Swiss Prime Site AG (CH:SPSN)
:SPSN
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Swiss Prime Site AG
(SPSN)
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Rating:68Neutral
Price Target:
CHF147.00
▲(9.37% Upside)
Action:ReiteratedDate:02/07/26
The score is driven mainly by solid financial fundamentals (strong profitability and cash conversion but weaker revenue momentum and meaningful leverage) and a constructive earnings outlook (FFO guidance, low vacancy, and asset-management growth). Technicals are supportive on trend but tempered by overbought signals, while valuation looks relatively expensive given the ~27.9 P/E despite a moderate ~2.56% yield.
Positive Factors
Cash generation ability
FCF/net income >1 and operating cash flow conversion near 1.12 indicate durable cash conversion from property operations. This supports sustainable dividend capacity, re-investment in developments and debt servicing over the medium term, reducing financing risk for capital projects.
Negative Factors
Declining revenue trend
A negative recent revenue growth rate implies top-line pressure that could persist across leasing and development revenues. Prolonged revenue contraction would constrain organic cash flow growth, limit reinvestment, and raise reliance on asset sales or external financing to sustain distributions.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation ability
FCF/net income >1 and operating cash flow conversion near 1.12 indicate durable cash conversion from property operations. This supports sustainable dividend capacity, re-investment in developments and debt servicing over the medium term, reducing financing risk for capital projects.
Read all positive factors
Swiss Prime Site AG (SPSN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF10.78B
Dividend Yield2.83%
Average Volume (3M)108.77K
Price to Earnings (P/E)25.7
Beta (1Y)0.23
Revenue Growth-6.88%
EPS Growth90.76%
CountryCH
Employees512
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)2.72
Shares Outstanding80,234,375
10 Day Avg. Volume87,626
30 Day Avg. Volume108,774
Financial Highlights & Ratios
PEG Ratio12.05
Price to Book (P/B)1.39
Price to Sales (P/S)17.76
P/FCF Ratio32.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF130.04Price Target Upside-3.24% Downside
Rating ConsensusHold
Number of Analyst Covering3
EPS Forecast (FY)4.21
Revenue Forecast (FY)CHF523.60M
Swiss Prime Site AG Business Overview & Revenue Model
Company Description
Swiss Prime Site AG, a real estate company, engages in buying and selling, managing, and developing investment properties in Switzerland. The company operates in two segments, Real Estate and Services. The Real Estate segment purchases, sells, lea...
How the Company Makes Money
Swiss Prime Site AG generates revenue primarily through rental income from its extensive portfolio of commercial and residential properties. The company leases out office spaces, retail units, and residential apartments, which provides a steady st...
Swiss Prime Site AG Earnings Call Summary
Earnings Call Date:Feb 05, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 20, 2026
Earnings Call Sentiment Positive
The call emphasized multiple positive operational and financial trends: record asset-gathering and AUM (CHF 14.3bn), strong asset-management revenue (+18%), like-for-like rental growth (~2%), record low vacancy (3.7%), comparable EBITDA growth (~3–3.4%), improved financing costs and a strong liquidity position. Lowlights were largely one-off or transitional (Jelmoli and department store closures reducing rental and other income, absolute EBITDA flat/slightly down, and a notable increase in Jelmoli capex to CHF 210m). Management presented these negatives as managed, with comparable metrics excluding one-offs showing clear improvement and an accretive M&A and financing track record. Overall the positives (organic growth, record fund inflows, improved finance metrics, sustainability progress and active deployment pipeline) outweigh the negatives tied to specific redevelopment and retail transitions.Positive Updates
Record Assets Under Management and Fund Flows
Assets under management reached a record CHF 14.3 billion; Swiss Prime Site Solutions attracted ~CHF 1.0 billion in new money for asset management and total platform fund flows were CHF 1.3 billion (including CHF 300 million capital increase).
Negative Updates
Temporary Rental Income Decline Due to Jelmoli and Retail Closures
Reported rental income decreased ~1.4% (loss of ~CHF 14 million top line) driven by Jelmoli and Fraumunsterpost going temporarily offline and the discontinuation of department store operations; total operating income down ~17% year-on-year due largely to retail effects, though on a comparable basis the platform grew ~2.6% to CHF 540 million.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Assets Under Management and Fund Flows
Assets under management reached a record CHF 14.3 billion; Swiss Prime Site Solutions attracted ~CHF 1.0 billion in new money for asset management and total platform fund flows were CHF 1.3 billion (including CHF 300 million capital increase).
Read all positive updates
Company Guidance
Management guided FY2026 FFO I per share of CHF 4.25–4.30, a disciplined financing policy with LTV for the real‑estate segment to remain below 39%, and a further reduction in vacancy versus 2025’s record low of 3.7%; for the asset‑management arm they expect ≈CHF 1.0bn additional AUM in 2026 (pushing toward a CHF 60bn AUM target by 2027) while maintaining recurring fees at roughly two‑thirds (~65–66%) of revenues.Swiss Prime Site AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
67
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 553.39M | 659.81M | 653.98M | 646.58M | 749.50M |
| Gross Profit | 479.10M | 525.48M | 499.89M | 442.36M | 584.84M |
| EBITDA | 410.63M | 521.83M | 147.52M | 368.12M | 387.24M |
| Net Income | 382.47M | 360.25M | 236.02M | 404.43M | 498.89M |
Balance Sheet | |||||
| Total Assets | 14.74B | 13.84B | 13.78B | 13.77B | 13.50B |
| Cash, Cash Equivalents and Short-Term Investments | 32.55M | 24.33M | 22.52M | 22.33M | 116.01M |
| Total Debt | 5.85B | 5.54B | 5.68B | 5.51B | 5.43B |
| Total Liabilities | 7.68B | 7.16B | 7.24B | 7.20B | 7.09B |
| Stockholders Equity | 7.07B | 6.68B | 6.54B | 6.57B | 6.41B |
Cash Flow | |||||
| Free Cash Flow | 300.66M | 393.48M | 421.94M | 312.25M | 345.23M |
| Operating Cash Flow | 300.73M | 403.79M | 430.58M | 323.71M | 366.07M |
| Investing Cash Flow | -535.69M | 82.88M | -292.68M | -216.32M | -110.66M |
| Financing Cash Flow | 243.24M | -484.77M | -137.04M | -200.85M | -283.51M |
Swiss Prime Site AG Technical Analysis
Neutral
134.40
Price Trends
135.40
Negative
126.78
Positive
120.27
Positive
Market Momentum
0.20
Positive
36.03
Neutral
12.35
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SPSN, the sentiment is Neutral. The current price of 134.4 is below the 20-day moving average (MA) of 141.24, below the 50-day MA of 135.40, and above the 200-day MA of 120.27, indicating a neutral trend. The MACD of 0.20 indicates Positive momentum. The RSI at 36.03 is Neutral, neither overbought nor oversold. The STOCH value of 12.35 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for CH:SPSN.
Swiss Prime Site AG Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | CHF935.64M | 6.07 | 7.56% | 2.16% | 27.85% | 89.97% | |
71 Outperform | CHF3.65B | 8.22 | 9.87% | 3.45% | 6.79% | 196.21% | |
68 Neutral | CHF10.78B | 25.70 | 5.24% | 2.83% | -6.88% | 90.76% | |
67 Neutral | CHF621.84M | 7.88 | 6.89% | 3.61% | 3.38% | 111.64% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | CHF7.09B | 16.11 | ― | 2.74% | -1.14% | 46.84% |
* Real Estate Sector Average
CH:SPSN
Swiss Prime Site AG
135.60
30.00
28.41%
CH:PSPN
PSP Swiss Property AG
154.50
22.08
16.68%
CH:ALLN
Allreal Holding AG
222.00
48.00
27.59%
CH:PLAN
PLAZZA AG
453.00
100.00
28.33%
CH:WARN
Warteck Invest AG
2,020.00
150.12
8.03%
CH:FREN
Fundamenta Real Estate AG
18.45
1.36
7.96%
Swiss Prime Site AG Corporate Events
Swiss Prime Site Delivers Stable 2025 FFO and Record Asset Management Growth After Strategic Realignment
Feb 5, 2026
Swiss Prime Site reported a stable cash-effective result for 2025, with Funds from Operations I holding at CHF 4.22 per share despite a decline in reported operating income caused by the planned closure of the Jelmoli retail business and temporary...
Swiss Prime Site Strengthens Zurich Portfolio with New Acquisition
Dec 3, 2025
Swiss Prime Site AG has acquired a modern office property in Zurich-West, fully rented by SIX Group Services AG, marking the last significant investment from its recent capital increase. This acquisition, along with previous purchases in Geneva an...
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.