(NSI) NSI - Overview
Exchange: AS •
Country: Netherlands •
Currency: EUR •
Type: Common Stock •
ISIN: NL0012365084
Stock: Office, Retail, Residential, Sustainability
Total Rating 37
Risk 52
Buy Signal 0.42
Dividends
| Dividend Yield | 7.28% |
| Yield on Cost 5y | 10.71% |
| Yield CAGR 5y | -7.67% |
| Payout Consistency | 89.1% |
| Payout Ratio | 96.3% |
| 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) 6.0
| Net Income: 147.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.06 > 0.02 and ΔFCF/TA 1.82 > 1.0 |
| NWC/Revenue: -107.1% < 20% (prev -64.60%; Δ -42.46% < -1%) |
| CFO/TA 0.06 > 3% & CFO 60.7m > Net Income 147.2m |
| Net Debt (342.2m) to EBITDA (51.9m): 6.59 < 3 |
| Current Ratio: 0.36 > 1.5 & < 3 |
| Outstanding Shares: last quarter (19.3m) vs 12m ago -4.09% < -2% |
| Gross Margin: 66.08% > 18% (prev 0.78%; Δ 6529 % > 0.5%) |
| Asset Turnover: 6.09% > 50% (prev 5.33%; Δ 0.76% > 0%) |
| Interest Coverage Ratio: 6.63 > 6 (EBITDA TTM 51.9m / Interest Expense TTM 7.77m) |
Altman Z'' -0.74
| A: -0.07 (Total Current Assets 39.2m - Total Current Liabilities 109.7m) / Total Assets 1.07b |
| B: -0.01 (Retained Earnings -7.24m / Total Assets 1.07b) |
| C: 0.05 (EBIT TTM 51.5m / Avg Total Assets 1.08b) |
| D: -0.58 (Book Value of Equity -240.9m / Total Liabilities 416.4m) |
| Altman-Z'' Score: -0.74 = B |
Beneish M -2.42
| DSRI: 1.34 (Receivables 2.10m/1.38m, Revenue 65.8m/58.0m) |
| GMI: 1.19 (GM 66.08% / 78.45%) |
| AQI: 0.96 (AQ_t 0.96 / AQ_t-1 1.00) |
| SGI: 1.14 (Revenue 65.8m / 58.0m) |
| TATA: 0.08 (NI 147.2m - CFO 60.7m) / TA 1.07b) |
| Beneish M-Score: -2.42 (Cap -4..+1) = BBB |
What is the price of NSI shares?
As of February 07, 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 +2.16%, over one month by -3.57%, over three months by -7.48% and over the past year by -8.04%.
Over the past week, the price has changed by +2.16%, over one month by -3.57%, over three months by -7.48% and over the past year by -8.04%.
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 | 10.5% |
NSI Fundamental Data Overview January 31, 2026
Market Cap USD = 422.4m (357.9m EUR * 1.1801 EUR.USD)
P/E Trailing = 170.1818
P/E Forward = 8.6806
P/S = 4.0953
P/B = 0.5293
Revenue TTM = 65.8m EUR
EBIT TTM = 51.5m EUR
EBITDA TTM = 51.9m EUR
Long Term Debt = 298.1m EUR (from longTermDebt, last quarter)
Short Term Debt = 77.8m EUR (from shortTermDebt, last quarter)
Debt = 375.9m EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 342.2m EUR (from netDebt column, last quarter)
Enterprise Value = 700.1m EUR (357.9m + Debt 375.9m - CCE 33.7m)
Interest Coverage Ratio = 6.63 (Ebit TTM 51.5m / Interest Expense TTM 7.77m)
EV/FCF = 11.53x (Enterprise Value 700.1m / FCF TTM 60.7m)
FCF Yield = 8.67% (FCF TTM 60.7m / Enterprise Value 700.1m)
FCF Margin = 92.25% (FCF TTM 60.7m / Revenue TTM 65.8m)
Net Margin = 223.6% (Net Income TTM 147.2m / Revenue TTM 65.8m)
Gross Margin = 66.08% ((Revenue TTM 65.8m - Cost of Revenue TTM 22.3m) / Revenue TTM)
Gross Margin QoQ = 61.44% (prev 55.07%)
Tobins Q-Ratio = 0.65 (Enterprise Value 700.1m / Total Assets 1.07b)
Interest Expense / Debt = 1.06% (Interest Expense 3.98m / Debt 375.9m)
Taxrate = 19.58% (3.01m / 15.4m)
NOPAT = 41.5m (EBIT 51.5m * (1 - 19.58%))
Current Ratio = 0.36 (Total Current Assets 39.2m / Total Current Liabilities 109.7m)
Debt / Equity = 0.57 (Debt 375.9m / totalStockholderEquity, last quarter 657.9m)
Debt / EBITDA = 6.59 (Net Debt 342.2m / EBITDA 51.9m)
Debt / FCF = 5.63 (Net Debt 342.2m / FCF TTM 60.7m)
Total Stockholder Equity = 681.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 13.61% (Net Income 147.2m / Total Assets 1.07b)
RoE = 21.59% (Net Income TTM 147.2m / Total Stockholder Equity 681.6m)
RoCE = 5.26% (EBIT 51.5m / Capital Employed (Equity 681.6m + L.T.Debt 298.1m))
RoIC = 4.00% (NOPAT 41.5m / Invested Capital 1.04b)
WACC = 3.41% (E(357.9m)/V(733.8m) * Re(6.10%) + D(375.9m)/V(733.8m) * Rd(1.06%) * (1-Tc(0.20)))
Discount Rate = 6.10% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -2.07%
[DCF Debug] Terminal Value 83.70% ; FCFF base≈53.1m ; Y1≈42.3m ; Y5≈28.3m
Fair Price DCF = 28.64 (EV 871.6m - Net Debt 342.2m = Equity 529.4m / Shares 18.5m; r=5.90% [WACC]; 5y FCF grow -24.41% → 2.90% )
EPS Correlation: -24.70 | EPS CAGR: -30.55% | SUE: 4.0 | # QB: 3
Revenue Correlation: -42.05 | Revenue CAGR: -17.36% | SUE: 3.98 | # QB: 5
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 Trailing = 170.1818
P/E Forward = 8.6806
P/S = 4.0953
P/B = 0.5293
Revenue TTM = 65.8m EUR
EBIT TTM = 51.5m EUR
EBITDA TTM = 51.9m EUR
Long Term Debt = 298.1m EUR (from longTermDebt, last quarter)
Short Term Debt = 77.8m EUR (from shortTermDebt, last quarter)
Debt = 375.9m EUR (from shortLongTermDebtTotal, last quarter)
Net Debt = 342.2m EUR (from netDebt column, last quarter)
Enterprise Value = 700.1m EUR (357.9m + Debt 375.9m - CCE 33.7m)
Interest Coverage Ratio = 6.63 (Ebit TTM 51.5m / Interest Expense TTM 7.77m)
EV/FCF = 11.53x (Enterprise Value 700.1m / FCF TTM 60.7m)
FCF Yield = 8.67% (FCF TTM 60.7m / Enterprise Value 700.1m)
FCF Margin = 92.25% (FCF TTM 60.7m / Revenue TTM 65.8m)
Net Margin = 223.6% (Net Income TTM 147.2m / Revenue TTM 65.8m)
Gross Margin = 66.08% ((Revenue TTM 65.8m - Cost of Revenue TTM 22.3m) / Revenue TTM)
Gross Margin QoQ = 61.44% (prev 55.07%)
Tobins Q-Ratio = 0.65 (Enterprise Value 700.1m / Total Assets 1.07b)
Interest Expense / Debt = 1.06% (Interest Expense 3.98m / Debt 375.9m)
Taxrate = 19.58% (3.01m / 15.4m)
NOPAT = 41.5m (EBIT 51.5m * (1 - 19.58%))
Current Ratio = 0.36 (Total Current Assets 39.2m / Total Current Liabilities 109.7m)
Debt / Equity = 0.57 (Debt 375.9m / totalStockholderEquity, last quarter 657.9m)
Debt / EBITDA = 6.59 (Net Debt 342.2m / EBITDA 51.9m)
Debt / FCF = 5.63 (Net Debt 342.2m / FCF TTM 60.7m)
Total Stockholder Equity = 681.6m (last 4 quarters mean from totalStockholderEquity)
RoA = 13.61% (Net Income 147.2m / Total Assets 1.07b)
RoE = 21.59% (Net Income TTM 147.2m / Total Stockholder Equity 681.6m)
RoCE = 5.26% (EBIT 51.5m / Capital Employed (Equity 681.6m + L.T.Debt 298.1m))
RoIC = 4.00% (NOPAT 41.5m / Invested Capital 1.04b)
WACC = 3.41% (E(357.9m)/V(733.8m) * Re(6.10%) + D(375.9m)/V(733.8m) * Rd(1.06%) * (1-Tc(0.20)))
Discount Rate = 6.10% (= CAPM, Blume Beta Adj.) -> floored to rf + 0.7*ERP = 7.95%
Shares Correlation 3-Years: -100.0 | Cagr: -2.07%
[DCF Debug] Terminal Value 83.70% ; FCFF base≈53.1m ; Y1≈42.3m ; Y5≈28.3m
Fair Price DCF = 28.64 (EV 871.6m - Net Debt 342.2m = Equity 529.4m / Shares 18.5m; r=5.90% [WACC]; 5y FCF grow -24.41% → 2.90% )
EPS Correlation: -24.70 | EPS CAGR: -30.55% | SUE: 4.0 | # QB: 3
Revenue Correlation: -42.05 | Revenue CAGR: -17.36% | SUE: 3.98 | # QB: 5
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%