top line; there were no acquisitions in FY2025 to offset disposals.
Read all updates
Q4-2025 Updates
Positive
Negative
Operating Income Growth
Operating income increased by 9.4% in FY2025, driven predominantly by net changes in fair value.
Read all positive updates
Company Guidance
The company guided to an increased EBITDA target of CHF 310 million for 2026 and a vacancy rate of roughly 3.5% (Wallisellen/Richtipark not included), reflecting year‑end 2025 vacancy of 3.5% and 16% lease expiries remaining that underpin the outlook; management also factored in roughly CHF 10–15 million of additional EBITDA from expected development/inventory disposals. Key balance‑sheet and funding metrics cited were loan‑to‑value of 33.1%, roughly CHF 1 billion of committed unused credit lines, and funding costs of about 80–90 bps on 4–5 year maturities; financial expenses ran at ~CHF 35 million (a similar 2026 run rate), taxes were CHF 95.5 million (CHF 31m current, CHF 65m deferred of which ~CHF 50m linked to valuation gains), and the Board proposes a dividend of CHF 3.95 (up CHF 0.05) implying an ~80% payout ratio. The guidance sits alongside 2025 metrics including CHF 231 million valuation gains (portfolio appreciation ~2.9% including investments, Q1 CHF13.7m, H1 +CHF97m, Q4 +CHF118.5m), a 2 bps yield compression in Q4, an expected like‑for‑like rental growth of ~1.5% for the year, and an anticipated deferred tax release of roughly CHF 5–10 million p.a. over the coming years.PSP Swiss Property AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
66
Positive
Cash Flow
52
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 357.82M | 375.71M | 368.14M | 372.81M | 409.69M | 384.77M |
| Gross Profit | 335.00M | 337.42M | 343.29M | 326.97M | 316.69M | 312.94M |
| EBITDA | 540.23M | 540.61M | 488.97M | 138.30M | 292.19M | 287.17M |
| Net Income | 412.69M | 408.47M | 374.95M | 207.59M | 329.96M | 595.02M |
Balance Sheet | ||||||
| Total Assets | 10.41B | 10.18B | 9.92B | 9.79B | 9.48B | 9.18B |
| Cash, Cash Equivalents and Short-Term Investments | 244.45M | 45.34M | 56.97M | 141.68M | 20.74M | 20.38M |
| Total Debt | 3.54B | 3.38B | 3.38B | 3.47B | 1.95B | 1.94B |
| Total Liabilities | 4.70B | 4.53B | 4.51B | 4.57B | 4.29B | 4.16B |
| Stockholders Equity | 5.71B | 5.64B | 5.41B | 5.22B | 5.20B | 5.02B |
Cash Flow | ||||||
| Free Cash Flow | 137.06M | 160.09M | 121.39M | 276.71M | 166.46M | 139.33M |
| Operating Cash Flow | 232.59M | 227.22M | 212.96M | 276.90M | 316.44M | 297.50M |
| Investing Cash Flow | -38.41M | -43.58M | -38.14M | -353.61M | -222.14M | -105.04M |
| Financing Cash Flow | 15.97M | -195.26M | -259.53M | 197.65M | -93.94M | -204.41M |
PSP Swiss Property AG Technical Analysis
Neutral
157.90
Price Trends
153.34
Negative
152.39
Negative
143.38
Positive
Market Momentum
-2.00
Negative
44.40
Neutral
42.39
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:PSPN, the sentiment is Neutral. The current price of 157.9 is above the 20-day moving average (MA) of 149.51, above the 50-day MA of 153.34, and above the 200-day MA of 143.38, indicating a neutral trend. The MACD of -2.00 indicates Negative momentum. The RSI at 44.40 is Neutral, neither overbought nor oversold. The STOCH value of 42.39 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:PSPN.
PSP Swiss Property AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | CHF432.26M | 14.22 | ― | 3.52% | 16.25% | 48.65% | |
72 Outperform | CHF908.73M | 19.09 | 7.56% | 2.16% | 19.41% | 19.74% | |
71 Outperform | CHF3.42B | 15.78 | 9.87% | 3.45% | 3.98% | 3.73% | |
68 Neutral | CHF10.49B | 27.46 | 5.24% | 2.83% | -16.59% | 2.58% | |
62 Neutral | CHF6.76B | 16.54 | ― | 2.74% | -1.21% | 16.41% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
CH:PSPN
PSP Swiss Property AG
148.80
7.64
5.41%
CH:ALLN
Allreal Holding AG
209.50
27.24
14.94%
CH:PLAN
PLAZZA AG
443.00
68.44
18.27%
CH:SPSN
Swiss Prime Site AG
130.90
17.04
14.97%
CH:NREN
Novavest Real Estate AG
42.70
6.08
16.60%
CH:FREN
Fundamenta Real Estate AG
17.20
-0.26
-1.47%
PSP Swiss Property AG Corporate Events
PSP Swiss Property posts solid Q1 as prime Swiss offices and low funding costs underpin growth
May 12, 2026
PSP Swiss Property reported a solid first-quarter result, supported by a generally stable Swiss commercial rental market and strong demand for prime central office space, especially in Zurich and Geneva, despite ongoing structural challenges in pe...
PSP Swiss Property Shareholders Back All Proposals and Sustain Governance Line-Up
Apr 1, 2026
PSP Swiss Property AG’s ordinary General Meeting in Zug saw 71.67% of share capital represented and resulted in shareholder approval of all Board of Directors’ proposals. Investors backed the 2025 financial statements, granted discharg...
PSP Swiss Property Delivers Solid 2025 Results and Raises Dividend on Strong Portfolio Revaluation
Feb 24, 2026
PSP Swiss Property AG reported another solid financial year in 2025, with its real estate portfolio rising to CHF 10.1 billion and a continued focus on centrally located, high-quality properties. The company operates in a stable but segmented Swis...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.