Swiss Prime Site AG (SPSN) Fair Value & Analysis
Real Estate · CH · Market cap CHF 10.4B · ISIN CH0008038389
What is Swiss Prime Site AG really worth?
A solid business, but trading 180% above our fair value of CHF 44.83.
Strengths
Risks
For context
Fair value as of: Sep 2, 2026
From 16 valuation models · updated 2 days ago
Share price −2.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- The price sits above even our optimistic bull case (CHF 56.04). The favourable scenario is already priced in.
- Solid but not exceptional quality (63/100) 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)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 2, 2026.
How to read this chart
60‑month range CHF 68.64 – CHF 144.79 · fair‑value band CHF 33.62 – CHF 56.04 · the CHF 125.60 price screens above the CHF 44.83 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 2, 2026.
Analysis
Swiss Prime Site AG (SPSN) currently trades at CHF 125.60, while our model-based Fair Value estimate is CHF 44.83, implying the stock looks roughly 180.2% overvalued today. The Quality Score stands at 63/100 (solid quality), in the Real Estate sector. Bull case: the Economic Profit group reads highest at a median of CHF 70.99 per share, and 0 of the 10 models we run sit above the CHF 125.60 price. Bear case: the DCF Models group reads lowest at CHF 8.93, and 10 of the 10 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Swiss Prime Site AG generated revenue of CHF 560M at a net margin of 68.3%. Revenue declined 19.6% year over year. It earns a return on equity of 5.6%. Net debt stands at CHF 5.8B. Fundamentals as of Sep 2, 2026
Our scenario range runs from CHF 33.62 (bear case) to CHF 56.04 (bull case); at CHF 125.60, 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 14% below its 52-week high and 18% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −33% fair-value upside, at −64%, SPSN 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 2.06 per share, which is 4.6 % 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.
All 16 models by family
Widest divergence: Economic Profit (CHF 70.99) versus DCF Models (CHF 8.93). Highest evidence: FCF DCF (77).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Sep 2, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 61
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
Swiss Prime Site AG, through its subsidiaries, operates as a real estate company in Switzerland. It operates through Real Estate, Asset management, and Corporate & Shared Services segments. The company purchases, develops, sells, and leases properties, as well as financing activities.
Full company description
Swiss Prime Site AG, through its subsidiaries, operates as a real estate company in Switzerland. It operates through Real Estate, Asset management, and Corporate & Shared Services segments. The company purchases, develops, sells, and leases properties, as well as financing activities. It is also involved in the funds, asset management, and investment advisory businesses. The company was founded in 1999 and is headquartered in Zug, Switzerland.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Swiss Prime Site AG reported revenue of CHF 553M in FY2025 versus CHF 750M in FY2021, a compound −7.3%/yr. Reported net income was CHF 382M in FY2025, compounding −6.4%/yr from FY2021.
of which total revenue −5.0 % · buybacks/dilution −1.5 %
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).
SPSN screens 180% overvalued. Compare with Corem Property Group →
Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- Swiss Prime Site AG (SWPRF) (H1 2026) Earnings Call Highlights: Record FFO1 and AUM Growth Amid ...
- Swiss Prime Site: Annual General Meeting Approves all Proposals of the Board of Directors by a Large Majority
- Concerns Surrounding Swiss Prime Site's (VTX:SPSN) Performance
- Swiss Prime Site AG (WBO:SPSN) Full Year 2025 Earnings Call Highlights: Record Low Vacancy and ...
Peer Group
Real Estate - Diversified · 131 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.
Valuation Multiples vs Real Estate - Diversified median · lower = cheaper
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.
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.
Similar stocks
10 more Real Estate - Diversified stocks, each showing price versus our Fair Value estimate (as of Sep 2, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Corem Property Group CORED | kr 229.00 | kr 121.82 | −47% |
| Central Pattana Public Company CPN | 66.00 THB | 71.37 THB | +8% |
| Prestige Estates Projects Limited PRESTIGE | ₹1,586 | ₹645.21 | −59% |
| The Phoenix Mills Limited PHOENIXLTD | ₹1,905 | ₹701.74 | −63% |
| Umm Al Qura for Development and Construction Company 4325 | 17.19 SAR | 11.60 SAR | −33% |
| Fastighets AB BALDB | kr 54.08 | kr 70.70 | +31% |
| Hainan Airport Infrastructure Co 600515 | ¥2.79 | ¥0.3300 | −88% |
| Parque Arauco S.A PARAUCO | 3,954 CLP | 2,740 CLP | −31% |
| Singapore Land Group U06 | 3.41 SGD | 3.23 SGD | −5% |
| The St. Joe Company JOE | $67.90 | $34.24 | −50% |
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