Swiss Prime Site AG (SPSN) fair value: what the stock is really worth
We calculate from audited financials what Swiss Prime Site AG is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
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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 Sep 18, 2026.
How to read this chart
60‑month range CHF 68.64 – CHF 144.79 · fair‑value band CHF 35.29 – CHF 56.04 · the CHF 125.10 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 18, 2026.
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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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.
Stock analysis
Swiss Prime Site AG (SPSN) currently trades at CHF 125.10, while our model-based Fair Value estimate is CHF 44.83, implying the stock looks roughly 179.0% overvalued today.
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Valuation
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 125.10 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.
Scenario range: CHF 35.29 (bear) to CHF 56.04 (bull), the price of CHF 125.10 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 63/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
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 10.0B · P/E ratio 26.1 · P/S ratio 18.1 · EPS (TTM) CHF 4.79 · Dividend yield 1.4% · Net margin 69.1% · Return on equity 5.6% · Return on assets (EBIT) 2.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 14% below its 52-week high and 17% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −9% fair-value upside, at −64%, SPSN screens richer than that median.
Fair Value models
Bear CHF 35.29Fair Value CHF 44.83Bull CHF 56.04
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (CHF 2.20 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.Evidence ⓘEvidence = 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 is shrinking: the last year, the last three and the last five years are all negative.
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%
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.
+7.8%
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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.−9% vs 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%
⚠ 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).
+21.6%
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.
+1.3%
Yearly sales growth analysts expect, extended to five years.
News mood ⓘNews mood, the average tone of recent news (29 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.
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 · 134 stocks
Beats the industry median on 4/15 measures
Overall it trails its industry peers.
Valuation
Quality Score63 · Top 25%
Fair Value upside−64% · Bottom 25%
Profitability
Return on equity (TTM)6% · Above median
Return on assets2% · Below median
Net margin (TTM)68% · Top 25%
Operating margin (TTM)75% · Top 25%
Growth and dividend
Revenue growth−20% · Bottom 25%
Dividend yield (TTM)1.4% · Below median
Balance sheet
Debt / equity0.66× · Above median
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
P/E (TTM)26.1× · Priciest 25%
P/B1.83× · Priciest 25%
P/S (TTM)23.04× · Priciest 25%
P/FCF42.9× · Priciest 25%
EV/EBITDA42.0× · Priciest 25%
PEG6.45× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 29
FUTURE (revenue growth)0· sector 31
PAST (return on equity)22· sector 18
HEALTH (low debt)67· sector 77
DIVIDEND (yield)28· sector 52
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 Sep 18, 2026, our model estimates a fair value of CHF 44.83 versus a price of CHF 125.10, 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 Sep 18, 2026), built from audited fundamentals. The current price: CHF 125.10.
What is the quality score of SPSN?
Swiss Prime Site AG has a Quality Score of 63/100. 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 Sep 18, 2026) from 16 valuation models. Cautious scenario CHF 35.29, optimistic scenario CHF 56.04. 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 125.10 (overvalued). Cautious scenario CHF 35.29, optimistic scenario CHF 56.04. 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 Sep 18, 2026).
Does Swiss Prime Site AG pay a dividend?
Swiss Prime Site AG currently shows a dividend yield of about 1.40% relative to its recent price (as of Sep 18, 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 +21.6 % 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 Sep 18, 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 +21.6 % 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 +21.6 % 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 +1.7 % a year. That is the yardstick for the growth priced into Swiss Prime Site AG (+21.6 % 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 3.00 %: 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 Sep 18, 2026), against a price of CHF 125.10. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Swiss Prime Site AG stock overvalued or undervalued in 2026?
As of Sep 18, 2026, SPSN trades above its calculated fair value: price CHF 125.10, 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 125.10); the fair value is what the company's own numbers justify (CHF 44.83). For Swiss Prime Site AG the two are CHF 80.27 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 10.0B (market capitalisation, as of Sep 18, 2026). Per share that is CHF 125.10; 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 56.04 per share (as of Sep 18, 2026, price CHF 125.10). 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 26.1 (as of Sep 18, 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. Other multiples: PEG 6.4, P/B 1.8, P/S 23.0, EV/EBITDA 42.0.
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 Sep 18, 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 Sep 18, 2026): return on equity 5.6%, debt of 0.66 per unit of equity. They feed the Quality Score of 63/100, 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 125.10, about 14% below its 52-week high of CHF 145.68 and 17% above the low of CHF 106.69 (as of Sep 18, 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 Central Pattana Public Company, Prestige Estates Projects Limited, The Phoenix Mills Limited, Umm Al Qura for Development and Construction Company, 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 Sep 18, 2026: price CHF 125.10, calculated fair value CHF 44.83 (−64%), Quality Score 63/100, 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 SPSN calculated?
We run Swiss Prime Site AG through 16 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 16.1 % 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 Sep 21, 2026 was CHF 125.10. 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 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.
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 10.0B. 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 18.1 (P/E × margin). 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 4.79 (price ÷ EPS = P/E 26.1). 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 36.5%). 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 69.1% (fiscal year 2025). 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 5.6% (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 75.5% (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 −19.6% 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 +7.4% 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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