NSI N.V. (NSI.AS) | Investment Case

1. Company Snapshot

1.a. Company Description

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.

By investing in attractive space and a high level of services for its customers, NSI can generate sustainable and growing revenues to support an attractive level of dividend.

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1.b. Last Insights on NSI

Have nothing to say about that one ...

1.c. Company Highlights

Last Price	19.9
Change Percentage	-0.50%
Open	20.05
Previous Close	20
Market Cap ( Millions)	384
Volume	31433
Year High	25
Year Low	18.74
M A 50	20.49
M A 200	21.62

FCF Yield	9.91%
Dividend Yield	11.66%
ROE	1.73%
Debt / Equity	57.13%
Net Debt / EBIDTA	1183.96%
Price To Book	0.58
Price Earnings Ratio	33.35
Price To FCF	10.09
Price To sales	10.34
EV / EBITDA	25.11

2. Transcript Summary

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3. NewsRoom

NSI (ENXTAM:NSI) Returns to Profitability as One-Off €26.4M Loss Challenges Quality Narratives

Oct -16

Source:

NSI NV (FRA:N4RN) Q4 2024 Earnings Call Highlights: Strong Rent Growth and Dividend Increase ...

Jan -31

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.35%)

6. Segments

Amsterdam

Expected Growth: 4.5%

Growing passenger traffic, increasing tourism, and investments in rail infrastructure drive growth in Amsterdam's railway station. NSI N.V.'s efforts to improve services and expand routes also contribute to the growth.

Den Haag,Rotterdam and Utrecht

Expected Growth: 4.5%

Growing urbanization and increasing demand for efficient transportation in Den Haag, Rotterdam, and Utrecht drive the railway market growth, supported by NSI N.V.'s investments in modernizing infrastructure and expanding services.

Other Netherlands

Expected Growth: 3.5%

The Other Netherlands region, comprising Flevoland, Gelderland, and Overijssel provinces, is expected to experience steady growth driven by increasing investments in renewable energy, infrastructure development, and a growing tourism sector.

7. Detailed Products

NSI Fiber Optic Cables

High-quality fiber optic cables designed for high-speed data transmission and telecommunications applications.

NSI Optical Components

A range of optical components including transceivers, optical switches, and optical filters.

NSI Coherent Optics

High-speed coherent optics solutions for long-haul and metro networks.

NSI Optical Amplifiers

High-performance optical amplifiers for signal amplification and noise reduction.

NSI Optical Switches

High-speed optical switches for data center and telecommunications applications.

NSI Fiber Management Systems

Comprehensive fiber management systems for data centers and telecommunications networks.

8. NSI N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for NSI N.V. is medium due to the availability of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of buyers in the market, giving them significant negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers in the market, reducing their negotiating power.

Threat Of New Entrants

The threat of new entrants is medium due to the moderate barriers to entry in the market, including regulatory hurdles and capital requirements.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the market, leading to intense competition.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	32.68%
Debt Cost	3.95%
Equity Weight	67.32%
Equity Cost	7.84%
WACC	6.57%
Leverage	48.55%

11. Quality Control: NSI N.V. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Fonciere Inea

A-Score: 6.2/10

Value: 3.2

Growth: 4.2

Quality: 4.7

Yield: 10.0

Momentum: 5.5

Volatility: 9.3

1-Year Total Return ->

NSI

A-Score: 5.9/10

Value: 3.5

Growth: 2.2

Quality: 5.8

Yield: 10.0

Momentum: 5.0

Volatility: 9.0

1-Year Total Return ->

Lar España Real Estate

A-Score: 5.7/10

Value: 4.5

Growth: 7.2

Quality: 6.1

Yield: 5.0

Momentum: 5.0

Volatility: 6.3

1-Year Total Return ->

Entra

A-Score: 5.1/10

Value: 3.8

Growth: 7.0

Quality: 5.7

Yield: 3.1

Momentum: 3.0

Volatility: 8.3

1-Year Total Return ->

CLS Holdings

A-Score: 4.7/10

Value: 6.7

Growth: 2.0

Quality: 3.7

Yield: 8.8

Momentum: 0.5

Volatility: 6.3

1-Year Total Return ->

Workspace

A-Score: 4.6/10

Value: 4.1

Growth: 2.9

Quality: 4.2

Yield: 9.4

Momentum: 0.5

Volatility: 6.7

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

-2.89%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.57%

NSI N.V. - NL0012365084

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on NSI

Have nothing to say about that one ...

1.c. Company Highlights

Weak Momentum

Lower Growth

Higher Yield

Better Quality

Cheaper

Strong Momentum

Stable Momentum

Medium Volatility

Fairly Valued

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.35%)

6. Segments

Amsterdam

Expected Growth: 4.5%

Den Haag,Rotterdam and Utrecht

Expected Growth: 4.5%

Other Netherlands

Expected Growth: 3.5%

7. Detailed Products

NSI Fiber Optic Cables

NSI Optical Components

NSI Coherent Optics

NSI Optical Amplifiers

NSI Optical Switches

NSI Fiber Management Systems

8. NSI N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: NSI N.V. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

19.9$

Current Price

19.9$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA