PSP Swiss Property AG
SIX:PSPN
Intrinsic Value
PSP Swiss Property AG is a holding company engages in the provision of real estate. [ Read More ]
The intrinsic value of one PSPN stock under the Base Case scenario is 96.89 CHF. Compared to the current market price of 117.9 CHF, PSP Swiss Property AG is Overvalued by 18%.
Valuation Backtest
PSP Swiss Property AG
Run backtest to discover the historical profit from buying and selling PSPN stocks based on their intrinsic value.
Analyze the historical link between intrinsic value and market price to make more informed investment decisions.
Fundamental Analysis
PSP Reports Solid Q3 Results, Strong Market Position
2023-Q3 Earnings Call
PSP Swiss Property showcased solid third-quarter results with a top line growth of 4.5%, attributed to strong like-for-like growth and successful re-lettings. The CEO confirmed that the EBITDA guidance remains on track, with expectations of a vacancy rate remaining below 4%. They highlighted a robust balance sheet, with a gearing ratio below 35% and an EBITDA margin above 80%. Challenges such as slower absorption rates for light industrial properties were acknowledged, with ongoing negotiations for 25% of such spaces. Green finance initiatives have been positively integrated into their bond and loan strategies, and while 2023 experienced significant deferred tax release contributions, these are expected to be modest at 5-10 million in 2024.
Balance Sheet Decomposition
PSP Swiss Property AG
Current Assets | 197.3m |
Cash & Short-Term Investments | 141.9m |
Receivables | 24.6m |
Other Current Assets | 30.8m |
Non-Current Assets | 9.6B |
Long-Term Investments | 9.6B |
PP&E | 460k |
Other Non-Current Assets | 11.4m |
Current Liabilities | 591.4m |
Accounts Payable | 28.8m |
Accrued Liabilities | 94m |
Other Current Liabilities | 468.6m |
Non-Current Liabilities | 4B |
Long-Term Debt | 3B |
Other Non-Current Liabilities | 959.2m |
Earnings Waterfall
PSP Swiss Property AG
Revenue
|
188m
CHF
|
Cost of Revenue
|
-21.1m
CHF
|
Gross Profit
|
166.9m
CHF
|
Operating Expenses
|
-30.8m
CHF
|
Operating Income
|
136.1m
CHF
|
Other Expenses
|
71.5m
CHF
|
Net Income
|
207.6m
CHF
|
Free Cash Flow Analysis
PSP Swiss Property AG
What is Free Cash Flow?
PSPN Profitability Score
Profitability Due Diligence
PSP Swiss Property AG's profitability score is 57/100. The higher the profitability score, the more profitable the company is.
Score
PSP Swiss Property AG's profitability score is 57/100. The higher the profitability score, the more profitable the company is.
PSPN Solvency Score
Solvency Due Diligence
PSP Swiss Property AG's solvency score is 35/100. The higher the solvency score, the more solvent the company is.
Score
PSP Swiss Property AG's solvency score is 35/100. The higher the solvency score, the more solvent the company is.
Wall St
Price Targets
PSPN Price Targets Summary
PSP Swiss Property AG
According to Wall Street analysts, the average 1-year price target for PSPN is 123.31 CHF with a low forecast of 106.05 CHF and a high forecast of 134.4 CHF.
Shareholder Return
PSPN Price
PSP Swiss Property AG
Average Annual Return | 4.98% |
Standard Deviation of Annual Returns | 18.13% |
Max Drawdown | -34% |
Market Capitalization | 5.4B CHF |
Shares Outstanding | 45 867 891 |
Percentage of Shares Shorted |
N/A
|
Company Profile
Country
Industry
Market Cap
Dividend Yield
Description
PSP Swiss Property AG is a holding company engages in the provision of real estate. The company is headquartered in Zug, Zug and currently employs 90 full-time employees. The company went IPO on 2004-05-13. The company is organized into three business segments: Real Estate Investment, which includes the real estate business and comprises all properties of the Company; Real Estate Management, which includes all services and activities with regard to the management of the Company’s own real estate portfolio, and Holding, which covers the traditional corporate functions, such as finance, legal, investor and public relations, human resources and information technology. The firm owns approximately 170 offices and commercial properties, as well as nine development sites throughout Switzerland, mainly in Zurich, Geneva, Basel, Bern and Lausanne. As of December 31, 2011, it had two direct subsidiaries: PSP Participations Ltd and PSP Finance Ltd, as well as such indirect subsidiaries as PSP Group Services Ltd, PSP Real Estate Ltd, PSP Management Ltd and Immobiliengesellschaft Septima AG, among others.
Officers
The intrinsic value of one PSPN stock under the Base Case scenario is 96.89 CHF.
Compared to the current market price of 117.9 CHF, PSP Swiss Property AG is Overvalued by 18%.