PSP Swiss Property AG (PSPN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of PSP Swiss Property AG stock CHF 49.41, price CHF 155, that is 68.2% below the price, quality 60 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.
How to read this chart
60‑month range CHF 81.90 – CHF 162.74 · fair‑value band CHF 39.93 – CHF 61.40 · the CHF 155.40 price screens above the CHF 49.41 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.
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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.
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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.
Stock analysis
PSP Swiss Property AG (PSPN) currently trades at CHF 155.40, while our model-based Fair Value estimate is CHF 49.41, 68% 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 110.71 per share, and 0 of the 12 models we run sit above the CHF 155.40 price.
Bear case: the DCF Models group reads lowest at CHF 23.39, and 12 of the 12 models stay below the price. Data coverage for this calculation is high.
Scenario range: CHF 39.93 (bear) to CHF 61.40 (bull), the price of CHF 155.40 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 60/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
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.
Key figures
Market cap CHF 7.1B Mid · P/E ratio 15.8 · P/S ratio 14.2 · EPS (TTM) CHF 9.83 · Dividend yield 2.5% · Net margin 89.9% · Return on equity 8.1% · Return on assets (EBIT) 4.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (low confidence).
What moves the price
The share trades about 5% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at −68%, PSPN screens richer than that median.
Fair Value models
BearCHF 39.93Fair Value CHF 49.41BullCHF 61.40
Price CHF 155.40 · Downside -68.2%
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 5.03 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.1%
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.
−2.8%
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.
+1.8%
Start year 2020 (pandemic). Over 10 years: +2.3% a year
Revenue growth 23 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.
+1.5%
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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.
+0.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−2.1%
Dividend (yield on the price)2.5%
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.−2.1% vs 8.8%, slowing
Profit margin 2002 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.82% → 82%
Pace: the 5-year rate starts in 2020 (pandemic)
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).
+27.5%
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.
+0.1%
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 +26.8% a year for the price and −0.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (27 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.Positive
Recent news coverage is more positive than average.
AI conclusion: The merger creates stable rental cash flows through complementary Swiss portfolios, yet execution risks from integration could hinder operational efficiencies in the core business.
Main risk: Generative AI and automation might prompt tenants to optimize and reduce their office footprints, hitting rental income from the company's commercial properties in Zurich and Geneva.
Bull case: By leveraging AI for efficient property management and targeting tenants resilient to automation, the company could maintain high occupancy and stable cash flows from its prime locations.
Bear case: If AI-driven space optimization accelerates, the company might face higher vacancies and pressure on rents in its office-heavy portfolio, challenging its core rental business.
PSP Swiss Property is merging with REG to form Switzerland's largest listed real estate company, pooling complementary portfolios across key cities for more stable rental cash flows and added development sites. The move brings index inclusions and a broader investor base but also raises questions about execution. Will the larger scale deliver lasting operational efficiencies or mainly introduce integration hurdles that weigh on the core rental business?
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 Services · 472 stocks
Beats the industry median on 6/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside−68.2% · Bottom 25%
Profitability
Return on equity (12 months)8.1% · Above median
Return on assets4.0% · Above median
Net margin (12 months)89.9% · Top 25%
Operating margin (12 months)47.7% · Above median
Growth and dividend
Revenue growth (quarter YoY)171.8% · Top 25%
Dividend yield (12 months)2.5% · Below median
Balance sheet
Debt / equity0.50× · Above median
Valuation Multiplesvs Real Estate Services median · lower = cheaper
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). "PSP Swiss Property AG Fair Value". https://www.fairvalue-calculator.com/stock/PSPN
Frequently asked questions
Is PSP Swiss Property AG (PSPN) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of CHF 49.41 versus a price of CHF 155.40, about 68% lower (overvalued).
What is the fair value of PSPN?
Our model-based fair value for PSP Swiss Property AG is CHF 49.41 (as of Nov 7, 2026), built from audited fundamentals. The current price: CHF 155.40.
What is the quality score of PSPN?
PSP Swiss Property AG has a Quality Score of 60/100. 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 PSP Swiss Property AG (PSPN)?
Our model-based price target is the fair value of CHF 49.41 (as of Nov 7, 2026) from 16 valuation models. Cautious scenario CHF 39.93, optimistic scenario CHF 61.40. It is a calculation from audited fundamentals, not an analyst target.
What is the PSP Swiss Property AG stock forecast for 2026?
Our models put fair value at CHF 49.41, about 68% lower versus a price of CHF 155.40 (overvalued). Cautious scenario CHF 39.93, optimistic scenario CHF 61.40. The calculation is refreshed regularly with new filings.
What is the revenue of PSP Swiss Property AG (PSPN)?
PSP Swiss Property AG reported trailing-twelve-month revenue of about CHF 501M (latest available figure, as of Nov 7, 2026).
Does PSP Swiss Property AG pay a dividend?
PSP Swiss Property AG currently shows a dividend yield of 2.54% relative to its recent price (as of Nov 7, 2026).
How much is the dividend of PSP Swiss Property AG (PSPN) and when is the ex-dividend date?
PSP Swiss Property AG pays a dividend of CHF 3.95 per share a year, a dividend yield of 2.5%. The last ex-dividend date was Apr 7, 2026. A dividend has been paid every year since at least 2001. The payout ratio is 40.2% of earnings. Free cash flow covers the dividend 0.88 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into PSP Swiss Property AG (PSPN)?
For today's price to be fair in a discounted-cash-flow model, PSP Swiss Property AG would have to grow free cash flow by +27.5 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.8 % per year. As of Nov 7, 2026.
What discount rate (WACC) does the fair value of PSPN use?
Our models discount PSP Swiss Property AG at 8.3 %: a base by market capitalisation (mid), damped by beta 0.46, 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 PSP Swiss Property AG that is +27.5 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has PSP Swiss Property AG (PSPN) delivered so far?
Over the past 5 years revenue at PSP Swiss Property AG grew +1.8 % a year. The price currently implies free-cash-flow growth of +27.5 % per 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 PSP Swiss Property AG (PSPN) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into PSP Swiss Property AG (+27.5 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of PSP Swiss Property AG (PSPN)?
The free-cash-flow yield on the price is 2.25 %: that much free cash flow PSP Swiss Property AG produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of PSP Swiss Property AG (PSPN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PSP Swiss Property AG it is CHF 49.41 per share (as of Nov 7, 2026), against a price of CHF 155.40. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is PSP Swiss Property AG stock overvalued or undervalued in 2026?
As of Nov 7, 2026, PSPN trades above its calculated fair value: price CHF 155.40, fair value CHF 49.41, a gap of about −68% (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 PSPN?
No. The price is what the market pays today (CHF 155.40); the fair value is what the company's own numbers justify (CHF 49.41). For PSP Swiss Property AG the two are CHF 105.99 per share apart. That gap is exactly why we show both numbers side by side.
How much is PSP Swiss Property AG worth?
The market values PSP Swiss Property AG at about CHF 7.1B (market capitalisation, as of Nov 7, 2026). Per share that is CHF 155.40; our models calculate a fair value of CHF 49.41 per share.
What do the bullish and bearish scenarios say about PSPN?
Our models span a range for PSP Swiss Property AG: cautious scenario CHF 39.93, base CHF 49.41, optimistic CHF 61.40 per share (as of Nov 7, 2026, price CHF 155.40). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PSPN?
PSP Swiss Property AG trades at a price-to-earnings ratio of 15.8 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of CHF 49.41 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 15.9. Other multiples: PEG 6.2, P/B 1.3, P/S 14.2, EV/EBITDA 29.1.
What is the PEG ratio of PSPN?
The PEG ratio of PSP Swiss Property AG is 6.19 (P/E divided by earnings growth, as of Nov 7, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of PSP Swiss Property AG (PSPN)?
Balance-sheet figures for PSP Swiss Property AG (as of Nov 7, 2026): return on equity 8.1%, debt of 0.50 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is PSPN from its 52-week high?
PSP Swiss Property AG trades at CHF 155.40, about 5% below its 52-week high of CHF 162.74 and 15% above the low of CHF 135.14 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of CHF 49.41 is for.
Which stocks are comparable to PSP Swiss Property AG?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties 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 PSP Swiss Property AG stock attractive at the current price?
The data as of Nov 7, 2026: price CHF 155.40, calculated fair value CHF 49.41 (−68%), Quality Score 60/100, from 16 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 PSPN calculated?
We run PSP Swiss Property AG through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of CHF 49.41 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. PSP Swiss Property 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 PSP Swiss Property AG (PSPN)?
The closing price on Nov 6, 2026 was CHF 155.40. Our model-based fair value is CHF 49.41, about 68% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PSP Swiss Property AG right now?
The price sits above even our optimistic bull case (CHF 61.40). The favourable scenario is already priced in. Solid but not exceptional quality (60/100) 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.
Where does the earnings growth of PSP Swiss Property AG (PSPN) come from?
Earnings per share at PSP Swiss Property AG grew +7.9 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.8 %, EBIT margin +4.2 %, tax rate +1.5 %, residual (interest, one-offs) +1.2 %. 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 PSP Swiss Property AG
How large is the market capitalisation of PSP Swiss Property AG (PSPN)?
The market capitalisation of PSP Swiss Property AG is CHF 7.1B. 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 PSP Swiss Property AG (PSPN)?
The price-to-sales ratio of PSP Swiss Property AG is 14.2 (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 PSP Swiss Property AG (PSPN)?
Earnings per share at PSP Swiss Property AG are CHF 9.83 (price ÷ EPS = P/E 15.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PSP Swiss Property AG (PSPN)?
The dividend yield of PSP Swiss Property AG is 2.5% (payout 40.2%). 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 PSP Swiss Property AG (PSPN)?
The net margin of PSP Swiss Property AG is 89.9% (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 PSP Swiss Property AG (PSPN)?
The return on equity (ROE) of PSP Swiss Property AG is 8.1% (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 PSP Swiss Property AG (PSPN)?
On an EBIT basis the return on assets of PSP Swiss Property AG is 4.7% (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 PSP Swiss Property AG (PSPN)?
The operating margin of PSP Swiss Property AG is 47.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PSP Swiss Property AG (PSPN)?
Revenue at PSP Swiss Property AG is growing +172% versus a year earlier (3y avg −2.8%). 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 PSP Swiss Property AG (PSPN)?
Earnings per share at PSP Swiss Property AG are growing +28.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does PSP Swiss Property AG (PSPN) carry?
The net debt of PSP Swiss Property AG is CHF 3.3B (fiscal year 2025, ≈ 20.8 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
Nov 7, 2026