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NSI NV (NSI.AS) Stock Fundamental Analysis

Europe - AMS:NSI - NL0012365084 - REIT

21.25 EUR
0 (0%)
Last: 9/15/2025, 7:00:00 PM
Fundamental Rating

4

Overall NSI gets a fundamental rating of 4 out of 10. We evaluated NSI against 40 industry peers in the Diversified REITs industry. There are concerns on the financial health of NSI while its profitability can be described as average. NSI is quite expensive at the moment. It does show a decent growth rate. Finally NSI also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

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4

1. Profitability

1.1 Basic Checks

NSI had positive earnings in the past year.
NSI had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: NSI reported negative net income in multiple years.
NSI had a positive operating cash flow in each of the past 5 years.
NSI.AS Yearly Net Income VS EBIT VS OCF VS FCFNSI.AS Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M

1.2 Ratios

NSI's Return On Assets of 0.20% is on the low side compared to the rest of the industry. NSI is outperformed by 72.50% of its industry peers.
NSI has a Return On Equity of 0.32%. This is in the lower half of the industry: NSI underperforms 72.50% of its industry peers.
Looking at the Return On Invested Capital, with a value of 4.32%, NSI is in the better half of the industry, outperforming 80.00% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for NSI is in line with the industry average of 3.43%.
The 3 year average ROIC (3.76%) for NSI is below the current ROIC(4.32%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 0.2%
ROE 0.32%
ROIC 4.32%
ROA(3y)-4.79%
ROA(5y)-1.43%
ROE(3y)-7.25%
ROE(5y)-2.28%
ROIC(3y)3.76%
ROIC(5y)3.61%
NSI.AS Yearly ROA, ROE, ROICNSI.AS Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 -20

1.3 Margins

With a Profit Margin value of 2.88%, NSI is not doing good in the industry: 72.50% of the companies in the same industry are doing better.
In the last couple of years the Profit Margin of NSI has declined.
The Operating Margin of NSI (72.96%) is comparable to the rest of the industry.
In the last couple of years the Operating Margin of NSI has remained more or less at the same level.
The Gross Margin of NSI (84.44%) is better than 67.50% of its industry peers.
In the last couple of years the Gross Margin of NSI has remained more or less at the same level.
Industry RankSector Rank
OM 72.96%
PM (TTM) 2.88%
GM 84.44%
OM growth 3Y0.35%
OM growth 5Y0.7%
PM growth 3Y-52.23%
PM growth 5Y-40.95%
GM growth 3Y0.95%
GM growth 5Y0.68%
NSI.AS Yearly Profit, Operating, Gross MarginsNSI.AS Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 -100 200

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3

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so NSI is destroying value.
The number of shares outstanding for NSI has been reduced compared to 1 year ago.
The number of shares outstanding for NSI has been increased compared to 5 years ago.
Compared to 1 year ago, NSI has a worse debt to assets ratio.
NSI.AS Yearly Shares OutstandingNSI.AS Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 5M 10M 15M 20M
NSI.AS Yearly Total Debt VS Total AssetsNSI.AS Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

NSI has an Altman-Z score of 0.36. This is a bad value and indicates that NSI is not financially healthy and even has some risk of bankruptcy.
With a Altman-Z score value of 0.36, NSI is not doing good in the industry: 85.00% of the companies in the same industry are doing better.
NSI has a debt to FCF ratio of 9.89. This is a negative value and a sign of low solvency as NSI would need 9.89 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 9.89, NSI is in the better half of the industry, outperforming 75.00% of the companies in the same industry.
NSI has a Debt/Equity ratio of 0.51. This is a neutral value indicating NSI is somewhat dependend on debt financing.
NSI has a better Debt to Equity ratio (0.51) than 87.50% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.51
Debt/FCF 9.89
Altman-Z 0.36
ROIC/WACC0.8
WACC5.38%
NSI.AS Yearly LT Debt VS Equity VS FCFNSI.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

2.3 Liquidity

NSI has a Current Ratio of 0.36. This is a bad value and indicates that NSI is not financially healthy enough and could expect problems in meeting its short term obligations.
NSI has a Current ratio of 0.36. This is in the lower half of the industry: NSI underperforms 60.00% of its industry peers.
A Quick Ratio of 0.36 indicates that NSI may have some problems paying its short term obligations.
With a Quick ratio value of 0.36, NSI perfoms like the industry average, outperforming 42.50% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.36
Quick Ratio 0.36
NSI.AS Yearly Current Assets VS Current LiabilitesNSI.AS Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

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4

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 105.33% over the past year.
The earnings per share for NSI have been decreasing by -42.97% on average. This is quite bad
Looking at the last year, NSI shows a small growth in Revenue. The Revenue has grown by 2.61% in the last year.
NSI shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -2.57% yearly.
EPS 1Y (TTM)105.33%
EPS 3Y-53.3%
EPS 5Y-42.97%
EPS Q2Q%-349.17%
Revenue 1Y (TTM)2.61%
Revenue growth 3Y-2.1%
Revenue growth 5Y-2.57%
Sales Q2Q%2.7%

3.2 Future

The Earnings Per Share is expected to grow by 2.47% on average over the next years.
The Revenue is expected to grow by 2.67% on average over the next years.
EPS Next Y5.94%
EPS Next 2Y2.87%
EPS Next 3Y2.83%
EPS Next 5Y2.47%
Revenue Next Year1.86%
Revenue Next 2Y2%
Revenue Next 3Y2.67%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
NSI.AS Yearly Revenue VS EstimatesNSI.AS Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 20M 40M 60M 80M 100M
NSI.AS Yearly EPS VS EstimatesNSI.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1 2 3

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3

4. Valuation

4.1 Price/Earnings Ratio

NSI is valuated quite expensively with a Price/Earnings ratio of 193.18.
75.00% of the companies in the same industry are cheaper than NSI, based on the Price/Earnings ratio.
NSI is valuated expensively when we compare the Price/Earnings ratio to 27.27, which is the current average of the S&P500 Index.
The Price/Forward Earnings ratio is 10.13, which indicates a very decent valuation of NSI.
NSI's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. NSI is cheaper than 77.50% of the companies in the same industry.
NSI's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 22.77.
Industry RankSector Rank
PE 193.18
Fwd PE 10.13
NSI.AS Price Earnings VS Forward Price EarningsNSI.AS Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 50 100 150

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, NSI is valued cheaply inside the industry as 82.50% of the companies are valued more expensively.
NSI's Price/Free Cash Flow is on the same level as the industry average.
Industry RankSector Rank
P/FCF 11.27
EV/EBITDA 13.49
NSI.AS Per share dataNSI.AS EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)32.51
PEG (5Y)N/A
EPS Next 2Y2.87%
EPS Next 3Y2.83%

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7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.34%, NSI is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 5.57, NSI pays a better dividend. On top of this NSI pays more dividend than 90.00% of the companies listed in the same industry.
NSI's Dividend Yield is rather good when compared to the S&P500 average which is at 2.38.
Industry RankSector Rank
Dividend Yield 7.34%

5.2 History

The dividend of NSI has a limited annual growth rate of 1.68%.
Dividend Growth(5Y)1.68%
Div Incr Years0
Div Non Decr Years0
NSI.AS Yearly Dividends per shareNSI.AS Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

1096.70% of the earnings are spent on dividend by NSI. This is not a sustainable payout ratio.
NSI's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP1096.7%
EPS Next 2Y2.87%
EPS Next 3Y2.83%
NSI.AS Yearly Income VS Free CF VS DividendNSI.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M
NSI.AS Dividend Payout.NSI.AS Dividend Payout, showing the Payout Ratio.NSI.AS Dividend Payout.PayoutRetained Earnings

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NSI NV

AMS:NSI (9/15/2025, 7:00:00 PM)

21.25

0 (0%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)07-16 2025-07-16
Earnings (Next)10-15 2025-10-15
Inst Owners29.77%
Inst Owner ChangeN/A
Ins Owners0.15%
Ins Owner ChangeN/A
Market Cap428.40M
Analysts74
Price Target24.31 (14.4%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.34%
Yearly Dividend1.52
Dividend Growth(5Y)1.68%
DP1096.7%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)0%
PT rev (3m)2.14%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)4%
EPS NY rev (3m)4%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0.44%
Revenue NY rev (3m)2.95%
Valuation
Industry RankSector Rank
PE 193.18
Fwd PE 10.13
P/S 5.81
P/FCF 11.27
P/OCF 11.27
P/B 0.65
P/tB 0.65
EV/EBITDA 13.49
EPS(TTM)0.11
EY0.52%
EPS(NY)2.1
Fwd EY9.87%
FCF(TTM)1.89
FCFY8.87%
OCF(TTM)1.89
OCFY8.87%
SpS3.66
BVpS32.64
TBVpS32.63
PEG (NY)32.51
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 0.2%
ROE 0.32%
ROCE 5.58%
ROIC 4.32%
ROICexc 4.47%
ROICexgc 4.47%
OM 72.96%
PM (TTM) 2.88%
GM 84.44%
FCFM 51.56%
ROA(3y)-4.79%
ROA(5y)-1.43%
ROE(3y)-7.25%
ROE(5y)-2.28%
ROIC(3y)3.76%
ROIC(5y)3.61%
ROICexc(3y)3.77%
ROICexc(5y)3.63%
ROICexgc(3y)3.77%
ROICexgc(5y)3.63%
ROCE(3y)4.74%
ROCE(5y)4.53%
ROICexcg growth 3Y7.51%
ROICexcg growth 5Y2.13%
ROICexc growth 3Y7.51%
ROICexc growth 5Y2.13%
OM growth 3Y0.35%
OM growth 5Y0.7%
PM growth 3Y-52.23%
PM growth 5Y-40.95%
GM growth 3Y0.95%
GM growth 5Y0.68%
F-Score8
Asset Turnover0.07
Health
Industry RankSector Rank
Debt/Equity 0.51
Debt/FCF 9.89
Debt/EBITDA 6.17
Cap/Depr 2.39%
Cap/Sales 0.02%
Interest Coverage 4.18
Cash Conversion 69.93%
Profit Quality 1791.8%
Current Ratio 0.36
Quick Ratio 0.36
Altman-Z 0.36
F-Score8
WACC5.38%
ROIC/WACC0.8
Cap/Depr(3y)7.25%
Cap/Depr(5y)40.19%
Cap/Sales(3y)0.07%
Cap/Sales(5y)0.27%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)105.33%
EPS 3Y-53.3%
EPS 5Y-42.97%
EPS Q2Q%-349.17%
EPS Next Y5.94%
EPS Next 2Y2.87%
EPS Next 3Y2.83%
EPS Next 5Y2.47%
Revenue 1Y (TTM)2.61%
Revenue growth 3Y-2.1%
Revenue growth 5Y-2.57%
Sales Q2Q%2.7%
Revenue Next Year1.86%
Revenue Next 2Y2%
Revenue Next 3Y2.67%
Revenue Next 5YN/A
EBIT growth 1Y10.28%
EBIT growth 3Y-1.76%
EBIT growth 5Y-1.89%
EBIT Next Year20%
EBIT Next 3Y10.66%
EBIT Next 5YN/A
FCF growth 1Y-17.64%
FCF growth 3Y3.11%
FCF growth 5Y0.25%
OCF growth 1Y-17.66%
OCF growth 3Y2.4%
OCF growth 5Y0.22%