NSI NV
AEX:NSI

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NSI NV Logo
NSI NV
AEX:NSI
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Price: 19.56 EUR -0.31% Market Closed
Market Cap: 394.2m EUR
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Intrinsic Value

The intrinsic value of one NSI stock under the Base Case scenario is 33.95 EUR. Compared to the current market price of 19.56 EUR, NSI NV is Undervalued by 42%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

NSI Intrinsic Value
33.95 EUR
Undervaluation 42%
Intrinsic Value
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NSI NV

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
NSI NV

Current Assets 22.6m
Cash & Short-Term Investments 19.4m
Receivables 2.4m
Other Current Assets 850k
Non-Current Assets 1.1B
Long-Term Investments 995.6m
PP&E 3.8m
Intangibles 28k
Other Non-Current Assets 50.7m
Current Liabilities 57.2m
Accounts Payable 3.3m
Accrued Liabilities 11.2m
Short-Term Debt 27m
Other Current Liabilities 15.7m
Non-Current Liabilities 329.2m
Long-Term Debt 323.8m
Other Non-Current Liabilities 5.4m
Efficiency

Earnings Waterfall
NSI NV

Revenue
71.8m EUR
Cost of Revenue
-13.8m EUR
Gross Profit
58m EUR
Operating Expenses
-9.3m EUR
Operating Income
48.8m EUR
Other Expenses
-90.5m EUR
Net Income
-41.7m EUR

Free Cash Flow Analysis
NSI NV

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

In 2023, NSI had a robust operational year with noteworthy achievements like a record low EPRA vacancy rate of 5.2%, and impressive like-for-like rental growth of 7.4%. The company successfully sold assets at 20% above book value, notably without a capital gain on the last EUR 24 million deal. The gross initial yield has risen to 7.9%, up from the averages in 2017-2018, reflecting the strength of the portfolio. Notably, tenant leases have shortened, indicating a more dynamic and hands-on operational approach in the office sector. The company has seen significant outward yield expansion, which has been the main driver of valuation decline. Nevertheless, prospects look positive with actions to enhance sustainability and create value. NSI is prepared for tax changes due to restructuring, ready to mitigate the impact of FBI changes from 2025. With a strong balance sheet and low loan-to-value ratio, NSI announces a EUR 20 million share buyback, showcasing confidence in its strategic direction.

What is Earnings Call?
Fundamental Scores

NSI Profitability Score
Profitability Due Diligence

NSI NV's profitability score is 50/100. The higher the profitability score, the more profitable the company is.

Positive Free Cash Flow
Positive Gross Profit
Positive Operating Income
Positive Revenue Growth Forecast
50/100
Profitability
Score

NSI NV's profitability score is 50/100. The higher the profitability score, the more profitable the company is.

NSI Solvency Score
Solvency Due Diligence

NSI NV's solvency score is 31/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Low D/E
Short-Term Solvency
Positive Net Debt
31/100
Solvency
Score

NSI NV's solvency score is 31/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

NSI Price Targets Summary
NSI NV

Wall Street analysts forecast NSI stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for NSI is 23.12 EUR with a low forecast of 21.21 EUR and a high forecast of 25.2 EUR.

Lowest
Price Target
21.21 EUR
8% Upside
Average
Price Target
23.12 EUR
18% Upside
Highest
Price Target
25.2 EUR
29% Upside
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Dividends

Dividend Yield
Lowest
Average
Highest
Dividend Per Share
N/A
Growth 3Y
Growth 5Y
Growth 10Y
Dividend Safety Score
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Safe
0
25
50
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100
Shareholder Yield

Current shareholder yield for NSI is .

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Shareholder Yield
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Profile

NSI NV Logo
NSI NV

Country

Netherlands

Industry

Real Estate

Market Cap

382.4m EUR

Dividend Yield

7.77%

Description

NSI NV is a closed-end real estate investment company, which engages in management of investment portfolio. The company is headquartered in Hoofddorp, Noord-Holland and currently employs 56 full-time employees. The Firm invests in a real estate portfolio, which it also actively manages. The company operates in three segments: the Netherlands, Belgium and Switzerland. Its investments are primarily focused on office and retail properties in the Netherlands and on offices and logistics real estate in Belgium. The Firm’s portfolio comprises over 300 lettable properties. The Firm has around 40 subsidiaries, including NSI Bedrijfsgebouwen BV, NSI Beheer BV, NSI Development BV, VastNed Offices Benelux Holding BV, Munuvius BV and NSI Luxembourg Holding Sarl, among others.

Contact

NOORD-HOLLAND
Hoofddorp
Antareslaan 69-75
+31207630300.0
www.nsi.nl

IPO

1998-04-03

Employees

56

Officers

CEO & Member of Management Board
Mr. Bernd A. Stahli
CFO & Member of Management Board
Ms. Elke Snijder
Head of Investor Relations & Treasury
Martijn Massen

See Also

Discover More
What is the Intrinsic Value of one NSI stock?

The intrinsic value of one NSI stock under the Base Case scenario is 33.95 EUR.

Is NSI stock undervalued or overvalued?

Compared to the current market price of 19.56 EUR, NSI NV is Undervalued by 42%.

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