(NSI) NSI - Overview
Exchange: AS •
Country: Netherlands •
Currency: EUR •
Type: Common Stock •
ISIN: NL0012365084
Stock: Office, Retail, Residential, Sustainability
Total Rating 39
Risk 53
Buy Signal 0.28
Dividends
| Dividend Yield | 7.28% |
| Yield on Cost 5y | 10.71% |
| Yield CAGR 5y | -7.67% |
| Payout Consistency | 89.1% |
| Payout Ratio | - |
| Risk 5d forecast | |
|---|---|
| Volatility | 21.0% |
| Relative Tail Risk | -10.7% |
| Reward TTM | |
|---|---|
| Sharpe Ratio | -0.70 |
| Alpha | -13.73 |
| Character TTM | |
|---|---|
| Beta | 0.049 |
| Beta Downside | -0.009 |
| Drawdowns 3y | |
|---|---|
| Max DD | 24.70% |
| CAGR/Max DD | 0.07 |
Description: NSI NSI January 09, 2026
NSI NV (AS:NSI) is an Amsterdam-based specialist in Dutch office real estate, leveraging three decades of market expertise, capital, and a customer-first approach to develop and manage work-life spaces. The firm emphasizes sustainability, aiming to reduce energy consumption and material waste while fostering environments that enhance productivity, well-being, and community connection.
Key industry metrics that shape NSI’s outlook include the Dutch office occupancy rate, which has stabilized around 93% in 2024, and a modest net operating income (NOI) growth of roughly 4% year-over-year, driven by gradual rent-price recovery after the pandemic. The sector is also sensitive to European Central Bank policy; a 0.5% rise in borrowing costs in Q3 2023 lifted cap rates for office REITs by 20 basis points, pressuring valuations. NSI’s ESG score (S&P Global) sits in the top decile for European REITs, supporting its sustainability narrative and potentially attracting green-focused capital.
For a deeper quantitative look at NSI NV’s valuation metrics, you may find ValueRay’s analyst toolkit useful.
Piotroski VR‑10 (Strict, 0-10) 7.0
| Net Income: 16.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 2.02 > 1.0 |
| NWC/Revenue: -72.12% < 20% (prev -59.60%; Δ -12.52% < -1%) |
| CFO/TA 0.08 > 3% & CFO 81.3m > Net Income 16.1m |
| Net Debt (327.8m) to EBITDA (67.1m): 4.88 < 3 |
| Current Ratio: 0.32 > 1.5 & < 3 |
| Outstanding Shares: last quarter (19.4m) vs 12m ago -3.88% < -2% |
| Gross Margin: 60.44% > 18% (prev 0.77%; Δ 5967 % > 0.5%) |
| Asset Turnover: 9.27% > 50% (prev 5.20%; Δ 4.07% > 0%) |
| Interest Coverage Ratio: 10.20 > 6 (EBITDA TTM 67.1m / Interest Expense TTM 6.51m) |
Altman Z'' 0.11
| A: -0.07 (Total Current Assets 33.5m - Total Current Liabilities 104.6m) / Total Assets 1.04b |
| B: -0.01 (Retained Earnings -9.79m / Total Assets 1.04b) |
| C: 0.06 (EBIT TTM 66.4m / Avg Total Assets 1.06b) |
| D: 0.16 (Book Value of Equity 62.0m / Total Liabilities 394.2m) |
| Altman-Z'' Score: 0.11 = B |
Beneish M -1.97
| DSRI: 1.43 (Receivables 3.43m/1.38m, Revenue 98.5m/56.6m) |
| GMI: 1.28 (GM 60.44% / 77.20%) |
| AQI: 0.97 (AQ_t 0.96 / AQ_t-1 0.99) |
| SGI: 1.74 (Revenue 98.5m / 56.6m) |
| TATA: -0.06 (NI 16.1m - CFO 81.3m) / TA 1.04b) |
| Beneish M-Score: -1.97 (Cap -4..+1) = B |
What is the price of NSI shares?
As of February 09, 2026, the stock is trading at EUR 18.92 with a total of 73,687 shares traded.
Over the past week, the price has changed by +3.28%, over one month by -4.15%, over three months by -7.25% and over the past year by -9.67%.
Over the past week, the price has changed by +3.28%, over one month by -4.15%, over three months by -7.25% and over the past year by -9.67%.
Is NSI a buy, sell or hold?
NSI has no consensus analysts rating.
What are the forecasts/targets for the NSI price?
| Issuer | Target | Up/Down from current |
|---|---|---|
| Wallstreet Target Price | 21.4 | 13.2% |
| Analysts Target Price | - | - |
| ValueRay Target Price | 20.9 | 10.4% |
NSI Fundamental Data Overview February 09, 2026
Market Cap USD = 413.6m (349.7m EUR * 1.1827 EUR.USD)
P/E Forward = 8.7184
P/S = 3.9897
P/B = 0.5458
Revenue TTM = 98.5m EUR
EBIT TTM = 66.4m EUR
EBITDA TTM = 67.1m EUR
Long Term Debt = 283.2m EUR (from longTermDebt, last quarter)
Short Term Debt = 74.7m EUR (from shortTermDebt, last quarter)
Debt = 357.9m EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 327.8m EUR (from netDebt column, last quarter)
Enterprise Value = 677.5m EUR (349.7m + Debt 357.9m - CCE 30.1m)
Interest Coverage Ratio = 10.20 (Ebit TTM 66.4m / Interest Expense TTM 6.51m)
EV/FCF = 11.16x (Enterprise Value 677.5m / FCF TTM 60.7m)
FCF Yield = 8.96% (FCF TTM 60.7m / Enterprise Value 677.5m)
FCF Margin = 61.63% (FCF TTM 60.7m / Revenue TTM 98.5m)
Net Margin = 16.33% (Net Income TTM 16.1m / Revenue TTM 98.5m)
Gross Margin = 60.44% ((Revenue TTM 98.5m - Cost of Revenue TTM 39.0m) / Revenue TTM)
Gross Margin QoQ = 58.54% (prev 61.44%)
Tobins Q-Ratio = 0.65 (Enterprise Value 677.5m / Total Assets 1.04b)
Interest Expense / Debt = 1.11% (Interest Expense 3.98m / Debt 357.9m)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = 49.8m (EBIT 66.4m * (1 - 25.00%))
Current Ratio = 0.32 (Total Current Assets 33.5m / Total Current Liabilities 104.6m)
Debt / Equity = 0.56 (Debt 357.9m / totalStockholderEquity, last quarter 640.7m)
Debt / EBITDA = 4.88 (Net Debt 327.8m / EBITDA 67.1m)
Debt / FCF = 5.40 (Net Debt 327.8m / FCF TTM 60.7m)
Total Stockholder Equity = 664.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.51% (Net Income 16.1m / Total Assets 1.04b)
RoE = 2.42% (Net Income TTM 16.1m / Total Stockholder Equity 664.3m)
RoCE = 7.01% (EBIT 66.4m / Capital Employed (Equity 664.3m + L.T.Debt 283.2m))
RoIC = 4.87% (NOPAT 49.8m / Invested Capital 1.02b)
WACC = 3.44% (E(349.7m)/V(707.6m) * Re(6.10%) + D(357.9m)/V(707.6m) * Rd(1.11%) * (1-Tc(0.25)))
Discount Rate = 6.10% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -33.33 | Cagr: -1.96%
[DCF Debug] Terminal Value 83.70% ; FCFF base≈53.1m ; Y1≈42.3m ; Y5≈28.3m
Fair Price DCF = 29.42 (EV 871.6m - Net Debt 327.8m = Equity 543.7m / Shares 18.5m; r=5.90% [WACC]; 5y FCF grow -24.41% → 2.90% )
EPS Correlation: -17.55 | EPS CAGR: -66.21% | SUE: 4.0 | # QB: 3
Revenue Correlation: 25.13 | Revenue CAGR: 22.99% | SUE: 4.0 | # QB: 6
EPS current Year (2026-12-31): EPS=2.03 | Chg30d=-0.052 | Revisions Net=-1 | Growth EPS=-3.2% | Growth Revenue=+1.5%
EPS next Year (2027-12-31): EPS=2.00 | Chg30d=-0.086 | Revisions Net=-1 | Growth EPS=-1.5% | Growth Revenue=-0.8%
P/E Forward = 8.7184
P/S = 3.9897
P/B = 0.5458
Revenue TTM = 98.5m EUR
EBIT TTM = 66.4m EUR
EBITDA TTM = 67.1m EUR
Long Term Debt = 283.2m EUR (from longTermDebt, last quarter)
Short Term Debt = 74.7m EUR (from shortTermDebt, last quarter)
Debt = 357.9m EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 327.8m EUR (from netDebt column, last quarter)
Enterprise Value = 677.5m EUR (349.7m + Debt 357.9m - CCE 30.1m)
Interest Coverage Ratio = 10.20 (Ebit TTM 66.4m / Interest Expense TTM 6.51m)
EV/FCF = 11.16x (Enterprise Value 677.5m / FCF TTM 60.7m)
FCF Yield = 8.96% (FCF TTM 60.7m / Enterprise Value 677.5m)
FCF Margin = 61.63% (FCF TTM 60.7m / Revenue TTM 98.5m)
Net Margin = 16.33% (Net Income TTM 16.1m / Revenue TTM 98.5m)
Gross Margin = 60.44% ((Revenue TTM 98.5m - Cost of Revenue TTM 39.0m) / Revenue TTM)
Gross Margin QoQ = 58.54% (prev 61.44%)
Tobins Q-Ratio = 0.65 (Enterprise Value 677.5m / Total Assets 1.04b)
Interest Expense / Debt = 1.11% (Interest Expense 3.98m / Debt 357.9m)
Taxrate = 25.0% (EU avg default 25%)
NOPAT = 49.8m (EBIT 66.4m * (1 - 25.00%))
Current Ratio = 0.32 (Total Current Assets 33.5m / Total Current Liabilities 104.6m)
Debt / Equity = 0.56 (Debt 357.9m / totalStockholderEquity, last quarter 640.7m)
Debt / EBITDA = 4.88 (Net Debt 327.8m / EBITDA 67.1m)
Debt / FCF = 5.40 (Net Debt 327.8m / FCF TTM 60.7m)
Total Stockholder Equity = 664.3m (last 4 quarters mean from totalStockholderEquity)
RoA = 1.51% (Net Income 16.1m / Total Assets 1.04b)
RoE = 2.42% (Net Income TTM 16.1m / Total Stockholder Equity 664.3m)
RoCE = 7.01% (EBIT 66.4m / Capital Employed (Equity 664.3m + L.T.Debt 283.2m))
RoIC = 4.87% (NOPAT 49.8m / Invested Capital 1.02b)
WACC = 3.44% (E(349.7m)/V(707.6m) * Re(6.10%) + D(357.9m)/V(707.6m) * Rd(1.11%) * (1-Tc(0.25)))
Discount Rate = 6.10% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -33.33 | Cagr: -1.96%
[DCF Debug] Terminal Value 83.70% ; FCFF base≈53.1m ; Y1≈42.3m ; Y5≈28.3m
Fair Price DCF = 29.42 (EV 871.6m - Net Debt 327.8m = Equity 543.7m / Shares 18.5m; r=5.90% [WACC]; 5y FCF grow -24.41% → 2.90% )
EPS Correlation: -17.55 | EPS CAGR: -66.21% | SUE: 4.0 | # QB: 3
Revenue Correlation: 25.13 | Revenue CAGR: 22.99% | SUE: 4.0 | # QB: 6
EPS current Year (2026-12-31): EPS=2.03 | Chg30d=-0.052 | Revisions Net=-1 | Growth EPS=-3.2% | Growth Revenue=+1.5%
EPS next Year (2027-12-31): EPS=2.00 | Chg30d=-0.086 | Revisions Net=-1 | Growth EPS=-1.5% | Growth Revenue=-0.8%