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1. Company Snapshot

1.a. 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, gastronomy, and parking spaces.


It owns 158 office and commercial properties, and 18 development sites and individual projects in Zurich, Geneva, Basel, Bern, and Lausanne.The company was founded in 1999 and is based in Zug, Switzerland.

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1.b. Last Insights on PSPN

PSP Swiss Property AG faces challenges from a bifurcated market, with robust demand in prime locations offset by increased tax rates. Despite strong institutional backing, with 53% ownership, the company's growth is navigating complexities. The recent Q1 2025 earnings call highlighted strategic expansion, but also noted headwinds. With no share buyback announced, the focus remains on leveraging prime market positions. (Source: company reports and VTX:PSPN data)

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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PSP Swiss Property's (VTX:PSPN) Profits May Not Reveal Underlying Issues

Aug -27

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PSP Swiss Property Second Quarter 2025 Earnings: EPS Beats Expectations

Aug -20

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With 53% ownership, PSP Swiss Property AG (VTX:PSPN) boasts of strong institutional backing

Aug -10

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PSP Swiss Property AG (PSPSF) Q1 2025 Earnings Call Highlights: Strong Market Demand and ...

May -14

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PSP Swiss Property AG's Dividend Analysis

Apr -19

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Is It Worth Considering Forbo Holding AG (VTX:FORN) For Its Upcoming Dividend?

Apr -07

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PSP Swiss Property (VTX:PSPN) Will Pay A Larger Dividend Than Last Year At CHF3.85

Mar -14

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PSP Swiss Property Full Year 2023 Earnings: EPS Beats Expectations

Mar -01

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.84%)

6. Segments

Real Estate Investments

Expected Growth: 4.85%

PSP Swiss Property AG's 4.85% growth in Real Estate Investments is driven by increasing demand for commercial properties in Switzerland, fueled by a strong economy and limited supply. Additionally, the company's diversified portfolio, strategic acquisitions, and effective asset management contribute to its growth. Furthermore, the Swiss real estate market's stability and attractiveness to international investors also support PSP's growth.

Eliminations

Expected Growth: 4.83%

PSP Swiss Property AG's 4.83% growth is driven by increasing demand for commercial properties, strategic acquisitions, and a strong Swiss economy. Additionally, the company's focus on sustainable and energy-efficient buildings, as well as its diversified portfolio, contribute to its growth momentum.

Holding

Expected Growth: 4.83%

PSP Swiss Property AG's 4.83% growth is driven by a strong Swiss economy, increasing demand for commercial properties, and the company's strategic portfolio expansion in key regions. Additionally, effective cost management and a solid financial position have enabled the company to capitalize on growth opportunities, further boosting its performance.

Property Management

Expected Growth: 4.83%

PSP Swiss Property AG's 4.83% growth in Property Management is driven by increasing demand for commercial spaces, strategic acquisitions, and effective cost management. Additionally, the company's focus on sustainable and energy-efficient properties, as well as its strong relationships with tenants, contribute to its growth momentum.

7. Detailed Products

Investment Properties

PSP Swiss Property AG offers a diverse portfolio of investment properties, including office buildings, retail spaces, and apartments, providing a stable source of income for investors.

Development Projects

The company develops and redevelops properties, creating new opportunities for investors and tenants, and enhancing the value of its portfolio.

Property Management Services

PSP Swiss Property AG provides comprehensive property management services, including rental management, maintenance, and administrative support, ensuring optimal property performance.

Real Estate Consulting

The company offers expert real estate consulting services, providing market analysis, investment advice, and strategic guidance to investors and developers.

Asset Management

PSP Swiss Property AG provides asset management services, including portfolio optimization, risk management, and performance monitoring, to maximize returns for investors.

8. PSP Swiss Property AG's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for PSP Swiss Property AG is moderate, as there are alternative investment options available in the real estate market, but the company's diversified portfolio and strong brand presence mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low, as PSP Swiss Property AG is a leading real estate company with a strong market presence, and customers have limited negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as PSP Swiss Property AG relies on a network of suppliers for construction materials and services, but the company's scale and reputation help to mitigate this power.

Threat Of New Entrants

The threat of new entrants is low, as entering the Swiss real estate market requires significant capital and expertise, and PSP Swiss Property AG's established presence and brand recognition create barriers to entry.

Intensity Of Rivalry

The intensity of rivalry in the Swiss real estate market is high, with several established players competing for market share, but PSP Swiss Property AG's diversified portfolio and strong brand presence help to differentiate the company.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 39.85%
Debt Cost 3.95%
Equity Weight 60.15%
Equity Cost 5.71%
WACC 5.01%
Leverage 66.26%

11. Quality Control: PSP Swiss Property AG passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
NEPI Rockcastle

A-Score: 6.0/10

Value: 5.9

Growth: 6.4

Quality: 6.9

Yield: 10.0

Momentum: 3.0

Volatility: 4.0

1-Year Total Return ->

View Full Report
Stock-Card
PSP Swiss Property

A-Score: 5.7/10

Value: 3.1

Growth: 2.8

Quality: 6.3

Yield: 5.6

Momentum: 6.5

Volatility: 10.0

1-Year Total Return ->

View Full Report
Stock-Card
FastPartner

A-Score: 5.6/10

Value: 4.2

Growth: 3.4

Quality: 5.2

Yield: 6.9

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

View Full Report
Stock-Card
ImmoFinanz

A-Score: 4.5/10

Value: 5.6

Growth: 5.3

Quality: 5.7

Yield: 0.6

Momentum: 4.0

Volatility: 6.0

1-Year Total Return ->

View Full Report
Stock-Card
Catena

A-Score: 4.4/10

Value: 3.1

Growth: 4.4

Quality: 6.4

Yield: 3.1

Momentum: 1.5

Volatility: 8.0

1-Year Total Return ->

View Full Report
Stock-Card
Balder

A-Score: 3.8/10

Value: 4.3

Growth: 5.6

Quality: 5.8

Yield: 0.0

Momentum: 2.5

Volatility: 5.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

139.4$

Current Price

139.4$

Potential

-0.00%

Expected Cash-Flows