ENXTAM:NSI

Stock Analysis Report

Executive Summary

NSI N.V. is a specialist commercial property investor and the only listed real estate investment trust (REIT) focused on well-located offices in economic growth regions in The Netherlands.

Snowflake

Fundamentals

Proven track record and fair value.


Similar Companies

Share Price & News

How has NSI's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

3.0%

NSI

5.2%

NL REITs

1.8%

NL Market


1 Year Return

18.1%

NSI

-14.2%

NL REITs

6.3%

NL Market

Return vs Industry: NSI exceeded the Dutch REITs industry which returned -14.2% over the past year.

Return vs Market: NSI exceeded the Dutch Market which returned 6.3% over the past year.


Shareholder returns

NSIIndustryMarket
7 Day3.0%5.2%1.8%
30 Day5.1%7.7%-0.3%
90 Day5.4%7.2%-1.0%
1 Year25.1%18.1%-7.3%-14.2%11.0%6.3%
3 Year72.9%43.4%31.3%12.8%40.7%25.1%
5 Year78.4%30.3%58.2%23.8%66.5%32.9%

Price Volatility Vs. Market

How volatile is NSI's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is NSI undervalued compared to its fair value and its price relative to the market?

31.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: NSI (€41.2) is trading below our estimate of fair value (€60.04)

Significantly Undervalued: NSI is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: NSI is good value based on its PE Ratio (5.9x) compared to the REITs industry average (13.7x).

PE vs Market: NSI is good value based on its PE Ratio (5.9x) compared to the Dutch market (19.4x).


Price to Earnings Growth Ratio

Low PEG Ratio: NSI's earnings are forecast to decline next year, so we can't calculate its PEG ratio.


Price to Book Ratio

PB vs Industry: NSI is overvalued based on its PB Ratio (1x) compared to the NL REITs industry average (0.7x).


Next Steps

Future Growth

How is NSI forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

-26.7%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NSI's earnings are forecast to decline over the next 3 years (-26.7% per year).

Earnings vs Market: NSI's earnings are forecast to decline over the next 3 years (-26.7% per year).

High Growth Earnings: NSI's earnings are forecast to decline over the next 3 years.

Revenue vs Market: NSI's revenue is expected to decline over the next 3 years (-2.2% per year).

High Growth Revenue: NSI's revenue is forecast to decline over the next 3 years (-2.2% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: NSI's Return on Equity is forecast to be low in 3 years time (11.1%).


Next Steps

Past Performance

How has NSI performed over the past 5 years?

75.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: NSI has become profitable over the past 5 years, growing earnings by 75.4% per year.

Accelerating Growth: NSI's earnings growth over the past year (24.5%) is below its 5-year average (75.4% per year).

Earnings vs Industry: NSI earnings growth over the past year (24.5%) exceeded the REITs industry 16.8%.


Return on Equity

High ROE: NSI's Return on Equity (16.1%) is considered low.


Return on Assets

ROA vs Industry: NSI has a higher Return on Assets than the REITs industry average last year.


Return on Capital Employed

ROCE Improving: NSI has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is NSI's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: NSI has a high level of physical assets or inventory.

Debt Coverage by Assets: NSI's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: NSI's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if NSI has a sufficient allowance for bad loans.

Low Risk Liabilities: NSI reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if NSI has an acceptable proportion of non-loan assets held.

Low Risk Deposits: NSI has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if NSI has an appropriate level of bad loans.


Next Steps

Dividend

What is NSI's current dividend yield, its reliability and sustainability?

5.24%

Current Dividend Yield


Dividend Yield vs Market

company5.2%marketbottom25%2.2%markettop25%5.9%industryaverage7.9%forecastin3Years5.3%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: NSI's dividend (5.24%) is higher than the bottom 25% of dividend payers in the Dutch market (2.24%).

High Dividend: NSI's dividend (5.24%) is low compared to the top 25% of dividend payers in the Dutch market (5.95%).

Stable Dividend: NSI's dividend payments have been volatile in the past 10 years.

Growing Dividend: NSI's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (64.2%), NSI's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NSI's dividends in 3 years are forecast to be thoroughly covered by earnings (4.4% payout ratio).


Next Steps

Management

What is the CEO of NSI's salary, the management and board of directors tenure and is there insider trading?

3.1yrs

Average management tenure


CEO

Bernd Stahli (48yo)

3.1yrs

Tenure

€595,000

Compensation

Mr. Bernd A. Stahli has been the Chief Executive Officer and Member of Management Board at NSI N.V. since September 1, 2016. Previously, Mr. Stahli served as a Managing Director Securities of European Real ...


CEO Compensation Analysis

Compensation vs. Market: Bernd's total compensation ($USD661.77K) is below average for companies of similar size in the Dutch market ($USD1.26M).

Compensation vs Earnings: Bernd's compensation has been consistent with company performance over the past year.


Management Age and Tenure

3.1yrs

Average Tenure

48yo

Average Age

Experienced Management: NSI's management team is considered experienced (3.1 years average tenure).


Board Age and Tenure

2.5yrs

Average Tenure

50yo

Average Age

Experienced Board: NSI's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown


Management Team

  • Bernd Stahli (48yo)

    CEO & Member of Management Board

    • Tenure: 3.1yrs
    • Compensation: €595.00k
  • Anne de Jong (49yo)

    Chief Investment Officer & Member of Management Board

    • Tenure: 3.4yrs
    • Compensation: €484.00k
  • Dirk Lucas

    IR Officer and Manager Corporate Communication

    • Tenure: 0yrs
  • Alianne de Jong (44yo)

    CFO & Member of Management Board

    • Tenure: 2.1yrs
    • Compensation: €318.00k

Board Members

  • Luurt van der Ploeg (49yo)

    Supervisory Board Chairman

    • Tenure: 2.5yrs
  • Harm M. Meijer (44yo)

    Member of Supervisory Board

    • Tenure: 3.5yrs
  • Karin Koks-Van der Sluijs (51yo)

    Vice Chairman of Supervisory Board

    • Tenure: 0yrs
  • G. Haandrikman (54yo)

    Member of Supervisory Board

    • Tenure: 2.3yrs

Company Information

NSI N.V.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: NSI N.V.
  • Ticker: NSI
  • Exchange: ENXTAM
  • Founded: 1993
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: €779.412m
  • Shares outstanding: 18.92m
  • Website: https://www.nsi.nl

Number of Employees


Location

  • NSI N.V.
  • Antareslaan 69-75
  • Hoofddorp
  • Noord-Holland
  • 3132 JE
  • Netherlands

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NSIENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURApr 1998
N4RNDB (Deutsche Boerse AG)YesOrdinary SharesDEEURApr 1998
0RQNLSE (London Stock Exchange)YesOrdinary SharesGBEURApr 1998
NIUW.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDApr 1998

Biography

NSI N.V. is a specialist commercial property investor and the only listed real estate investment trust (REIT) focused on well-located offices in economic growth regions in The Netherlands. The NSI team aim ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/17 20:57
End of Day Share Price2019/10/17 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.