3 models fit Swiss Prime Site AG and they disagree: 0 of 3 land within 15% of the average. The price is above every model.
Two or more of our models back this value.
Large premium(i)
Valued as a mature, profitable company: Discounted cash flow, P/E comparison, EV/EBITDA comparison, Graham number, and Dividend discount.
ACCE opinionSwiss Prime Site AG (SPSN.SW)
Fair value (3 models)
CHF 65.97
ACCE price target
CHF 121
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 126 at the close on 23 Oct 2026, 17:30 CEST.
Models: 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
90.6% above
-47.5% to fair value
ACCE score
46
out of 100
P/E
24.6x
forward 29.2x
1-year return
+8.6%
Dividend yield
2.79%
Swiss Prime Site AG in four questions
Plain answers, details below
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Overview
ACCE thesis
Swiss Prime Site owns and manages a portfolio of commercial office, retail and mixed-use properties in Swiss cities, with Zurich and other major urban centres forming the core, and it develops and redevelops sites itself. Its edge is the scarcity of prime Swiss commercial real estate, where tight zoning and long permitting timelines keep new supply thin, supporting rents and occupancy in its best locations. The main near-term driver is rental income and portfolio revaluation as its developments complete and leases roll, though revenue growth is currently flat at -0.1%, so the case rests on asset quality rather than top-line expansion. It trades at a trailing P/E of 24.7 and a forward P/E of 29.2, a premium that only holds if margins stay high, which they do at a 76.9% operating margin, but a 5.9% ROE shows how little of that operating profit reaches shareholders once leverage and property values are accounted for. Worth a deeper look mainly to test whether the valuation premium is justified by lease durability and the revaluation outlook, given that the stock is priced for stability rather than growth.