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PSP Swiss Property AG (PSPN) Fair Value & Analysis

Real Estate · CH · Market cap CHF 6.6B · ISIN CH0018294154

What is PSP Swiss Property AG really worth?

PS PSP Swiss Property AG PSPN · SW
PriceCHF 145.70
Fair ValueCHF 53.24
Upside−63.5%
Quality57/100

A solid business, but trading 174% above our fair value of CHF 53.24.

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Strengths

✓Highly profitable · 117.4% net margin
✓Low debt · generates free cash flow

Risks

!Weak Growth (revenue 5y +1.8 %/yr)
!Trails peers (4/15)
!Moderate moat 58/100
!Weak on future: 3 out of 100

For context

·2.71% dividend yield
Evidence: High Range CHF 39.93 – CHF 70.65

Fair value as of: Sep 5, 2026

From 16 valuation models · updated today

Share price +1.8% over the past month.

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits above even our optimistic bull case (CHF 70.65). The favourable scenario is already priced in.
  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

CHF 162.74 CHF 81.90 Fair Value CHF 53.24 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range CHF 81.90 – CHF 162.74 · fair‑value band CHF 39.93 – CHF 70.65 · the CHF 145.70 price screens above the CHF 53.24 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

PSP Swiss Property AG (PSPN) currently trades at CHF 145.70, while our model-based Fair Value estimate is CHF 53.24, implying the stock looks roughly 173.7% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Real Estate sector. Bull case: the Economic Profit group reads highest at a median of CHF 104.38 per share, and 1 of the 10 models we run sit above the CHF 145.70 price. Bear case: the DCF Models group reads lowest at CHF 12.66, and 9 of the 10 models stay below the price. Evidence for this calculation is high.

Trailing-twelve-month revenue stands at CHF 351M. Revenue grew 0.5% year over year. It earns a return on equity of 7.4%. Net debt stands at CHF 3.3B. Fundamentals as of Sep 5, 2026

Our scenario range runs from CHF 39.93 (bear case) to CHF 70.65 (bull case); at CHF 145.70, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 11% below its 52-week high and 14% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −63%, PSPN screens richer than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly CHF 3.42 per share, which is 6.4 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF — — CHF 5.01 77
Residual Income CHF 99.17 CHF 104.38 CHF 111.07 76
Growth DCF — — CHF 3.60 75
All 16 models by family
DCF Models
FCF DCF — — CHF 5.01 77
5Y Revenue Exit — — CHF 16.51 69
5Y EBITDA Exit — CHF 30.99 CHF 73.91 72
10Y Revenue Exit — — CHF 4.18 64
10Y EBITDA Exit — CHF 12.66 CHF 41.28 65
Dividend Discount
Gordon GGM CHF 34.25 CHF 43.05 CHF 51.91 69
DDM Multi-Stage CHF 34.25 CHF 45.63 CHF 59.00 67
Multiples
P/S Multiple CHF 39.93 CHF 53.24 CHF 66.55 58
P/B Multiple CHF 113.54 CHF 151.39 CHF 189.24 55
EV/EBIT CHF 50.51 CHF 87.47 CHF 124.42 64
EV/EBITDA CHF 25.61 CHF 54.27 CHF 82.92 64
EV/Revenue — — CHF 14.19 50
Asset-Based
NCAV (Graham) CHF 61.53 CHF 82.46 CHF 123.07 54
Growth DCF
Growth DCF — — CHF 3.60 75
Rev-Margin DCF — — CHF 14.25 69
Economic Profit
Residual Income CHF 99.17 CHF 104.38 CHF 111.07 76

Widest divergence: Economic Profit (CHF 104.38) versus DCF Models (CHF 12.66). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 16.2
P/S ratio 17.6 P/E × margin
EPS (TTM) CHF 9.00 price ÷ EPS = P/E 16.2
Dividend yield 2.7% payout 43.9%
Net margin 109% FY2025
Return on equity 7.4% TTM
More key figures
Profitability
Return on assets (EBIT) 4.7% avg 5y
Operating margin 84.3% TTM
Growth
Revenue (TTM) CHF 351M TTM
Revenue growth (YoY) +0.5% 3y avg −2.8%
EPS growth (YoY) +7.0%
Balance sheet & cash flow
Free cash flow CHF 160M FY2025
Net debt CHF 3.3B FY2025 · ≈ 20.8 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 56 · Market factors (momentum, volatility) 60

Profitability 36
Margins and returns on capital today
Quality Growth 48
Are margins and returns improving?
Cashflow 66
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 62
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

PSP Swiss Property AG, together with its subsidiaries, owns and manages real estate properties in Switzerland. The company operates through Real Estate Investments and Property Management segments.

Full company description

PSP Swiss Property AG, together with its subsidiaries, owns and manages real estate properties in Switzerland. The company operates through Real Estate Investments and Property Management segments. The Real Estate Investment segment includes investment properties, investment properties for sale, own-used properties, and development properties, as well as development projects for sale, and rents properties. The Property Management segment consists of services and activities regarding the management of own real estate portfolio. It owns a real estate portfolio of office and commercial properties. PSP Swiss Property AG was incorporated in 1999 and is based in Zug, Switzerland.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

PSP Swiss Property AG reported revenue of CHF 376M in FY2025 versus CHF 385M in FY2021, a compound −0.6%/yr. Reported net income was CHF 408M in FY2025, compounding −9.0%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
CHF 376M
Latest YoY
+2.1%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.8%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.8%
Avg. revenue growth/yr (23Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+1.5%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+0.6% (−2.1 + 2.7)
Revenue −0.6%/yr
FY21 CHF 385M
FY22 CHF 410M
FY23 CHF 373M
FY24 CHF 368M
FY25 CHF 376M
Net income −9.0%/yr
FY21 CHF 595M
FY22 CHF 330M
FY23 CHF 208M
FY24 CHF 375M
FY25 CHF 408M
Character of growth · EPS growth decomposed (2014-2025) +7.9 % p.a.
Revenue per share +0.8 %

of which total revenue +0.8 % · buybacks/dilution +0.0 %

EBIT margin +4.2 %
Tax rate +1.5 %
Residual (interest, one-offs) +1.2 %

Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).

PSPN screens 174% overvalued. Compare with CBRE Group →

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PSP Swiss Property AG · Fair Value
CHF 53.24 −174%Fair Value
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Cite: Fair Value Calculator (2026). "PSP Swiss Property AG Fair Value". https://www.fairvalue-calculator.com/stock/PSPN

Earlier news

External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.

Peer Group

Real Estate Services · 523 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 58 · Above median
Fair Value upside −64% · Bottom 25%
Return on equity (TTM) 7% · Above median
Return on assets 2% · Below median
Net margin (TTM) 117% · Top 25%
Operating margin (TTM) 84% · Top 25%
Revenue growth 1% · Below median
Dividend yield (TTM) 2.7% · Below median
Debt / equity 0.50× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 16.2× · Pricier than median
P/B 1.44× · Pricier than 75% of peers
P/S (TTM) 23.12× · Pricier than 75% of peers
P/FCF 50.8× · Pricier than 75% of peers
EV/EBITDA 36.2× · Pricier than 75% of peers
PEG 6.19× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE0 · sector 30
FUTURE3 · sector 11
PAST30 · sector 17
HEALTH75 · sector 84
DIVIDEND54 · sector 63

VALUE 0: the price sits above our fair-value range.

Insider activity: 40/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Sep 5, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Jones Lang LaSalle Incorporated JLL $378.01 $290.25 −23%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%

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Frequently asked questions

Is PSP Swiss Property AG (PSPN) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of CHF 53.24 versus a price of CHF 145.70, about −63% upside (overvalued).
What is the fair value of PSPN?
Our model-based fair value for PSP Swiss Property AG is CHF 53.24 (as of Sep 5, 2026), built from audited fundamentals. The current price: CHF 145.70.
What is the quality score of PSPN?
PSP Swiss Property AG has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of PSP Swiss Property AG (PSPN)?
PSP Swiss Property AG reported trailing-twelve-month revenue of about CHF 351M (latest available figure, as of Sep 5, 2026).
What is the net profit margin of PSPN?
The net profit margin of PSP Swiss Property AG is about 117.4%, meaning it keeps roughly 117.4% of revenue as net income. Based on the latest reported figures.
Does PSP Swiss Property AG pay a dividend?
PSP Swiss Property AG currently shows a dividend yield of about 2.71% relative to its recent price (as of Sep 5, 2026).
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