Financials PSP Swiss Property AG

Equities

PSPN

CH0018294154

Real Estate Development & Operations

Market Closed - Swiss Exchange Other stock markets 11:31:30 2024-04-26 am EDT			5-day change	1st Jan Change
114.5 ^CHF	+0.26%		-1.80%	-2.64%

Apr. 04	PSP Swiss Property AG Appoints Katharina Lichtner as Member of the Board of Directors and to Its Audit Committee	CI
Apr. 04	Psp Swiss Property Ag Approves Dividend for the Year 2023, Payable on 10 April 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	6,128	5,426	5,215	4,977	5,394	5,252	-	-
Enterprise Value (EV) ¹	8,704	8,451	8,200	8,041	5,394	8,590	8,580	8,602
P/E ratio	13.5 x	18.6 x	8.77 x	15.1 x	26 x	28.8 x	19.2 x	17.9 x
Yield	2.7%	3.09%	3.3%	3.5%	-	3.41%	3.48%	3.51%
Capitalization / Revenue	21.1 x	18.3 x	16.8 x	15.7 x	16.3 x	15.4 x	14.9 x	14.7 x
EV / Revenue	30 x	28.5 x	26.5 x	25.4 x	16.3 x	25.1 x	24.4 x	24.1 x
EV / EBITDA	34 x	31.2 x	29.4 x	27.4 x	18.1 x	29 x	28.4 x	27.8 x
EV / FCF	96.7 x	-30.1 x	42.6 x	85.3 x	-	35.9 x	42.9 x	112 x
FCF Yield	1.03%	-3.33%	2.35%	1.17%	-	2.79%	2.33%	0.89%
Price to Book	1.38 x	1.19 x	1.04 x	0.96 x	-	0.98 x	0.97 x	0.94 x
Nbr of stocks (in thousands)	45,868	45,868	45,868	45,868	45,868	45,868	-	-
Reference price ²	133.6	118.3	113.7	108.5	117.6	114.5	114.5	114.5
Announcement Date	2/25/20	2/23/21	2/22/22	2/21/23	2/27/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	290.5	296.3	309.6	316.2	331.9	341.9	351.9	357.4
EBITDA ¹	256.1	271.1	278.8	293.8	297.7	296.4	302.2	309.3
EBIT ¹	254.9	269.7	277.4	292.5	296.6	288.3	304.7	309.1
Operating Margin	87.75%	91.04%	89.58%	92.5%	89.35%	84.34%	86.58%	86.49%
Earnings before Tax (EBT) ¹	493.9	358.1	739.6	404.2	113.3	173.8	266.1	299.8
Net income ¹	453.4	292.1	595	330	207.6	188.8	274.1	293.3
Net margin	156.11%	98.59%	192.17%	104.34%	62.55%	55.21%	77.89%	82.07%
EPS ²	9.890	6.370	12.97	7.190	4.530	3.978	5.972	6.402
Free Cash Flow ¹	90.01	-281.2	192.5	94.3	-	239.5	200.1	76.65
FCF margin	30.99%	-94.91%	62.15%	29.82%	-	70.06%	56.86%	21.44%
FCF Conversion (EBITDA)	35.14%	-	69.04%	32.09%	-	80.81%	66.22%	24.78%
FCF Conversion (Net income)	19.85%	-	32.34%	28.58%	-	126.89%	73.01%	26.13%
Dividend per Share ²	3.604	3.650	3.750	3.800	-	3.900	3.986	4.014
Announcement Date	2/25/20	2/23/21	2/22/22	2/21/23	2/27/24	-	-	-

¹CHF in Million²CHF

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	146.7	153.3	-	88.46	79.1	78.68	157.8	79.04	79.41	158.4	81.14	82.2	163.3	-	84.35	81.1	83.17	83.11	80.27	89.4
EBITDA ¹	127.7	142.4	-	68.02	86.99	68.07	155.1	71.63	67.13	138.8	69.9	80.57	150.5	76.46	70.81	74.12	75.63	75.3	71.42	89.4
EBIT ¹	158.2	494.9	-	-	-	-	-	-	-	138.1	-	-	-	-	70.45	74.14	75.35	75.04	71.06	89.4
Operating Margin	107.82%	322.85%	-	-	-	-	-	-	-	87.19%	-	-	-	-	83.52%	91.42%	90.6%	90.29%	88.52%	100%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	68.46	56.85	125.3	-	-	-	-	-	-	-	-	-	-
Net income ¹	121.8	371.4	-	164	77.98	149.2	227.2	56.82	45.99	102.8	57.02	19.89	76.92	78.43	52.25	62.52	110.4	57.33	9.653	91.21
Net margin	83.02%	242.27%	-	185.42%	98.58%	189.59%	143.96%	71.89%	57.92%	64.88%	70.28%	24.2%	47.09%	-	61.94%	77.09%	132.76%	68.98%	12.02%	102.03%
EPS ²	2.660	-	1.300	3.570	1.700	3.250	-	1.240	1.000	-	1.240	0.4300	1.680	1.710	1.140	1.363	2.407	1.250	0.2104	1.989
Dividend per Share ²	-	-	-	-	3.750	-	-	-	-	-	-	-	-	-	-	-	-	-	3.900	-
Announcement Date	8/18/20	8/20/21	11/9/21	2/22/22	5/4/22	8/19/22	8/19/22	11/8/22	2/21/23	2/21/23	5/5/23	8/18/23	8/18/23	11/7/23	2/27/24	-	-	-	-	-

¹CHF in Million²CHF

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,576	3,025	2,985	3,065	-	3,338	3,328	3,350
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	10.06 x	11.16 x	10.71 x	10.43 x	-	11.26 x	11.01 x	10.83 x
Free Cash Flow ¹	90	-281	192	94.3	-	240	200	76.7
ROE (net income / shareholders' equity)	10.5%	6.5%	12.4%	6.5%	-	4.38%	5.03%	4.67%
ROA (Net income/ Total Assets)	5.79%	3.5%	2.48%	2.53%	-	-0.5%	3.5%	-
Assets ¹	7,827	8,351	24,013	13,063	-	-37,750	7,831	-
Book Value Per Share ²	97.00	99.80	109.0	113.0	-	116.0	118.0	121.0
Cash Flow per Share ²	5.270	4.570	6.490	6.900	-	5.360	5.600	5.520
Capex ¹	276	492	106	222	-	125	141	136
Capex / Sales	95.16%	166.05%	34.32%	70.25%	-	36.62%	40.2%	37.92%
Announcement Date	2/25/20	2/23/21	2/22/22	2/21/23	2/27/24	-	-	-

¹CHF in Million²CHF

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for PSP Swiss Property AG

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

114.5 CHF

Average target price

123.6 CHF

Spread / Average Target

+7.97%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Real Estate Development & Operations

	1st Jan change	Capi.
PSP SWISS PROPERTY AG	-2.64%	5.74B
MITSUI FUDOSAN CO., LTD.	+36.16%	27.94B
SUN HUNG KAI PROPERTIES LIMITED	-13.74%	26.97B
DLF LIMITED	+25.00%	26.95B
CHINA RESOURCES LAND LIMITED	-0.71%	25.32B
MITSUBISHI ESTATE CO., LTD.	+44.49%	22.58B
EMAAR PROPERTIES	+2.78%	19.59B
CHINA OVERSEAS LAND & INVESTMENT LTD.	+1.45%	19.52B
SUMITOMO REALTY & DEVELOPMENT CO., LTD.	+28.54%	16.23B
CK ASSET HOLDINGS LIMITED	-14.80%	14.98B

Other Real Estate Development & Operations