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NSI

NSI ENXTAM:NSI Stock Report

Last Price

€23.15

Market Cap

€458.5m

7D

-8.5%

1Y

-27.7%

Updated

29 Sep, 2022

Data

Company Financials +
NSI fundamental analysis
Snowflake Score
Valuation5/6
Future Growth2/6
Past Performance4/6
Financial Health3/6
Dividends3/6

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.

NSI Competitors

Price History & Performance

Summary of all time highs, changes and price drops for NSI
Historical stock prices
Current Share Price€23.15
52 Week High€39.85
52 Week Low€21.40
Beta0.79
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

Shareholder Returns

NSINL REITsNL Market
7D-8.5%-10.5%-4.1%
1Y-27.7%-30.9%-26.7%

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.

Price Volatility

Is NSI's price volatile compared to industry and market?
NSI volatility
NSI Average Weekly Movement4.1%
REITs Industry Average Movement5.1%
Market Average Movement4.7%
10% most volatile stocks in NL Market7.8%
10% least volatile stocks in NL Market2.8%

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

FoundedEmployeesCEOWebsite
199360Bernd Stahlihttps://www.nsi.nl

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

How do NSI's earnings and revenue compare to its market cap?
NSI fundamental statistics
Market Cap€458.51m
Earnings (TTM)€114.07m
Revenue (TTM)€84.37m

4.0x

P/E Ratio

5.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NSI income statement (TTM)
Revenue€84.37m
Cost of Revenue€21.08m
Gross Profit€63.29m
Other Expenses-€50.77m
Earnings€114.07m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Jan 26, 2023

Earnings per share (EPS)5.76
Gross Margin75.01%
Net Profit Margin135.19%
Debt/Equity Ratio39.2%

How did NSI perform over the long term?

See historical performance and comparison

Dividends

9.3%

Current Dividend Yield

73%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

5/6

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

  • Analyst Forecast

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.

NSI key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue9.9x
Enterprise Value/EBITDA16x
PEG Ratio0.6x

Price to Earnings Ratio vs Peers

How does NSI's PE Ratio compare to its peers?

NSI PE Ratio vs Peers
The above table shows the PE ratio for NSI vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average7.8x
VASTN Vastned Retail
5.3x-69.5%€328.3m
ECMPA Eurocommercial Properties
3.8x-65.9%€989.7m
1426 Spring Real Estate Investment Trust
8.4xn/aHK$3.6b
808 Prosperity Real Estate Investment Trust
14.3x-11.3%HK$3.0b
NSI NSI
4x6.3%€458.5m

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.

NSI PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4x
Fair PE Ratio14.7x

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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Future Growth

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

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


6.3%

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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Past Performance

How has NSI performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


0.6%

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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Financial Health

How is NSI's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

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).


Balance Sheet


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Dividend

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

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


9.33%

Current Dividend Yield

Dividend Yield vs Market

NSI Dividend Yield vs Market
How does NSI dividend yield compare to the market?
SegmentDividend Yield
Company (NSI)9.3%
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.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

5.2yrs

Average board tenure


CEO

Bernd Stahli (51 yo)

6yrs

Tenure

€615,000

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

Bernd Stahli's Compensation vs NSI Earnings
How has Bernd Stahli's remuneration changed compared to NSI's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

€114m

Mar 31 2022n/an/a

€118m

Dec 31 2021€615k€415k

€121m

Sep 30 2021n/an/a

-€19m

Jun 30 2021n/an/a

€48m

Mar 31 2021n/an/a

€14m

Dec 31 2020€577k€415k

-€20m

Sep 30 2020n/an/a

€194m

Jun 30 2020n/an/a

€74m

Mar 31 2020n/an/a

€135m

Dec 31 2019€754k€415k

€196m

Sep 30 2019n/an/a

€56m

Jun 30 2019n/an/a

€130m

Mar 31 2019n/an/a

€111m

Dec 31 2018€595k€385k

€92m

Sep 30 2018n/an/a

€123m

Jun 30 2018n/an/a

€104m

Mar 31 2018n/an/a

€99m

Dec 31 2017€598k€385k

€93m

Sep 30 2017n/an/a

€23m

Jun 30 2017n/an/a

€19m

Mar 31 2017n/an/a

-€2m

Dec 31 2016€155k€139k

-€23m

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.


Board Members

Experienced Board: NSI's board of directors are considered experienced (5.2 years average tenure).


Ownership

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

ENXTAM:NSI Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
18 Jul 22Buy€41,438Alianne de JongIndividual1,275€32.50

Ownership Breakdown

What is the ownership structure of NSI?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders24,8810.1%
VC/PE Firms1,969,8209.9%
General Public8,862,54044.7%
Institutions8,948,99045.2%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 51.55% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
9.95%
ICAMAP Investments S.À R.L.
1,969,820€45.6m0%91.68%
5.67%
BlackRock, Inc.
1,122,797€26.0m0%no data
5.07%
Columbia Management Investment Advisers, LLC
1,003,589€23.2m0%0.01%
3.18%
Clearance Capital LLP
630,342€14.6m0%109.06%
3.18%
Stichting Pensioenfonds ABP
630,342€14.6m0%0.02%
3.18%
The Vanguard Group, Inc.
630,342€14.6m0%no data
3.08%
Degroof Petercam Asset Management
610,644€14.1m0%0.09%
2.92%
Norges Bank Investment Management
577,733€13.4m0%no data
2.52%
Goldman Sachs Group, Investment Banking and Securities Investments
499,561€11.6m0%0.01%
2.24%
Dimensional Fund Advisors LP
444,334€10.3m0.23%no data
2.23%
Fidelity International Ltd
442,390€10.2m0%0.01%
1.71%
AXA Investment Managers S.A.
338,000€7.8m0%0.02%
0.81%
Mitsubishi UFJ Kokusai Asset Management Co., Ltd.
160,348€3.7m0%no data
0.73%
Nuveen Investments, Inc.
145,123€3.4m6.14%0.01%
0.7%
AP Fonden 4
139,552€3.2m0%0.02%
0.7%
FMR LLC
139,358€3.2m2.8%no data
0.63%
Morgan Stanley Investment Management Inc.
124,006€2.9m2.84%no data
0.48%
Premier Fund Managers Limited
95,706€2.2m29.75%0.02%
0.45%
Capfi Delen Asset Management NV
90,000€2.1m0%0.01%
0.42%
Nomura Asset Management Co., Ltd.
82,898€1.9m0%no data
0.38%
Daiwa Asset Management Co. Ltd.
75,783€1.8m0%no data
0.33%
Gestion 21
65,609€1.5m0%1.04%
0.32%
BNPP Asset Management Holding
64,192€1.5m5.82%no data
0.32%
BNPP Asset Management France
63,609€1.5m-1.6%no data
0.32%
Deutsche Asset & Wealth Management
63,310€1.5m0%no data

Company Information

NSI N.V.'s 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
  • Implied Market Cap: €458.514m
  • Shares outstanding: 19.81m
  • 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
NSIABATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURApr 1998
NIUW.FOTCPK (Pink Sheets LLC)YesOrdinary SharesUSUSDApr 1998

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/29 00:00
End of Day Share Price2022/09/29 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


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.