NSI NV (NSI.AS) Fundamental Analysis & Valuation

AMS:NSI • NL0012365084

18.2 EUR
-0.2 (-1.09%)
Last: Mar 5, 2026, 05:29 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Forecast Earnings Financials Ownership

This NSI.AS fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

4

Overall NSI gets a fundamental rating of 4 out of 10. We evaluated NSI against 43 industry peers in the Diversified REITs industry. While NSI is still in line with the averages on profitability rating, there are concerns on its financial health. NSI is not valued too expensively and it also shows a decent growth rate. NSI also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

4

1. NSI.AS Profitability Analysis

1.1 Basic Checks

  • In the past year NSI was profitable.
  • 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.
  • In the past 5 years NSI always reported a positive cash flow from operatings.
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M

1.2 Ratios

  • With a Return On Assets value of 0.20%, NSI is not doing good in the industry: 69.77% of the companies in the same industry are doing better.
  • The Return On Equity of NSI (0.32%) is worse than 69.77% of its industry peers.
  • With a decent Return On Invested Capital value of 4.34%, NSI is doing good in the industry, outperforming 79.07% of the companies in the same industry.
  • The Average Return On Invested Capital over the past 3 years for NSI is in line with the industry average of 3.59%.
  • The 3 year average ROIC (3.76%) for NSI is below the current ROIC(4.34%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 0.2%
ROE 0.32%
ROIC 4.34%
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20 -20

1.3 Margins

  • NSI has a worse Profit Margin (2.88%) than 69.77% of its industry peers.
  • In the last couple of years the Profit Margin of NSI has declined.
  • NSI has a better Operating Margin (73.28%) than 62.79% of its industry peers.
  • In the last couple of years the Operating Margin of NSI has remained more or less at the same level.
  • NSI has a Gross Margin of 84.44%. This is in the better half of the industry: NSI outperforms 72.09% of its industry peers.
  • NSI's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 73.28%
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 -100 200

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3

2. NSI.AS Health Analysis

2.1 Basic Checks

  • NSI has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • Compared to 1 year ago, NSI has less shares outstanding
  • Compared to 5 years ago, NSI has more shares outstanding
  • Compared to 1 year ago, NSI has a worse debt to assets ratio.
NSI.AS Yearly Shares OutstandingNSI.AS Yearly Shares OutstandingYearly Shares Outstanding 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 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

  • Based on the Altman-Z score of 0.28, we must say that NSI is in the distress zone and has some risk of bankruptcy.
  • The Altman-Z score of NSI (0.28) is worse than 88.37% of its industry peers.
  • NSI has a debt to FCF ratio of 9.88. This is a negative value and a sign of low solvency as NSI would need 9.88 years to pay back of all of its debts.
  • NSI's Debt to FCF ratio of 9.88 is amongst the best of the industry. NSI outperforms 83.72% of its industry peers.
  • NSI has a Debt/Equity ratio of 0.51. This is a neutral value indicating NSI is somewhat dependend on debt financing.
  • With a decent Debt to Equity ratio value of 0.51, NSI is doing good in the industry, outperforming 76.74% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.51
Debt/FCF 9.88
Altman-Z 0.28
ROIC/WACC0.83
WACC5.24%
NSI.AS Yearly LT Debt VS Equity VS FCFNSI.AS Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M

2.3 Liquidity

  • A Current Ratio of 0.36 indicates that NSI may have some problems paying its short term obligations.
  • Looking at the Current ratio, with a value of 0.36, NSI is in line with its industry, outperforming 44.19% of the companies in the same industry.
  • NSI has a Quick 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 Quick ratio of 0.36. This is comparable to the rest of the industry: NSI outperforms 48.84% of its industry peers.
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 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M

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4

3. NSI.AS Growth Analysis

3.1 Past

  • NSI shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 105.48%, which is quite impressive.
  • Measured over the past years, NSI shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -42.97% on average per year.
  • Looking at the last year, NSI shows a small growth in Revenue. The Revenue has grown by 2.61% in the last year.
  • Measured over the past years, NSI shows a decrease in Revenue. The Revenue has been decreasing by -2.57% on average per year.
EPS 1Y (TTM)105.48%
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 2.20% on average over the next years.
EPS Next Y5.43%
EPS Next 2Y2.43%
EPS Next 3Y0.75%
EPS Next 5Y2.47%
Revenue Next Year-1.8%
Revenue Next 2Y-0.17%
Revenue Next 3Y0.12%
Revenue Next 5Y2.2%

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 20M 40M 60M 80M 100M
NSI.AS Yearly EPS VS EstimatesNSI.AS Yearly EPS VS EstimatesYearly EPS VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 1 2 3

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4

4. NSI.AS Valuation Analysis

4.1 Price/Earnings Ratio

  • NSI is valuated quite expensively with a Price/Earnings ratio of 165.45.
  • 72.09% of the companies in the same industry are cheaper than NSI, based on the Price/Earnings ratio.
  • NSI's Price/Earnings ratio indicates a rather expensive valuation when compared to the S&P500 average which is at 27.03.
  • Based on the Price/Forward Earnings ratio of 8.75, the valuation of NSI can be described as reasonable.
  • Based on the Price/Forward Earnings ratio, NSI is valued cheaper than 90.70% of the companies in the same industry.
  • The average S&P500 Price/Forward Earnings ratio is at 25.11. NSI is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 165.45
Fwd PE 8.75
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

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of NSI indicates a rather cheap valuation: NSI is cheaper than 88.37% of the companies listed in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of NSI indicates a somewhat cheap valuation: NSI is cheaper than 72.09% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 9.64
EV/EBITDA 12.38
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 NSI does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)30.45
PEG (5Y)N/A
EPS Next 2Y2.43%
EPS Next 3Y0.75%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

7

5. NSI.AS Dividend Analysis

5.1 Amount

  • NSI has a Yearly Dividend Yield of 8.28%, which is a nice return.
  • Compared to an average industry Dividend Yield of 5.12, NSI pays a better dividend. On top of this NSI pays more dividend than 90.70% of the companies listed in the same industry.
  • Compared to an average S&P500 Dividend Yield of 1.82, NSI pays a better dividend.
Industry RankSector Rank
Dividend Yield 8.28%

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 2026 0.5 1 1.5 2

5.3 Sustainability

  • NSI pays out 1114.37% of its income as dividend. This is not a sustainable payout ratio.
  • NSI's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP1114.37%
EPS Next 2Y2.43%
EPS Next 3Y0.75%
NSI.AS Yearly Income VS Free CF VS DividendNSI.AS Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 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.AS Fundamentals: All Metrics, Ratios and Statistics

NSI NV

AMS:NSI (3/5/2026, 5:29:30 PM)

18.2

-0.2 (-1.09%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)10-15
Earnings (Next)03-11
Inst Owners21.17%
Inst Owner ChangeN/A
Ins Owners0.11%
Ins Owner ChangeN/A
Market Cap366.91M
Revenue(TTM)73.71M
Net Income(TTM)2.12M
Analysts72
Price Target22.12 (21.54%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 8.28%
Yearly Dividend1.52
Dividend Growth(5Y)1.68%
DP1114.37%
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)-5.11%
PT rev (3m)-8.7%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-0.6%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-2.95%
Revenue NY rev (3m)-3.33%
Valuation
Industry RankSector Rank
PE 165.45
Fwd PE 8.75
P/S 4.98
P/FCF 9.64
P/OCF 9.64
P/B 0.56
P/tB 0.56
EV/EBITDA 12.38
EPS(TTM)0.11
EY0.6%
EPS(NY)2.08
Fwd EY11.43%
FCF(TTM)1.89
FCFY10.37%
OCF(TTM)1.89
OCFY10.38%
SpS3.66
BVpS32.64
TBVpS32.63
PEG (NY)30.45
PEG (5Y)N/A
Graham Number8.99
Profitability
Industry RankSector Rank
ROA 0.2%
ROE 0.32%
ROCE 5.6%
ROIC 4.34%
ROICexc 4.49%
ROICexgc 4.49%
OM 73.28%
PM (TTM) 2.88%
GM 84.44%
FCFM 51.64%
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%
ROICexgc growth 3Y7.51%
ROICexgc 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 9.88
Debt/EBITDA 6.14
Cap/Depr 1.7%
Cap/Sales 0.01%
Interest Coverage 4.05
Cash Conversion 69.73%
Profit Quality 1793.59%
Current Ratio 0.36
Quick Ratio 0.36
Altman-Z 0.28
F-Score8
WACC5.24%
ROIC/WACC0.83
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)105.48%
EPS 3Y-53.3%
EPS 5Y-42.97%
EPS Q2Q%-349.17%
EPS Next Y5.43%
EPS Next 2Y2.43%
EPS Next 3Y0.75%
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 Year-1.8%
Revenue Next 2Y-0.17%
Revenue Next 3Y0.12%
Revenue Next 5Y2.2%
EBIT growth 1Y10.75%
EBIT growth 3Y-1.76%
EBIT growth 5Y-1.89%
EBIT Next Year19.1%
EBIT Next 3Y6.79%
EBIT Next 5Y8.2%
FCF growth 1Y-17.09%
FCF growth 3Y3.11%
FCF growth 5Y0.25%
OCF growth 1Y-17.12%
OCF growth 3Y2.4%
OCF growth 5Y0.22%

NSI NV / NSI.AS FAQ

Can you provide the ChartMill fundamental rating for NSI NV?

ChartMill assigns a fundamental rating of 4 / 10 to NSI.AS.


Can you provide the valuation status for NSI NV?

ChartMill assigns a valuation rating of 4 / 10 to NSI NV (NSI.AS). This can be considered as Fairly Valued.


What is the profitability of NSI stock?

NSI NV (NSI.AS) has a profitability rating of 4 / 10.


What are the PE and PB ratios of NSI NV (NSI.AS) stock?

The Price/Earnings (PE) ratio for NSI NV (NSI.AS) is 165.45 and the Price/Book (PB) ratio is 0.56.


How financially healthy is NSI NV?

The financial health rating of NSI NV (NSI.AS) is 3 / 10.