PSP SWISS PROPERTY AG |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 118.5 CHF | -0.08% |
|
+1.11% | +0.77% |
| Jul. 02 | PSP Swiss Property Buys CHF58 Million Commercial Building in Switzerland | MT |
| Jul. 01 | PSP Swiss Property AG Acquires Commercial Property in Geneva's Quartier des Banques | CI |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 6,128 | 5,426 | 5,215 | 4,977 | 5,394 | 5,435 | - | - |
| Enterprise Value (EV) 1 | 8,704 | 8,451 | 8,200 | 8,041 | 8,718 | 8,824 | 8,830 | 8,861 |
| P/E ratio | 13.5 x | 18.6 x | 8.77 x | 15.1 x | 26 x | 29.4 x | 21.1 x | 19.1 x |
| Yield | 2.7% | 3.09% | 3.3% | 3.5% | 3.27% | 3.29% | 3.35% | 3.4% |
| Capitalization / Revenue | 21.1 x | 18.3 x | 16.8 x | 15.7 x | 16.3 x | 15.8 x | 15.3 x | 14.9 x |
| EV / Revenue | 30 x | 28.5 x | 26.5 x | 25.4 x | 26.3 x | 25.6 x | 24.9 x | 24.3 x |
| EV / EBITDA | 34 x | 31.2 x | 29.4 x | 27.4 x | 29.3 x | 29.6 x | 28.7 x | 28.4 x |
| EV / FCF | 96.7 x | -30.1 x | 42.6 x | 85.3 x | -114 x | 46.7 x | 48.8 x | 84.5 x |
| FCF Yield | 1.03% | -3.33% | 2.35% | 1.17% | -0.88% | 2.14% | 2.05% | 1.18% |
| Price to Book | 1.38 x | 1.19 x | 1.04 x | 0.96 x | 1.03 x | 1.01 x | 1 x | 0.97 x |
| Nbr of stocks (in thousands) | 45,868 | 45,868 | 45,868 | 45,868 | 45,868 | 45,868 | - | - |
| Reference price 2 | 133.6 | 118.3 | 113.7 | 108.5 | 117.6 | 118.5 | 118.5 | 118.5 |
| Announcement Date | 2/25/20 | 2/23/21 | 2/22/22 | 2/21/23 | 2/27/24 | - | - | - |
1CHF in Million2CHF
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 290.5 | 296.3 | 309.6 | 316.2 | 331.9 | 344.3 | 354.4 | 364.3 |
| EBITDA 1 | 256.1 | 271.1 | 278.8 | 293.8 | 297.7 | 297.9 | 307.3 | 312.4 |
| EBIT 1 | 254.9 | 269.7 | 277.4 | 292.5 | 296.6 | 302.5 | 308 | 315.4 |
| Operating Margin | 87.75% | 91.04% | 89.58% | 92.5% | 89.35% | 87.88% | 86.89% | 86.56% |
| Earnings before Tax (EBT) 1 | 493.9 | 358.1 | 739.6 | 404.2 | 113.3 | 171 | 287.2 | 307.3 |
| Net income 1 | 453.4 | 292.1 | 595 | 330 | 207.6 | 195 | 257.4 | 281.5 |
| Net margin | 156.11% | 98.59% | 192.17% | 104.34% | 62.55% | 56.65% | 72.63% | 77.27% |
| EPS 2 | 9.890 | 6.370 | 12.97 | 7.190 | 4.530 | 4.036 | 5.625 | 6.213 |
| Free Cash Flow 1 | 90.01 | -281.2 | 192.5 | 94.3 | -76.71 | 188.8 | 181 | 104.8 |
| FCF margin | 30.99% | -94.91% | 62.15% | 29.82% | -23.11% | 54.84% | 51.08% | 28.77% |
| FCF Conversion (EBITDA) | 35.14% | - | 69.04% | 32.09% | - | 63.37% | 58.92% | 33.55% |
| FCF Conversion (Net income) | 19.85% | - | 32.34% | 28.58% | - | 96.82% | 70.33% | 37.23% |
| Dividend per Share 2 | 3.604 | 3.650 | 3.750 | 3.800 | 3.850 | 3.897 | 3.966 | 4.028 |
| Announcement Date | 2/25/20 | 2/23/21 | 2/22/22 | 2/21/23 | 2/27/24 | - | - | - |
1CHF in Million2CHF
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2020 S1 | 2021 S1 | 2021 Q4 | 2022 Q1 | 2022 Q2 | 2022 S1 | 2022 Q3 | 2022 Q4 | 2022 S2 | 2023 Q1 | 2023 Q2 | 2023 S1 | 2023 Q3 | 2023 Q4 | 2024 Q1 | 2024 Q2 | 2024 Q3 | 2024 Q4 | 2025 Q1 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 146.7 | 153.3 | 88.46 | 79.1 | 78.68 | 157.8 | 79.04 | 79.41 | 158.4 | 81.14 | 82.2 | 163.3 | - | 84.35 | 89.18 | 82.16 | 81.16 | 81.83 | 85.38 | 85.38 |
| EBITDA 1 | 127.7 | 142.4 | 68.02 | 86.99 | 68.07 | 155.1 | 71.63 | 67.13 | 138.8 | 69.9 | 80.57 | 150.5 | 76.46 | 70.81 | 76.72 | 74.42 | 73.42 | 73.68 | 77.32 | 77.32 |
| EBIT 1 | 158.2 | 494.9 | - | - | - | - | - | - | 138.1 | - | - | - | - | 70.45 | 76.43 | 74.12 | 73.12 | 73.31 | 77.03 | 77.03 |
| Operating Margin | 107.82% | 322.85% | - | - | - | - | - | - | 87.19% | - | - | - | - | 83.52% | 85.7% | 90.21% | 90.09% | 89.59% | 90.22% | 90.22% |
| Earnings before Tax (EBT) | - | - | - | - | - | - | 68.46 | 56.85 | 125.3 | - | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | 121.8 | 371.4 | 164 | 77.98 | 149.2 | 227.2 | 56.82 | 45.99 | 102.8 | 57.02 | 19.89 | 76.92 | 78.43 | 52.25 | 80.99 | 60.02 | 60.46 | 74.59 | 61.53 | 120.7 |
| Net margin | 83.02% | 242.27% | 185.42% | 98.58% | 189.59% | 143.96% | 71.89% | 57.92% | 64.88% | 70.28% | 24.2% | 47.09% | - | 61.94% | 90.81% | 73.06% | 74.5% | 91.15% | 72.06% | 141.4% |
| EPS 2 | 2.660 | - | 3.570 | 1.700 | 3.250 | - | 1.240 | 1.000 | - | 1.240 | 0.4300 | 1.680 | 1.710 | 1.140 | 1.770 | 1.309 | 1.318 | 1.626 | 1.341 | 2.632 |
| Dividend per Share 2 | - | - | - | 3.750 | - | - | - | - | - | - | - | - | - | - | - | - | - | 3.900 | - | - |
| Announcement Date | 8/18/20 | 8/20/21 | 2/22/22 | 5/4/22 | 8/19/22 | 8/19/22 | 11/8/22 | 2/21/23 | 2/21/23 | 5/5/23 | 8/18/23 | 8/18/23 | 11/7/23 | 2/27/24 | 5/7/24 | - | - | - | - | - |
1CHF in Million2CHF
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 2,576 | 3,025 | 2,985 | 3,065 | 3,324 | 3,388 | 3,395 | 3,425 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 10.06 x | 11.16 x | 10.71 x | 10.43 x | 11.16 x | 11.37 x | 11.05 x | 10.96 x |
| Free Cash Flow 1 | 90 | -281 | 192 | 94.3 | -76.7 | 189 | 181 | 105 |
| ROE (net income / shareholders' equity) | 10.5% | 6.5% | 12.4% | 6.5% | 4% | 4.03% | 4.56% | 4.59% |
| ROA (Net income/ Total Assets) | 5.79% | 3.5% | 2.48% | 2.53% | 3.52% | 2.22% | 2.11% | 2.38% |
| Assets 1 | 7,827 | 8,351 | 24,013 | 13,063 | 5,897 | 8,767 | 12,219 | 11,849 |
| Book Value Per Share 2 | 97.00 | 99.80 | 109.0 | 113.0 | 114.0 | 117.0 | 119.0 | 122.0 |
| Cash Flow per Share 2 | 5.270 | 4.570 | 6.490 | 6.900 | 6.040 | 5.300 | 5.380 | 5.730 |
| Capex 1 | 276 | 492 | 106 | 222 | 354 | 144 | 149 | 132 |
| Capex / Sales | 95.16% | 166.05% | 34.32% | 70.25% | 106.54% | 41.89% | 41.92% | 36.13% |
| Announcement Date | 2/25/20 | 2/23/21 | 2/22/22 | 2/21/23 | 2/27/24 | - | - | - |
1CHF in Million2CHF
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B-
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
118.5
CHF
Average target price
123.4
CHF
Spread / Average Target
+4.17%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +0.77% | 6.08B | |
| +33.34% | 27.28B | |
| +13.12% | 24.35B | |
| -0.71% | 25.39B | |
| -14.27% | 25.39B | |
| +36.57% | 21.2B | |
| +2.27% | 19.49B | |
| +1.02% | 19.49B | |
| +36.37% | 16.63B | |
| +21.27% | 15.27B |
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