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 30 June 2026 the group held nine commercial properties for office, logistics and storage, valued at DKK 782.1m across five cantons in German-speaking Switzerland and generating DKK 39.2m of LTM rent. On 1 July 2026 it took over a tenth property, a multi-tenant building of approx. 3,500 m² in Zwillikon, Canton of Zürich. 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. This has lifted net asset value per share steadily rather than through one-off events, from DKK 110 in 2023 to DKK 147.5 in 2025 and DKK 148.4 at H1 2026.

For a property company the right lens is NAV and recurring rental cash flow rather than reported profit. In H1 2026 revenue rose 7.2% to DKK 20.1m and recurring earnings before value adjustments (EBITVA) rose 4.3% to DKK 12.8m. That took LTM EBITVA to DKK 25.4m at a 65% margin and an EBITVA/equity of 7.0%, above the peer median of 6.8%. Profit after tax increased to DKK 8.3m from DKK 7.8m and included only a DKK 0.3m fair-value gain, so the result was driven by operations rather than revaluations. SWISS is still operating well ahead of its own plan, with LTM revenue and EBITVA above the levels it projected for 2034 and NAV per share up more than 50% since the 2022 IPO.

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. SWISS adds exposure to a historically strong CHF and a management team with off-market deal access, as shown by the Zwillikon acquisition, plus value-adding initiatives such as solar installations. Yet at DKK 102, SWISS trades at 0.69x P/B on H1 2026 book value, a ~31% discount to NAV. That is below its Danish-listed peers (0.74x) and well below Swiss-listed peers (1.17x) holding the same type of assets. The balance sheet supports continued expansion. LTV is down to 55.2% from 62.5% in 2023, and the solvency ratio is 45%. Cash stood at DKK 33.7m after a DKK 17m capital raise, which together with Swiss bank debt at close to 1% funded the tenth property and lifts the portfolio above DKK 800m.

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: a 1 percentage point rise in the required return would cut property value by roughly DKK 147m. There is concentration risk from only ten properties in a thinly traded micro-cap, where losing a major tenant or a key person would be material. Growth also depends on repeated equity raises below NAV (DKK 100 per share in 2026 vs. NAV of ~DKK 148), 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 0.69x at H1 2026 even as NAV per share has risen, leaving SWISS at a 27.6% discount to the total peer median of 0.95x. A re-rating to the Danish-listed median (0.74x) implies roughly DKK 109 per share, the total peer median roughly DKK 141, and convergence toward Swiss-listed levels (1.17x) roughly DKK 174, before any further NAV growth. We view SWISS as a safe-haven compounding case that keeps adding properties and NAV while trading near the widest discount in its listed history. Closing the gap requires continued execution, balance-sheet discipline and broader investor reach under the Denmark-based CEO.

Disclaimer: HC Andersen Capital receives payment from Swiss Properties Invest for a Digital IR subscription agreement. /William Jørck & Rasmus Køjborg, CFA 16:40 25/09/2026