Swiss Prime Site SPSN.SW
Swiss Prime Site is the largest listed real estate company in Switzerland, owning and managing a diversified portfolio of commercial and residential properties, mainly in prime locations in Swiss cities, with a business model based on rental income and asset management. Swiss Prime Site maintains a wide moat with 90% gross margins and low vacancy, but its high leverage (ND/EBITDA 14.12) and rising long-term rates pressure its financial health and valuation.
Detailed metrics
Market and fundamental data as of the analysis date.
Full AI report
Generated automatically from the metrics, the macro context and the company's news.
Swiss Prime Site is the largest listed real estate company in Switzerland, owning and managing a diversified portfolio of commercial and residential properties, mainly in prime locations in Swiss cities, with a business model based on rental income and asset management. Swiss Prime Site maintains a wide moat with 90% gross margins and low vacancy, but its high leverage (ND/EBITDA 14.12) and rising long-term rates pressure its financial health and valuation.
Score by category
| Category | Score |
|---|---|
| Financial health | 3.0 |
| Quality / Moat | 5.5 |
| Valuation | 4.3 |
| Growth | 5.2 |
| Dividend | 4.8 |
| Momentum | 7.2 |
| Risk & Context | 4.3 |
OVERALL SCORE: 4.6/10
Context and risks
The rise in 10-year yields (5.17%) increases the cost of debt (ND/EBITDA 14.12) and pressures real estate asset values. However, the prime Swiss portfolio and low vacancy mitigate the impact.
News considered in the analysis
- Swiss Prime Site AG (SWPRF) (H1 2026) Earnings Call Highlights: Record FFO1 and AUM Growth Amid ... — Los resultados récord de FFO1 y el crecimiento de AUM refuerzan la calidad operativa, aunque el mercado ya lo anticipaba en parte.
- Concerns Surrounding Swiss Prime Site's (VTX:SPSN) Performance — El artículo plantea dudas sobre el rendimiento futuro, pero sin hechos concretos nuevos, el impacto es limitado.
- Swiss Prime Site AG (WBO:SPSN) Full Year 2025 Earnings Call Highlights: Record Low Vacancy and ... — La baja vacancia récord es una señal positiva de demanda y eficiencia operativa, ya reflejada en los resultados.
- Swiss Prime Site AG (VTX:SPSN) most popular amongst retail investors who own 51% of the shares, institutions hold 49% — La estructura de propiedad es un dato informativo sin impacto directo en la valoración.
- Investors in Swiss Prime Site (VTX:SPSN) have seen favorable returns of 80% over the past five years — La rentabilidad pasada ya está reflejada en el precio y no aporta información nueva.
Verdict: Hold; the quality of the prime portfolio offsets balance sheet risk, but leverage limits upside potential.
Main risk: High leverage (ND/EBITDA 14.12) exposes the company to higher financing costs from rising 10-year yields.
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