Swiss Prime Site AG (SPSN) fair value: what the stock is really worth
As of Oct 23, 2026: fair value (intrinsic value) of Swiss Prime Site AG stock CHF 44.83, price CHF 126, upside -64.3%, quality 61 out of 100. Rating: strongly overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Fair value above price?No
Good quality?Yes
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 22, 2026.
How to read this chart
60‑month range CHF 68.64 – CHF 144.79 · fair‑value band CHF 35.29 – CHF 66.72 · the CHF 125.70 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 Oct 22, 2026.
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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.
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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.
Stock analysis
Swiss Prime Site AG (SPSN) currently trades at CHF 125.70, while our model-based Fair Value estimate is CHF 44.83, 64.3% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of CHF 74.28 per share, and 1 of the 15 models we run sit above the CHF 125.70 price.
Bear case: the DCF Models group reads lowest at CHF 27.78, and 14 of the 15 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 35.29 (bear) to CHF 66.72 (bull), the price of CHF 125.70 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 61/100 (solid quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2020: revenue and profit before it include the divested business. Growth is measured afresh from 2020.
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.
Key figures
Market cap CHF 10.2B Large · P/E ratio 24.7 · P/S ratio 18.3 · EPS (TTM) CHF 5.09 · Dividend yield 1.4% · Net margin 73.4% · Return on equity 5.9% · Return on assets (EBIT) 2.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 60 out of 100 (medium confidence).
What moves the price
The share trades about 13% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −28% fair-value upside, at −64%, SPSN screens richer than that median.
Fair Value models
BearCHF 35.29Fair Value CHF 44.83BullCHF 66.72
Price CHF 125.70 · Upside -64.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (CHF 2.73 per share) are deliberately not added.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2020: revenue and profit before it include the divested business. Growth is measured afresh from 2020.
Revenue growth 1 year
−16.1%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−5.1%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−6.9%
Start year 2020 (pandemic)
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−7.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−8.5%
Dividend (yield on the price)1.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−8.5% vs 1.1%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.42% → 73%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 4.6%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+21.9%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−0.3%
Yearly sales growth analysts expect, extended to five years.
After inflation (Switzerland: IMF forecast 0.6% a year to 2030, 0.8% from 2016 to 2025) that is about +21.1% a year for the price and −0.9% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (30 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Solid cash conversion and a growing asset-management platform with scalable fees complement steady rental income from low-vacancy prime properties, yet low ROE and one-off gains limit overall quality.
Main risk: High debt makes the company sensitive to rate-driven valuation swings that would directly hit the value and income of its rental property portfolio.
Swiss Prime Site keeps expanding its asset management platform with fresh capital commitments and extended mandates into the next decade. This adds a scalable fee stream to the steady rental income from low-vacancy prime properties. Our models currently see it as overvalued. Will the growing management business buffer the portfolio against rate-driven valuation swings, or will property market dynamics still set the tone?
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Real Estate - Diversified · 129 stocks
Beats the industry median on 5/15 measures
Overall it trails its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside−64.3% · Bottom 25%
Profitability
Return on equity (12 months)5.9% · Above median
Return on assets2.6% · Above median
Net margin (12 months)73.4% · Top 25%
Operating margin (12 months)76.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−0.1% · Below median
Dividend yield (12 months)1.4% · Below median
Balance sheet
Debt / equity0.66× · Above median
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
P/E (12 months)24.7× · Priciest 25%
P/B1.45× · Priciest 25%
P/S (12 months)18.31× · Priciest 25%
Price / free cash flow34.1× · Priciest 25%
EV/EBITDA34.5× · Priciest 25%
PEG6.45× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 36
FUTURE (revenue growth)0· sector 5
PAST (return on equity)24· sector 18
HEALTH (low debt)67· sector 75
DIVIDEND (yield)28· sector 70
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Swiss Prime Site AG Fair Value". https://www.fairvalue-calculator.com/stock/SPSN
Frequently asked questions
Is Swiss Prime Site AG (SPSN) overvalued or undervalued?
As of Oct 22, 2026, our model estimates a fair value of CHF 44.83 versus a price of CHF 125.70, about −64% upside (overvalued).
What is the fair value of SPSN?
Our model-based fair value for Swiss Prime Site AG is CHF 44.83 (as of Oct 22, 2026), built from audited fundamentals. The current price: CHF 125.70.
What is the quality score of SPSN?
Swiss Prime Site AG has a Quality Score of 61/100. 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 price target for Swiss Prime Site AG (SPSN)?
Our model-based price target is the fair value of CHF 44.83 (as of Oct 22, 2026) from 15 valuation models. Cautious scenario CHF 35.29, optimistic scenario CHF 66.72. It is a calculation from audited fundamentals, not an analyst target.
What is the Swiss Prime Site AG stock forecast for 2026?
Our models put fair value at CHF 44.83, about −64% upside versus a price of CHF 125.70 (overvalued). Cautious scenario CHF 35.29, optimistic scenario CHF 66.72. The calculation is refreshed regularly with new filings.
What is the revenue of Swiss Prime Site AG (SPSN)?
Swiss Prime Site AG reported trailing-twelve-month revenue of about CHF 560M (latest available figure, as of Oct 22, 2026).
Does Swiss Prime Site AG pay a dividend?
Swiss Prime Site AG currently shows a dividend yield of 1.39% relative to its recent price (as of Oct 22, 2026).
What growth is priced into Swiss Prime Site AG (SPSN)?
For today's price to be fair in a discounted-cash-flow model, Swiss Prime Site AG would have to grow free cash flow by +21.9 % per year for five years (discount rate 7.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.9 % per year. As of Oct 22, 2026.
What discount rate (WACC) does the fair value of SPSN use?
Our models discount Swiss Prime Site AG at 7.9 %: a base by market capitalisation (large), damped by beta 0.47, country premium for Switzerland. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Swiss Prime Site AG that is +21.9 % per year a year over ten years, using the same discount rate (7.9 %) and the same formula as our fair value.
How much growth has Swiss Prime Site AG (SPSN) delivered so far?
Over the past 5 years revenue at Swiss Prime Site AG grew -6.9 % a year. The price currently implies +21.9 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Swiss Prime Site AG (SPSN) growing?
The median revenue growth in the sector is +2.4 % a year. That is the yardstick for the growth priced into Swiss Prime Site AG (+21.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Swiss Prime Site AG (SPSN)?
The free-cash-flow yield on the price is 2.93 %: that much free cash flow Swiss Prime Site AG produces per unit of market value. When it exceeds the discount rate of our models (7.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Swiss Prime Site AG (SPSN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Swiss Prime Site AG it is CHF 44.83 per share (as of Oct 22, 2026), against a price of CHF 125.70. It is the blended result of 15 valuation models (cash flow, earnings, asset, dividend).
Is Swiss Prime Site AG stock overvalued or undervalued in 2026?
As of Oct 22, 2026, SPSN trades above its calculated fair value: price CHF 125.70, fair value CHF 44.83, a gap of about −64% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SPSN?
No. The price is what the market pays today (CHF 125.70); the fair value is what the company's own numbers justify (CHF 44.83). For Swiss Prime Site AG the two are CHF 80.87 per share apart. That gap is exactly why we show both numbers side by side.
How much is Swiss Prime Site AG worth?
The market values Swiss Prime Site AG at about CHF 10.2B (market capitalisation, as of Oct 22, 2026). Per share that is CHF 125.70; our models calculate a fair value of CHF 44.83 per share.
What do the bullish and bearish scenarios say about SPSN?
Our models span a range for Swiss Prime Site AG: cautious scenario CHF 35.29, base CHF 44.83, optimistic CHF 66.72 per share (as of Oct 22, 2026, price CHF 125.70). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SPSN?
Swiss Prime Site AG trades at a price-to-earnings ratio of 24.7 (as of Oct 22, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 44.83 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 36.1 (reported for FY2025: 26.4). Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 19.9. Other multiples: PEG 6.4, P/B 1.5, P/S 18.3, EV/EBITDA 34.5.
What is the PEG ratio of SPSN?
The PEG ratio of Swiss Prime Site AG is 6.45 (P/E divided by earnings growth, as of Oct 22, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Swiss Prime Site AG (SPSN)?
Balance-sheet figures for Swiss Prime Site AG (as of Oct 22, 2026): return on equity 5.9%, debt of 0.66 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is SPSN from its 52-week high?
Swiss Prime Site AG trades at CHF 125.70, about 13% below its 52-week high of CHF 144.79 and 12% above the low of CHF 112.22 (as of Oct 23, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 44.83 is for.
Which stocks are comparable to Swiss Prime Site AG?
From the same area (Real Estate) we also value Henderson Land Development Company, Central Pattana Public Company, The Phoenix Mills Limited, Prestige Estates Projects Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Swiss Prime Site AG stock attractive at the current price?
The data as of Oct 22, 2026: price CHF 125.70, calculated fair value CHF 44.83 (−64%), Quality Score 61/100, from 15 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SPSN calculated?
We run Swiss Prime Site AG through 15 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of CHF 44.83, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 12.3 % above its aggregate fair value. Swiss Prime Site AG itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Swiss Prime Site AG (SPSN)?
The closing price on Oct 23, 2026 was CHF 125.70. Our model-based fair value is CHF 44.83, about −64% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Swiss Prime Site AG right now?
The price sits above even our optimistic bull case (CHF 66.72). The favourable scenario is already priced in. Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (CHF 35.29 to CHF 66.72) leaves room in how you read the outcome. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Swiss Prime Site AG (SPSN) come from?
Earnings per share at Swiss Prime Site AG grew −1.2 % a year from 2014 to 2025. Broken into its drivers: revenue per share −6.4 %, EBIT margin +4.5 %, tax rate +0.7 %, residual (interest, one-offs) +0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Swiss Prime Site AG
How large is the market capitalisation of Swiss Prime Site AG (SPSN)?
The market capitalisation of Swiss Prime Site AG is CHF 10.2B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Swiss Prime Site AG (SPSN)?
The price-to-sales ratio of Swiss Prime Site AG is 18.3 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Swiss Prime Site AG (SPSN)?
Earnings per share at Swiss Prime Site AG are CHF 5.09 (price ÷ EPS = P/E 24.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Swiss Prime Site AG (SPSN)?
The dividend yield of Swiss Prime Site AG is 1.4% (payout 47.1%, on adjusted earnings, reported 34.4%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Swiss Prime Site AG (SPSN)?
The net margin of Swiss Prime Site AG is 73.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Swiss Prime Site AG (SPSN)?
The return on equity (ROE) of Swiss Prime Site AG is 5.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Swiss Prime Site AG (SPSN)?
On an EBIT basis the return on assets of Swiss Prime Site AG is 2.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Swiss Prime Site AG (SPSN)?
The operating margin of Swiss Prime Site AG is 76.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Swiss Prime Site AG (SPSN)?
Revenue at Swiss Prime Site AG is growing −0.1% versus a year earlier (3y avg −5.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Swiss Prime Site AG (SPSN)?
Earnings per share at Swiss Prime Site AG are growing +14.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Swiss Prime Site AG (SPSN) carry?
The net debt of Swiss Prime Site AG is CHF 5.8B (fiscal year 2025, ≈ 19.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Oct 22, 2026