PSP Swiss Property: Taking into account Richtipark asset sale

Research evidence excerpt

PSP Swiss Property: Taking into account Richtipark asset sale

Global Research

29 June 2026ab

PSP Swiss Property Equities

SwitzerlandTaking into account Richtipark asset sale

Real Estate

12-month rating Buy

Updated FY guidance with further upside from earn out

Following Friday's announcement of the Richtipark sale, we update our estimates and 12m price target CHF175.00

price target. The Richtipark sale triggered an FY26 guidance revision, bringing FY26 Prior : CHF172.00

EBITDA guidance up to CHF335m from previously CHF310m. This consists of an impact

Price (29 Jun 2026) CHF146.60

of CHF40m from the sale of the Richtipark site for around CHF150m, partially offset by

postponing other development sales into 2027. Management mentioned on today's call RIC: PSPN.S BBG: PSPN SW

that these postponements followed the decision of seeing some further potential to

Trading data and key metrics

optimize before selling. In addition to the sales price of CHF150m, there is an earn-out

52-wk range CHF166.90-132.30

of CHF24.75m, which is likely to materialize over the coming years. This concludes a

four-year period of repositioning the project, and was said by management to have been Market cap. CHF6.72b/US$8.31b

a huge success. Shares o/s 45.9m (ORD)

Free float 85%

Deployment of cash further strengthening balance sheet Avg. daily volume ('000) 77.4

Besides raising our EBITDA estimates by 8%/4% for FY26/27, we also slightly lower our Avg. daily value (m) CHF11.6

rental income and interest rate assumptions. On rents, management noted during Common s/h equity (12/26E) CHF5.99b

today's call that the annualized impact of selling the Richtipark site would amount to P/BV (12/26E) 1.1x

around CHF4m for rental income, partially offset by around CHF2.1m additional EPS (UBS, diluted) (CHF)