olivLaw · European equity research
New Amsterdam Invest N.V. NAI.AS
Netherlands · Euronext Amsterdam · ISIN NL0015000CG2 · Vertical: Listed companies from Netherlands
New Amsterdam Invest N.V. is a Dutch company that owns and manages commercial properties in the United Kingdom and the United States, with a stated aim of expanding its portfolio in Europe, particularly in the Netherlands and Germany. The company expects net rental income of approximately € 13.7 million for 2026, and the Fairfax Center acquisition in January 2026 added a new asset to the group.
At the close of 05 Nov 2026, New Amsterdam Invest N.V. (NAI.AS) stock was 8.80 EUR (+0.00% on the day), with market capitalisation 45.8 m EUR, P/E 18.7 on diluted EPS of 0.47 EUR over the last 12 months, dividend yield 4.35%, beta 0.06, 52-week range 8.25–9.35 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 53.9
- neutral
- Bollinger (20, 2)
- 8.54 – 8.92
- in the upper half of the band · %B 0.68 · band width 4.3%
- SMA 50 / 200
- 8.68 / 8.83
- mixed trend
- MACD (12, 26, 9)
- 0.02 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | 0.0% | −0.6% | +0.6 pp | — |
| 3 months | +0.6% | −4.2% | +4.7 pp | — |
| 6 months | −1.1% | +4.3% | −5.5 pp | — |
| Year to date | +0.6% | +7.5% | −6.9 pp | — |
| 1 year | −4.3% | +9.9% | −14.3 pp | +0.3% |
| 3 years | unavailable | +49.8% | unavailable | +2.2% |
| 5 years | −12.0% | +42.8% | −54.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 18.6, median 19.3, max 20.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable |
| Net income | 2.3 m | 2.4 m |
| Net income YoY | unavailable | +4.4% |
| Diluted EPS | 0.45 | 0.47 |
| Diluted EPS YoY | unavailable | +4.4% |
| net % | unavailable | unavailable |
| Free cash flow | 3.1 m | 4.6 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 13.5 m EUR
- Financial debt
- 58.3 m EUR
- Net debt
- 44.8 m EUR
- Equity
- 51.4 m EUR
- Total assets
- 136.3 m EUR
- Debt / equity
- 1.13x
- Current ratio
- 1.68x
- ROE
- 4.6%
- ROA
- 1.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating income | 8.8 m | 9.4 m | esef· 29 Apr 2026verified |
| Pre-tax income | 6.2 m | 4.8 m | esef· 29 Apr 2026verified |
| Income tax | 1.5 m | 859.0 k | esef· 29 Apr 2026verified |
| Net income | 2.3 m | 2.4 m | esef· 29 Apr 2026verified |
| Diluted EPS | 0.45 | 0.47 | esef· 29 Apr 2026verified |
| Dividend per share | 0.39 | 0.38 | esef· 29 Apr 2026derived |
Balance sheet · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Cash | 5.1 m | 13.5 m | esef· 29 Apr 2026verified |
| Current assets | 6.8 m | 14.3 m | esef· 29 Apr 2026verified |
| Property, plant & equipment, net | 3.0 k | 1.0 k | esef· 29 Apr 2026verified |
| Total assets | 135.7 m | 136.3 m | esef· 29 Apr 2026verified |
| Short-term debt | 408.0 k | 443.0 k | esef· 29 Apr 2026verified |
| Long-term debt | 63.7 m | 57.8 m | esef· 29 Apr 2026verified |
| Current liabilities | 11.5 m | 8.5 m | esef· 29 Apr 2026verified |
| Total liabilities | 81.5 m | 84.9 m | esef· 29 Apr 2026verified |
| Equity | 54.2 m | 51.4 m | esef· 29 Apr 2026verified |
| Shares outstanding at year end | 5.2 m | 5.2 m | esef· 27 May 2026derived |
Cash flow · EUR
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 3.1 m | 4.6 m | esef· 29 Apr 2026verified |
| Capex | 1.0 k | 0 | esef· 29 Apr 2026verified |
| Free cash flow | 3.1 m ≈ | 4.6 m ≈ | esef· 29 Apr 2026derived |
| Investing cash flow | -1.3 m | -3.6 m | esef· 29 Apr 2026verified |
| Financing cash flow | -2.2 m | 8.1 m | esef· 29 Apr 2026verified |
| Dividends paid | 2.0 m | 2.0 m | esef· 29 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 50.0% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 45.8 m EUR
Key indicators
Coverage and freshness
Score by group
50% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.56 – 11.92 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E4.56 – 11.92 (Mid 6.51)17 companies used · median multiple 13.9x · quartiles 9.7x – 25.4xAALB.AS, ACOMO.AS, AD.AS, ADYEN.AS, AKZA.AS, ARCAD.AS, ASM.AS, ASML.AS, AXS.AS, BAMNB.AS, BNJ.AS, CRBN.AS, CTAC.AS, ECMPA.AS, FFARM.AS, HAL.AS, HAVAS.AS
- Dividend discount (DDM)5.21 – 7.10 (Mid 6.01)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 50.0% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 7.3% | 52 (vs peers) | 21% |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | 189.9% | 100 (on a fixed band) | 13% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.7x | 73 (on a fixed band) | 8% |
| P/E (TTM) · Valuation | 18.7x | 50 (vs peers) | 21% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 10.1% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 4.4% | 62 (on a fixed band) | 13% |
| Payout ratio (FCF) · Returns | 42.9% | 100 (on a fixed band) | 8% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial73/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality70/100 · 2/3 factors with a value
- Returns77/100 · 2/2 factors with a value
- Valuation72/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
New Amsterdam Invest N.V. (NAI.AS). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: ROE 5.5%.
The estimated value range is 4.89–9.51 EUR per share (median of 2 methods, agreement: high); assumptions are illustrative. Against the central value of 6.26 EUR, the price of 8.80 EUR leaves a potential of -28.8% (value / price − 1) and a margin of safety of -40.5% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 50.0% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 189.9%
- Current ratio: 1.7x
- FCF yield: 10.1%
- Payout ratio (FCF): 42.9%
What contradicts it
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
Not assessed (insufficient data or a ratio without meaning): Net margin, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA.
Versus the vertical median
Listed companies from Netherlands · same country · compared with 40 companies
Multiples and returns vs the median
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ASML.ASASML Holding N.V. | 485.6 bn | 47.6 | 44.2% | 31.3% | +15.6% | +38% / +101% |
| DSFIR.ASDSM-Firmenich AG | 33.7 bn | 120.5 | 1.2% | 2.2% | +20.4% | +60% / +30% |
| AD.ASKoninklijke Ahold Delhaize N.V. | 31.2 bn | 13.9 | 15.3% | 2.5% | +3.4% | −3% / +30% |
| ASM.ASASM International N.V. | 31.2 bn | 43.3 | 18.7% | 22.8% | +8.2% | +34% / +35% |
| ADYEN.ASAdyen N.V. | 28.1 bn | 26.6 | 22.3% | 40.1% | +18.9% | −33% / −17% |
| HAL.ASHAL Trust | 15.5 bn | 9.7 | 10.5% | 12.8% | +1.2% | +22% / +47% |
| EXO.ASExor N.V. | 15.0 bn | — | -10.6% | — | −100.0% | +1% / −18% |
| BESI.ASBE Semiconductor Industries N.V. | 11.2 bn | 84.9 | 28.7% | 22.3% | −2.7% | +8% / +10% |
| AKZA.ASAkzo Nobel N.V. | 10.7 bn | 17.0 | 13.8% | 6.3% | −5.2% | +12% / −11% |
| AALB.ASAalberts N.V. | 4.5 bn | 25.4 | 7.2% | 5.7% | −5.3% | +48% / +13% |
| ARCAD.ASArcadis N.V. | 4.2 bn | 20.2 | 18.3% | 4.3% | −2.4% | +24% / +2% |
| BNJ.ASBanijay Group N.V. | 3.4 bn | 13.8 | 343.8% | 5.1% | +1.6% | −11% / −8% |
| BAMNB.ASKoninklijke BAM Groep N.V. | 3.3 bn | 41.8 | 9.1% | 1.3% | +2.9% | +47% / +400% |
| BFIT.ASBasic-Fit N.V. | 2.0 bn | 138.2 | 3.6% | 1.0% | +16.9% | +7% / +16% |
| HAVAS.ASHavas N.V. | 1.8 bn | 9.6 | 10.2% | 6.5% | +1.7% | +26% / unavailable |
| CRBN.ASCorbion N.V. | 1.6 bn | 8.3 | 27.3% | 14.9% | +1.9% | +40% / +55% |
| ECMPA.ASEurocommercial Properties N.V. | 1.4 bn | 11.2 | 5.9% | 45.4% | +4.2% | −4% / +19% |
| FUR.ASFugro N.V. | 985.3 m | — | -1.5% | -1.1% | −18.8% | −0% / −49% |
| ACOMO.ASAcomo N.V. | 685.9 m | 15.2 | 10.7% | 3.3% | +7.6% | −3% / +37% |
| FAST.ASFastned B.V. | 663.0 m | — | -28.2% | -21.7% | +66.1% | +60% / +25% |
| FFARM.ASForFarmers N.V. | 479.4 m | 9.6 | 14.5% | 1.6% | +14.8% | +22% / +123% |
| BRNL.ASBrunel International N.V. | 383.2 m | 125.5 | 1.0% | 0.3% | −10.8% | −6% / −29% |
| ENVI.ASEnvipco Holding N.V. | 224.1 m | — | -12.7% | -11.9% | −20.8% | −25% / +47% |
| ALFEN.ASAlfen N.V. | 219.8 m | — | -0.1% | -0.0% | −10.7% | −4% / −78% |
| CMCOM.ASCM.com N.V. | 192.5 m | — | -22.2% | -1.5% | −5.4% | +23% / −30% |
1- and 3-year price returns: for NAI.AS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
New Amsterdam Invest N.V. is a Dutch company that owns and manages commercial properties in the United Kingdom and the United States, with a stated aim of expanding its portfolio in Europe, particularly in the Netherlands and Germany. The company expects net rental income of approximately € 13.7 million for 2026 1, and the Fairfax Center acquisition in January 2026 added a new asset to the group 1.
SWOT
Strengths
- Portfolio run through local structures in the United Kingdom and the United States, backed by the management board's experience in those markets 1.
- Long-term leases with interim rent reviews give a predictable income stream for part of the portfolio 1.
- Supervisory board oversight of significant investments contributes to control over major decisions 1.
Weaknesses
- The small size of the organisation and reliance on temporary staff limit internal controls in certain areas 1.
- Documentation of the acquisition process can be improved, and oversight during acquisitions may be limited 1.
- Concentration of rent from a small number of tenants for some properties increases exposure to a single credit risk 1.
Opportunities
- Expanding the portfolio into Europe, particularly the Netherlands and Germany, could diversify assets geographically 1.
- The Fairfax Center acquisition in January 2026 shows the group can add new assets in line with its strategy 1.
- If internal processes strengthen, the company could find it easier to attract new financing and investment 1.
Threats
- Geopolitical conflicts involving the United Kingdom or the United States could affect local economies and company performance 1.
- A decline in property values could affect the financial position and the ability to fund future investments 1.
- Strong competition from large funds and institutional investors could limit acquisition opportunities 1.
Risks
- Dependence on tenantshigh
If one of the long-term tenants goes bankrupt and a new tenant cannot be found quickly, the financial impact could be considerable 1.
- Currency riskhigh
Exchange rate changes between the euro and the pound sterling and US dollar can significantly change reported results 1.
- Decline in property valuesmedium
The value of commercial properties could fall, affecting the financial position and funding capacity, and management revalues assets periodically with external appraisers 1.
- Limited internal controlsmedium
The small size of the organisation and outsourcing of property management for four properties leave room for errors or incorrect charges on rents and expenses 1.
- External events and securitymedium
War, cybercrime or kidnapping of managing directors are external risks that management rates as high impact and largely beyond its control 1.
Investment thesis
What would need to be true (bull case)
- If the portfolio in the United Kingdom and the United States continues to generate rental income in line with 2026 expectations, the results could support gradual growth for the company 1.
- If the Fairfax Center acquisition and future transactions integrate effectively, portfolio diversification could reduce dependence on any single asset 1.
- If governance and acquisition documentation strengthen, investor confidence in management decisions could increase 1.
What would break the thesis
- If interest rates and borrowing costs remain high, the margin on acquisitions financed largely with debt could be reduced 1.
- If a major tenant cannot be replaced quickly, income could fall considerably given the concentration of long-term leases 1.
- If competition from larger investors intensifies, the company could struggle to acquire properties at attractive prices 1.
What to watch
- Delivery of the 2026 net rental income estimate and the result before tax outlook2026
- Integration and performance of the Fairfax Center property acquired in January 20262026
- Progress on internal controls and documentation of the acquisition process in the annual reportnext annual report
- Changes in the financing structure and debt to equity mix for new acquisitions2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
The company was incorporated in Amsterdam on 19 May 2021 as a Dutch public company and operates through the Somerset Park group, which includes intermediate holding companies in the United Kingdom and the United States 1. Each operating company owns and manages one real estate property, and the portfolio consisted of seven properties at the time of the report 1.
The business model rests on acquiring, developing and letting commercial properties, selected on sustainability, leasability and profitability criteria 1. Property management is outsourced for four of the seven properties, while the remainder is managed in-house 1.
For 2026 management expects an operating result before tax of approximately € 6.8 million, excluding valuation differences, transaction results and exchange differences 1. The staffing structure remains small, relying on external contractors and services from related parties 1.
Segments
Properties in the United Kingdom
The group holds five British operating companies, each owning one property, under Somerset Park Holding UK Ltd 1. Management of these assets is handled by the British management company within the same structure 1.
Properties in the United States
US assets are held through Somerset Park Holding USA LLC, with interests in several operating companies and the Fairfax Center property acquired in January 2026 1. For some of these properties profit is distributed through a waterfall arrangement, so economic participation differs from the legal percentage 1.
Market context
The company focuses its investments on mature commercial property markets in the United Kingdom and the United States, with intentions to expand into Europe, particularly the Netherlands and Germany 1. Property values and transaction activity depend on economic conditions, interest rates and demand, which directly affect asset values and acquisition capacity 1.
Acquisitions are expected to be financed largely with borrowings, with an expected split of roughly one quarter equity and three quarters debt 1. This model makes the future cost of credit an important factor for profitability 1.
Trends
- Interest rate developmentsheadwind
The cost of debt financing affects acquisition capacity and profitability, since the company relies on borrowings for most investments 1. If interest rates remain high, margins on rental income could come under pressure.
- Commercial real estate demand in the US and UKmixed
Demand for commercial space and a recovery in the market could support occupancy levels and rents, especially for multi-tenant properties 1. On the other hand, a decline in property values could weigh on the company's financial position 1.
- Currency fluctuationsheadwind
Income from the United Kingdom and the United States is reported in euro, so exchange rate movements can change reported results significantly from period to period 1. The company may use hedging instruments, but there is no assurance they will be effective 1.
- Strengthening governance and documentationtailwind
The company developed internal controls over the acquisition process during the year, and the supervisory board reviews significant investments before execution 1. Continued improvement in documentation could reduce governance risks as the organisation grows 1.
Competitive position
The company faces competition for investment opportunities from strategic buyers, public and private investment funds, sovereign wealth funds and other real estate operating companies 1. Many competitors are well established and may have greater technical and financial resources 1.
The company's advantage lies in the experience of its board members in the target markets and in the due diligence applied to each opportunity 1. However, the small size of the organisation may limit its ability to compete for large transactions 1.
- Strategic buyers and industry investors
Buyers that may compete for the same commercial properties, sometimes with greater resources than the company 1.
- Public and private investment funds
Well established funds with extensive experience in identifying and completing real estate acquisitions 1.
- Sovereign wealth funds
Large institutional investors that can take part in the same real estate transactions 1.
- Other real estate operating companies
Companies that own and manage commercial assets and may compete for the same acquisition opportunities 1.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202529 Apr 2026
- Annual report 202527 May 2026
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / New Amsterdam Invest N.V. · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.