Swiss Properties Invest (ticker: SWISS) is a Copenhagen-headquartered real estate company, listed on Nasdaq First North Growth Market Copenhagen since 2022, that owns and leases commercial property in Switzerland through a wholly owned Swiss subsidiary. At the end of 2025 the group held nine commercial properties for office, logistics and storage, valued at DKK 776.8m across five cantons in German-speaking Switzerland, generating DKK 37.9m of annual rent with no single property above around 17% of revenue. The case rests on a proven compounding model: collect recurring, inflation-resilient Swiss rent, reinvest free cash flow, and acquire further properties at attractive yields, financed by a balanced mix of mortgage debt and equity, lifting net asset value per share steadily rather than through one-off events, from DKK 110 in 2023 to DKK 147.5 in 2025.

For a property company the right lens is NAV and recurring rental cash flow rather than reported profit. In 2025 rental income rose to DKK 37.9m and recurring earnings before value adjustments (EBITVA) reached DKK 24.8m, while reported profit after tax fell to DKK 25.4m from DKK 57.7m purely because 2024 carried a much larger property revaluation (a DKK 11.4m fair-value gain in 2025 versus DKK 60.5m in 2024), not because the underlying business weakened. Notably, SWISS is already operating well ahead of its own plan, with portfolio value and equity sitting above the levels it projected for 2034 and NAV up 51% since the 2022 IPO, leaving the model running nearly a decade ahead of schedule.

The key investment reasons center on quality Swiss property at a low price. Swiss commercial real estate offers safe-haven characteristics, low vacancy, hard-currency cash flows and a stable, highly regulated backdrop, supported by tight planning that limits the supply of well-located space, plus exposure to a historically strong CHF and management's track record of value-adding initiatives such as solar installations that cut costs and add rental income. Yet at 0.67x P/B on 2025 book value, SWISS trades below its Danish-listed peers (around 0.74x) and well below Swiss-listed peers (around 1.23x) holding the same type of assets. The balance sheet supports continued expansion, with LTV down to around 56% from 62.5% in 2023, a 43% solvency ratio, and additional capital secured in March 2026.

The key risks are typical of a small, asset-heavy property company. Reported earnings swing with revaluations, and both valuations and financing costs are sensitive to Swiss rates, with a 1 percentage point rise in the required return cutting property value by roughly DKK 147m. There is concentration risk from only nine properties in a thinly traded micro-cap, where losing a major tenant or a key person would be material, and growth depends on repeated equity raises that can dilute below NAV, while CHF assets reported in DKK add currency volatility.

From a valuation perspective, the discount to NAV is hard to square with fundamentals. The P/B multiple has compressed from 0.93x in 2023 to 0.67x in 2025 even as NAV per share has risen, the cheapest level in its listed history. A re-rating to the Danish-listed median (around 0.74x) implies roughly DKK 109 per share, and convergence toward Swiss-listed levels (around 1.23x) roughly DKK 181, before any further NAV growth. We view SWISS as a safe-haven compounding case priced at the widest discount to NAV in its listed history, where closing the gap requires continued execution, balance-sheet discipline and broader investor reach under the new Denmark-based CEO.

Disclaimer: HC Andersen Capital receives payment from Swiss Properties Invest for a Digital IR subscription agreement. /William Jørck & Rasmus Køjborg, CFA 15:10 06/07/2026