4 models fit PSP Swiss Property AG and they disagree: 1 of 4 land within 15% of the average.
Two or more of our models back this value.
Large premium(i)Bronze57
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionPSP Swiss Property AG (PSPN.SW)
Fair value (4 models)
CHF 84.18
ACCE price target
CHF 141
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: CHF 150 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, Graham number, and Dividend discount.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
77.8% above
-43.8% to fair value
ACCE score
69
out of 100
P/E
15.2x
forward 28.3x
1-year return
+5.4%
Dividend yield
2.63%
PSP Swiss Property AG in four questions
Plain answers, details below
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Overview
ACCE thesis
PSP Swiss Property owns and develops a portfolio of commercial office and retail properties in Switzerland, letting them to corporate tenants and earning recurring rental income, with a development pipeline in the main Swiss cities. Its moat is the scarcity of prime Zurich, Geneva and Lausanne office space and the long-dated leases that come with it, which gives it pricing power and high cash conversion. The reported 74.0% gross margin and 47.7% operating margin reflect how much of rent flows through to profit at this scale. The headline 171.8% revenue growth is likely distorted by revaluation gains and project completions rather than underlying rental growth, so it should be read with care. The forward P/E of 28.4 sits well above the trailing 15.3, which means earnings expectations are lower than the recent past, a gap worth checking against the property valuation cycle and interest rate assumptions before any further work.
⚠ Investor warnings · 2 flagsAI-assisted·How I use AI
moderate
Revenue growth not steady
Revenue is up 171.8% YoY, but the 5-year revenue CAGR is only 1.8%. The jump looks like a one-off swing rather than sustained growth, so it should not be extrapolated.
moderate
Forward P/E well above trailing
Trailing P/E is 15.1 but forward P/E is 24.9, implying the market expects earnings to fall. At CHF 149.70 the stock is priced on a less favourable outlook than the trailing figure suggests.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
The company converts a large share of its revenue into cash, with free cash flow of CHF 160M over the last twelve months.
Its dividend yield of 2.7% gives income investors a steady return while they wait for the share price to move.
Second-quarter earnings per share of 2.08 beat the 1.69 analysts expected, a surprise of +23.1%.
Why it could disappoint
Return on equity of 8.1% is modest, so the company earns little on the capital shareholders have put in.
The forward P/E of 24.9x sits well above the trailing 15.1x, suggesting the earnings rebound is already priced in.
Five-year revenue growth averages only +1.8% a year, so the recent jump of +171.8% looks like an outlier rather than a trend.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Nov 10, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
INVESTOR
Where PSPN.SW's valuation models land
Price
CHF 149.70
Model fair value
CHF 84.18
Model range
CHF 53.82 to CHF 156
Fair value CHF 84.18
Price CHF 150
The price sits inside the model range.
Model
Fair value
Upside
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Dividend discount
EV/EBITDA comparison
Graham number
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