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Swiss Prime Site AG
(SPSN)
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Rating:66Neutral
Price Target:
CHF135.00
▲(5.97% Upside)
Action:Reiterated
Date:08/20/26
The score is driven mainly by solid underlying financial performance (high profitability and good cash conversion, tempered by leverage and weaker recent revenue/cash flow) and constructive earnings-call signals (reconfirmed guidance with FFO targeting the upper end and strong AUM inflows). These positives are offset by weak technicals (below key moving averages with negative MACD) and a relatively high P/E despite a moderate dividend yield.
Positive Factors
Low vacancy and long leases
Low vacancy supports recurring rental income, while a record lease duration improves cash-flow visibility. Reversionary potential of around 10% also provides a durable pathway for rental growth as leases renew.
Negative Factors
Weak recent revenue growth
The revenue decline indicates limited top-line momentum despite strong margins. Disposals and redevelopment-related vacancies can reduce rental income, making sustained earnings growth more dependent on leasing, development delivery and fee expansion.
Read all positive and negative factors
Positive Factors
Negative Factors
Low vacancy and long leases
Low vacancy supports recurring rental income, while a record lease duration improves cash-flow visibility. Reversionary potential of around 10% also provides a durable pathway for rental growth as leases renew.
Read all positive factors
Swiss Prime Site AG (SPSN) vs. iShares MSCI Switzerland ETF (EWL)
Market Cap
CHF10.22B
Dividend Yield2.75%
Average Volume (3M)108.77K
Price to Earnings (P/E)24.9
Beta (1Y)0.29
Revenue Growth-11.91%
EPS Growth11.31%
CountryCH
Employees189
SectorReal Estate
Sector Strength53
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)5.12
Shares Outstanding80,234,375
10 Day Avg. Volume87,626
30 Day Avg. Volume108,774
Financial Highlights & Ratios
PEG Ratio12.06
Price to Book (P/B)1.39
Price to Sales (P/S)17.76
P/FCF Ratio32.69
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
CHF125.00Price Target Upside-1.88% Downside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)3.78
Revenue Forecast (FY)CHF518.34M
Swiss Prime Site AG Business Overview & Revenue Model
Company Description
Swiss Prime Site AG is a real estate enterprise specializing in the procurement, sale, management, and development of investment properties exclusively within Switzerland. The company's business activities are divided into two main areas: Real Est...
How the Company Makes Money
Swiss Prime Site makes money primarily through recurring income from its real estate portfolio and through fee-based real estate services. Key revenue streams include: (1) Rental and lease income: The core earnings driver is rent collected from te...
Swiss Prime Site AG Earnings Call Summary
Earnings Call Date:Aug 20, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Feb 11, 2027
Earnings Call Sentiment Positive
Overall the call was positive: the company reported broad-based operational and financial progress—record FFO per share, rising AUM (~CHF 1bn net new money), portfolio valuation exceeding CHF 14bn, improved margins and lower financing costs—while also outlining clear development milestones (Maag, Hitachi Energy at Otelfingen) and strong leasing momentum. The main challenges are market-wide (yield compression, competitive acquisition environment), modest like-for-like rental growth due to low indexation, some temporary revenue effects from disposals and redevelopments, and near-term refinancing items to manage. Management confirmed guidance and expects to finish the year at the upper end of prior FFO guidance.Positive Updates
Strong Operating Performance and Revenue Growth
Group operating income rose 3.4% to CHF 270 million; rental income up 2.2% to CHF 231 million (would have been ~4.5% including sold assets). Group EBITDA increased ~4.4% to ~CHF 208 million and net profit rose 6% to CHF 165.7 million.
Negative Updates
Yield Compression and Competitive Acquisition Market
Management highlighted ongoing yield compression and competition in the Swiss market, making it challenging to find attractive assets; the company is exercising greater discipline and passed on some market offerings.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Operating Performance and Revenue Growth
Group operating income rose 3.4% to CHF 270 million; rental income up 2.2% to CHF 231 million (would have been ~4.5% including sold assets). Group EBITDA increased ~4.4% to ~CHF 208 million and net profit rose 6% to CHF 165.7 million.
Read all positive updates
Company Guidance
Management reconfirmed its 2026 guidance across four pillars: FFO I is expected at the upper end of the CHF 4.25–4.30 range (management expects to be closer to CHF 4.30; H1 FFO I was CHF 2.15/share); asset‑management AUM growth of >CHF 1.0bn for the year (H1 net new money ~CHF 950m, AUM CHF 14.8bn, and management expects total net inflows toward CHF 1.3–1.4bn by year‑end); vacancy to finish below 3.7% (current operational vacancy 3.2%, 3.7% including 0.5% earmarked for development); and LTV to fall back below 39% by year‑end (H1 LTV 39.9%), all supported by a lower average cost of debt (~83 bps) and the 0% convertible refinancing.Swiss Prime Site AG Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
63
Positive
Cash Flow
67
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 548.19M | 553.39M | 659.81M | 653.98M | 646.58M | 749.50M |
| Gross Profit | 482.58M | 479.10M | 525.48M | 499.89M | 442.36M | 584.84M |
| EBITDA | 505.00M | 410.63M | 521.83M | 147.52M | 368.12M | 387.24M |
| Net Income | 410.73M | 382.47M | 360.25M | 236.02M | 404.43M | 498.89M |
Balance Sheet | ||||||
| Total Assets | 14.73B | 14.74B | 13.84B | 13.78B | 13.77B | 13.50B |
| Cash, Cash Equivalents and Short-Term Investments | 16.17M | 32.55M | 24.33M | 22.52M | 22.33M | 116.01M |
| Total Debt | 6.08B | 5.85B | 5.54B | 5.68B | 5.51B | 5.43B |
| Total Liabilities | 7.74B | 7.68B | 7.16B | 7.24B | 7.20B | 7.09B |
| Stockholders Equity | 6.99B | 7.07B | 6.68B | 6.54B | 6.57B | 6.41B |
Cash Flow | ||||||
| Free Cash Flow | 326.89M | 300.66M | 393.48M | 421.94M | 312.25M | 345.23M |
| Operating Cash Flow | 326.96M | 300.73M | 403.79M | 430.58M | 323.71M | 366.07M |
| Investing Cash Flow | -430.84M | -535.69M | 82.88M | -292.68M | -216.32M | -110.66M |
| Financing Cash Flow | 95.28M | 243.24M | -484.77M | -137.04M | -200.85M | -283.51M |
Swiss Prime Site AG Technical Analysis
Negative
127.40
Price Trends
130.07
Negative
131.26
Negative
128.27
Negative
Market Momentum
-0.79
Negative
44.30
Neutral
59.20
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CH:SPSN, the sentiment is Negative. The current price of 127.4 is below the 20-day moving average (MA) of 128.36, below the 50-day MA of 130.07, and below the 200-day MA of 128.27, indicating a bearish trend. The MACD of -0.79 indicates Negative momentum. The RSI at 44.30 is Neutral, neither overbought nor oversold. The STOCH value of 59.20 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CH:SPSN.
Swiss Prime Site AG Peers Comparison
UnderperformOutperform
Sector (65)
CH:SPSN
Swiss Prime Site AG
127.40
19.19
17.73%
CH:ALLN
Allreal Holding AG
200.50
25.40
14.51%
CH:NREN
Novavest Real Estate AG
39.30
1.23
3.24%
Swiss Prime Site AG Corporate Events
Swiss Prime Site lifts profits and portfolio value on strong rental and asset management growth
Aug 20, 2026
Swiss Prime Site reported a strong first half of 2026, with funds from operations per share up 2.4% to CHF 2.15 and net profit rising 17.2% to CHF 192.5 million. Consolidated operating income increased on a comparable basis, operating expenses dec...
Swiss Prime Site Drops Maaglive Project to Turn Zurich’s Maag Halls into Cultural Hub
Jun 25, 2026
Swiss Prime Site has decided to abandon its contentious “Maaglive” redevelopment project in Zurich, which had envisaged a residential tower and new public square, citing timing and content uncertainties arising from ongoing legal objec...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.