NSI Valuation
Is N4RN undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
5/6Valuation Score 5/6
Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast
Share Price vs Fair Value
What is the Fair Price of N4RN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: N4RN (€19.5) is trading below our estimate of fair value (€33.36)
Significantly Below Fair Value: N4RN is trading below fair value by more than 20%.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for N4RN?
Key metric: As N4RN is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.
| What is N4RN's PS Ratio? | |
|---|---|
| PS Ratio | 4.4x |
| Sales | €85.87m |
| Market Cap | €375.91m |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 8.2x |
| Enterprise Value/EBITDA | 13.8x |
| PEG Ratio | n/a |
Price to Sales Ratio vs Peers
How does N4RN's PS Ratio compare to its peers?
| Company | Forward PS | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 4.5x | ||
AOX alstria office REIT-AG | 5.1x | -1.5% | €1.2b |
HABA Hamborner REIT | 4.9x | 1.7% | €521.4m |
DKG Deutsche Konsum REIT-AG | 1.4x | -7.4% | €144.1m |
3290 One REIT | 6.6x | n/a | JP¥61.1b |
N4RN NSI | 4.4x | -1.9% | €375.9m |
Price-To-Sales vs Peers: N4RN is good value based on its Price-To-Sales Ratio (4.4x) compared to the peer average (4.5x).
Price to Sales Ratio vs Industry
How does N4RN's PS Ratio compare vs other companies in the European Office REITs Industry?
| 3 Companies | Price / Sales | Estimated Growth | Market Cap |
|---|---|---|---|
| 3 Companies | Estimated Growth | Market Cap | |
|---|---|---|---|
Price-To-Sales vs Industry: N4RN is good value based on its Price-To-Sales Ratio (4.4x) compared to the European Office REITs industry average (8.3x).
Price to Sales Ratio vs Fair Ratio
What is N4RN's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
| Fair Ratio | |
|---|---|
| Current PS Ratio | 4.4x |
| Fair PS Ratio | 6x |
Price-To-Sales vs Fair Ratio: N4RN is good value based on its Price-To-Sales Ratio (4.4x) compared to the estimated Fair Price-To-Sales Ratio (6x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | €19.50 | €22.75 +16.7% | 4.8% | €24.00 | €21.00 | n/a | 4 |
| Nov ’25 | €19.56 | €22.75 +16.3% | 4.8% | €24.00 | €21.00 | n/a | 4 |
| Oct ’25 | €20.55 | €22.25 +8.3% | 3.7% | €23.00 | €21.00 | n/a | 4 |
| Sep ’25 | €19.90 | €22.00 +10.6% | 3.2% | €23.00 | €21.00 | n/a | 4 |
| Aug ’25 | €19.80 | €22.00 +11.1% | 3.2% | €23.00 | €21.00 | n/a | 4 |
| Jul ’25 | €19.28 | €22.25 +15.4% | 3.7% | €23.00 | €21.00 | n/a | 4 |
| Jun ’25 | €19.64 | €22.25 +13.3% | 3.7% | €23.00 | €21.00 | n/a | 4 |
| May ’25 | €17.58 | €22.25 +26.6% | 3.7% | €23.00 | €21.00 | n/a | 4 |
| Apr ’25 | €18.86 | €22.25 +18.0% | 3.7% | €23.00 | €21.00 | n/a | 4 |
| Mar ’25 | €18.58 | €22.50 +21.1% | 5.0% | €24.00 | €21.00 | n/a | 4 |
| Feb ’25 | €19.26 | €22.50 +16.8% | 5.0% | €24.00 | €21.00 | n/a | 4 |
| Jan ’25 | €18.84 | €23.50 +24.7% | 9.8% | €27.00 | €21.00 | n/a | 4 |
| Dec ’24 | €17.20 | €23.75 +38.1% | 9.1% | €27.00 | €21.00 | n/a | 4 |
| Nov ’24 | €16.96 | €23.75 +40.0% | 9.1% | €27.00 | €21.00 | €19.56 | 4 |
| Oct ’24 | €17.80 | €23.75 +33.4% | 9.1% | €27.00 | €21.00 | €20.55 | 4 |
| Sep ’24 | €18.58 | €23.75 +27.8% | 9.1% | €27.00 | €21.00 | €19.90 | 4 |
| Aug ’24 | €18.86 | €23.75 +25.9% | 9.1% | €27.00 | €21.00 | €19.80 | 4 |
| Jul ’24 | €20.25 | €25.67 +26.7% | 3.7% | €27.00 | €25.00 | €19.28 | 3 |
| Jun ’24 | €19.34 | €27.00 +39.6% | 6.0% | €29.00 | €25.00 | €19.64 | 3 |
| May ’24 | €20.15 | €27.00 +34.0% | 6.0% | €29.00 | €25.00 | €17.58 | 3 |
| Apr ’24 | €22.85 | €26.33 +15.2% | 7.2% | €29.00 | €25.00 | €18.86 | 3 |
| Mar ’24 | €22.85 | €27.17 +18.9% | 11.3% | €31.50 | €25.00 | €18.58 | 3 |
| Feb ’24 | €23.70 | €27.50 +16.0% | 10.4% | €31.50 | €25.00 | €19.26 | 3 |
| Jan ’24 | €23.25 | €27.50 +18.3% | 10.4% | €31.50 | €25.00 | €18.84 | 3 |
| Dec ’23 | €24.05 | €27.50 +14.3% | 10.4% | €31.50 | €25.00 | €17.20 | 3 |
| Nov ’23 | €24.20 | €27.50 +13.6% | 10.4% | €31.50 | €25.00 | €16.96 | 3 |
Analyst Forecast: Target price is less than 20% higher than the current share price.
Discover undervalued companies
Safestore Holdings
UK£1.7b
Safestore is the UK's largest self storage group with 190 stores on 31 October 2023, comprising 133 wholly owned stores in the UK (including 73 in London and the South East with the remainder in key metropolitan areas such as Manchester, Birmingham, Glasgow, Edinburgh, Liverpool, Sheffield, Leeds, Newcastle, and Bristol), 29 wholly owned stores in the Paris region, 11 stores in Spain, 11 stores in the Netherlands and 6 stores in Belgium.
IHF
UK£9.25
7D
-2.1%
1Y
6.9%
Mercialys
€991.5m
Mercialys is one of France’s leading real estate companies.
M8Y
€10.47
7D
1.4%
1Y
25.5%
Office Properties Income Trust
US$67.5m
OPI is a national REIT focused on owning and leasing high quality office and mixed-use properties in select growth-oriented U.S.
GOKA
US$0.97
7D
-9.4%
1Y
-79.8%