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PSP Swiss Property AG
SIX:PSPN

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PSP Swiss Property AG Logo
PSP Swiss Property AG
SIX:PSPN
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Price: 117.9 CHF 0.17% Market Closed
Updated: Mar 28, 2024

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%.

Key Points:
PSPN Intrinsic Value
Base Case
96.89 CHF
Overvaluation 18%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
PSP Swiss Property AG

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Fundamental Analysis

PSP Reports Solid Q3 Results, Strong Market Position
2023-Q3 Earnings Call

PSP Reports Solid Q3 Results, Strong Market Position

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.

Financials

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
Efficiency

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

Last Value
3-Years Average
FCF Margin
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Fundamental Scores

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.

57/100
Profitability
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.

Low D/E
Long-Term Solvency
Low Altman Z-Score
Average Interest Coverage
35/100
Solvency
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

Wall Street analysts forecast PSPN stock price to rise over the next 12 months.

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.

Lowest
Price Target
106.05 CHF
10% Downside
Average
Price Target
123.31 CHF
5% Upside
Highest
Price Target
134.4 CHF
14% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Shareholder Return

PSPN Price
PSP Swiss Property AG

1M 1M
+5%
6M 6M
+10%
1Y 1Y
+23%
3Y 3Y
+13%
5Y 5Y
+28%
10Y 10Y
+98%
Annual Price Range
117.9
52w Low
96.2445
52w High
119.8
Price Metrics
Average Annual Return 4.98%
Standard Deviation of Annual Returns 18.13%
Max Drawdown -34%
Shares Statistics
Market Capitalization 5.4B CHF
Shares Outstanding 45 867 891
Percentage of Shares Shorted
N/A

PSPN Return Decomposition
Main factors of price return

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Company Profile

PSP Swiss Property AG Logo
PSP Swiss Property AG

Country

Switzerland

Industry

Real Estate

Market Cap

5.4B CHF

Dividend Yield

0%

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.

Contact

ZUG
Zug
Kolinplatz 2
+41417280404.0
https://www.psp.info/

IPO

2004-05-13

Employees

90

Officers

CEO, CFO & Member of the Executive Board
Mr. Giacomo Balzarini MBA
COO & Member of the Executive Board
Mr. Martin Heggli
Chief Investment Officer & Member of the Executive Board
Mr. Reto Grunder
Chief Communications Officer & Head of IR
Mr. Vasco Cecchini
Secretary of the Board
Ronald Ruepp

See Also

Discover More
What is the Intrinsic Value of one PSPN stock?

The intrinsic value of one PSPN stock under the Base Case scenario is 96.89 CHF.

Is PSPN stock undervalued or overvalued?

Compared to the current market price of 117.9 CHF, PSP Swiss Property AG is Overvalued by 18%.