NSI Stock Overview
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.
Price History & Performance
|Historical stock prices|
|Current Share Price||€23.15|
|52 Week High||€39.85|
|52 Week Low||€21.40|
|1 Month Change||-23.09%|
|3 Month Change||-29.10%|
|1 Year Change||-27.66%|
|3 Year Change||-41.69%|
|5 Year Change||-30.56%|
|Change since IPO||-76.58%|
Recent News & Updates
|NSI||NL REITs||NL Market|
Return vs Industry: NSI exceeded the Dutch REITs industry which returned -30.7% over the past year.
Return vs Market: NSI underperformed the Dutch Market which returned -25.2% over the past year.
|NSI Average Weekly Movement||4.1%|
|REITs Industry Average Movement||5.1%|
|Market Average Movement||4.7%|
|10% most volatile stocks in NL Market||7.8%|
|10% least volatile stocks in NL Market||2.8%|
Stable Share Price: NSI is not significantly more volatile than the rest of Dutch stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: NSI's weekly volatility (4%) has been stable over the past year.
About the Company
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 aims to maximise returns for its shareholders through pro-active management of its investment portfolio, value-add initiatives and disciplined asset rotation. The portfolio, with a value of over one billion euros, is underpinned by a strong balance sheet, with significant capacity to fund both internal and external growth.
NSI Fundamentals Summary
|NSI fundamental statistics|
Is NSI overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|NSI income statement (TTM)|
|Cost of Revenue||€21.08m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
Jan 26, 2023
|Earnings per share (EPS)||5.76|
|Net Profit Margin||135.19%|
How did NSI perform over the long term?See historical performance and comparison
9.3%Current Dividend Yield
Is NSI undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 5/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for NSI?
Other financial metrics that can be useful for relative valuation.
|What is NSI's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does NSI's PE Ratio compare to its peers?
|NSI PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
VASTN Vastned Retail
ECMPA Eurocommercial Properties
1426 Spring Real Estate Investment Trust
808 Prosperity Real Estate Investment Trust
Price-To-Earnings vs Peers: NSI is good value based on its Price-To-Earnings Ratio (4x) compared to the peer average (7.8x).
Price to Earnings Ratio vs Industry
How does NSI's PE Ratio compare vs other companies in the European REITs Industry?
Price-To-Earnings vs Industry: NSI is good value based on its Price-To-Earnings Ratio (4x) compared to the European REITs industry average (7.4x)
Price to Earnings Ratio vs Fair Ratio
What is NSI's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||4x|
|Fair PE Ratio||14.7x|
Price-To-Earnings vs Fair Ratio: NSI is good value based on its Price-To-Earnings Ratio (4x) compared to the estimated Fair Price-To-Earnings Ratio (14.7x).
Share Price vs Fair Value
What is the Fair Price of NSI when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: NSI (€23.15) is trading below our estimate of fair value (€75.57)
Significantly Below Fair Value: NSI is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.
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How is NSI forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
Future Growth Score2/6
Future Growth Score 2/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: NSI's forecast earnings growth (6.3% per year) is above the savings rate (0.1%).
Earnings vs Market: NSI's earnings (6.3% per year) are forecast to grow faster than the Dutch market (4.1% per year).
High Growth Earnings: NSI's earnings are forecast to grow, but not significantly.
Revenue vs Market: NSI's revenue (7% per year) is forecast to grow slower than the Dutch market (9.1% per year).
High Growth Revenue: NSI's revenue (7% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: NSI's Return on Equity is forecast to be low in 3 years time (4.1%).
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How has NSI performed over the past 5 years?
Past Performance Score4/6
Past Performance Score 4/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: NSI has a large one-off gain of €67.8M impacting its June 30 2022 financial results.
Growing Profit Margin: NSI's current net profit margins are higher than last year (52.5%).
Past Earnings Growth Analysis
Earnings Trend: NSI's earnings have grown by 0.6% per year over the past 5 years.
Accelerating Growth: NSI's earnings growth over the past year (135.7%) exceeds its 5-year average (0.6% per year).
Earnings vs Industry: NSI earnings growth over the past year (135.7%) exceeded the REITs industry 64.2%.
Return on Equity
High ROE: NSI's Return on Equity (11.9%) is considered low.
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How is NSI's financial position?
Financial Health Score3/6
Financial Health Score 3/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: NSI's short term assets (€5.2M) do not cover its short term liabilities (€180.5M).
Long Term Liabilities: NSI's short term assets (€5.2M) do not cover its long term liabilities (€227.9M).
Debt to Equity History and Analysis
Debt Level: NSI's net debt to equity ratio (39.2%) is considered satisfactory.
Reducing Debt: NSI's debt to equity ratio has reduced from 68.1% to 39.2% over the past 5 years.
Debt Coverage: NSI's debt is not well covered by operating cash flow (10.8%).
Interest Coverage: NSI's interest payments on its debt are well covered by EBIT (8.6x coverage).
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What is NSI current dividend yield, its reliability and sustainability?
Dividend Score 3/6
Cash Flow Coverage
Current Dividend Yield
Dividend Yield vs Market
|NSI Dividend Yield vs Market|
|Market Bottom 25% (NL)||2.5%|
|Market Top 25% (NL)||6.8%|
|Industry Average (REITs)||6.0%|
|Analyst forecast in 3 Years (NSI)||8.7%|
Notable Dividend: NSI's dividend (9.33%) is higher than the bottom 25% of dividend payers in the Dutch market (2.45%).
High Dividend: NSI's dividend (9.33%) is in the top 25% of dividend payers in the Dutch market (7.11%)
Stability and Growth of Payments
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.
Earnings Payout to Shareholders
Earnings Coverage: With its reasonable payout ratio (72.7%), NSI's dividend payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: With its high cash payout ratio (107.8%), NSI's dividend payments are not well covered by cash flows.
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How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Bernd Stahli (51 yo)
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
|Bernd Stahli's Compensation vs NSI Earnings|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 30 2022||n/a||n/a|
|Mar 31 2022||n/a||n/a|
|Dec 31 2021||€615k||€415k|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||n/a||n/a|
|Mar 31 2021||n/a||n/a|
|Dec 31 2020||€577k||€415k|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||n/a||n/a|
|Mar 31 2020||n/a||n/a|
|Dec 31 2019||€754k||€415k|
|Sep 30 2019||n/a||n/a|
|Jun 30 2019||n/a||n/a|
|Mar 31 2019||n/a||n/a|
|Dec 31 2018||€595k||€385k|
|Sep 30 2018||n/a||n/a|
|Jun 30 2018||n/a||n/a|
|Mar 31 2018||n/a||n/a|
|Dec 31 2017||€598k||€385k|
|Sep 30 2017||n/a||n/a|
|Jun 30 2017||n/a||n/a|
|Mar 31 2017||n/a||n/a|
|Dec 31 2016||€155k||€139k|
Compensation vs Market: Bernd's total compensation ($USD600.70K) is below average for companies of similar size in the Dutch market ($USD927.19K).
Compensation vs Earnings: Bernd's compensation has been consistent with company performance over the past year.
Experienced Board: NSI's board of directors are considered experienced (5.2 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: NSI insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
|18 Jul 22||Buy€41,438||Alianne de Jong||Individual||1,275||€32.50|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
NSI N.V.'s employee growth, exchange listings and data sources
- Name: NSI N.V.
- Ticker: NSI
- Exchange: ENXTAM
- Founded: 1993
- Industry: Office REITs
- Sector: Real Estate
- Implied Market Cap: €458.514m
- Shares outstanding: 19.81m
- Website: https://www.nsi.nl
Number of Employees
- NSI N.V.
- Antareslaan 69-75
- 3132 JE
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|NSI||ENXTAM (Euronext Amsterdam)||Yes||Ordinary Shares||NL||EUR||Apr 1998|
|N4RN||DB (Deutsche Boerse AG)||Yes||Ordinary Shares||DE||EUR||Apr 1998|
|0RQN||LSE (London Stock Exchange)||Yes||Ordinary Shares||GB||EUR||Apr 1998|
|NSIA||BATS-CHIXE (BATS 'Chi-X Europe')||Yes||Ordinary Shares||GB||EUR||Apr 1998|
|NIUW.F||OTCPK (Pink Sheets LLC)||Yes||Ordinary Shares||US||USD||Apr 1998|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/09/29 00:00|
|End of Day Share Price||2022/09/29 00:00|
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.