olivLaw · European equity research
NSI N.V. NSI.AS
Netherlands · Euronext Amsterdam · Vertical: Listed companies from Netherlands
NSI N.V. develops and manages office space in Amsterdam and other key Dutch cities, listed on Euronext Amsterdam. The company focuses on energy-efficient buildings and serviced flexible space, and as the office market slowly recovers, its high share of top energy-rated buildings and moderate leverage are central to its profile.
At the close of 05 Nov 2026, NSI N.V. (NSI.AS) stock was 17.32 EUR (−1.93% on the day), with market capitalisation 340.1 m EUR, P/E 27.5 on diluted EPS of 0.63 EUR over the last 12 months, dividend yield 8.79%, beta 0.32, 52-week range 16.10–20.45 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)
- 57.0
- strong (55–70)
- Bollinger (20, 2)
- 16.06 – 17.92
- in the upper half of the band · %B 0.68 · band width 10.9%
- SMA 50 / 200
- 16.74 / 17.34
- mixed trend
- MACD (12, 26, 9)
- 0.22 / 0.19
- 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 | +6.5% | −0.6% | +7.2 pp | — |
| 3 months | +1.8% | −4.2% | +5.9 pp | — |
| 6 months | +1.8% | +4.3% | −2.6 pp | — |
| Year to date | −10.6% | +7.5% | −18.1 pp | — |
| 1 year | −15.1% | +9.9% | −25.0 pp | +0.3% |
| 3 years | −1.3% | +49.8% | −51.1 pp | +2.2% |
| 5 years | −50.7% | +42.8% | −93.6 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 0 percentile of its own 1-quarter history (min 30.0, median 30.0, max 30.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2022 | 2023 | 2024 |
|---|---|---|---|
| Revenue | unavailable | unavailable | unavailable |
| Revenue YoY | unavailable | unavailable | unavailable |
| Net income | -31.4 m | -142.4 m | 12.4 m |
| Net income YoY | unavailable | unavailable | unavailable |
| Diluted EPS | -1.58 | -7.08 | 0.63 |
| Diluted EPS YoY | unavailable | unavailable | unavailable |
| net % | unavailable | unavailable | unavailable |
| Free cash flow | 42.7 m | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 8.5 m EUR
- Financial debt
- 341.3 m EUR
- Net debt
- 332.9 m EUR
- Equity
- 672.3 m EUR
- Total assets
- 1.1 bn EUR
- Debt / equity
- 0.51x
- Current ratio
- 0.23x
- ROE
- 1.8%
- ROA
- 1.2%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Income statement · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Interest expense | 8.3 m | 8.4 m | 10.9 m | esef· 13 May 2025verified |
| Pre-tax income | -31.4 m | -180.5 m | 15.4 m | esef· 13 May 2025verified |
| Income tax | 2.0 k | -38.1 m | 3.0 m | esef· 13 May 2025verified |
| Net income | -31.4 m | -142.4 m | 12.4 m | esef· 13 May 2025verified |
| Diluted EPS | -1.58 | -7.08 | 0.63 | esef· 13 May 2025verified |
| Dividend per share | 1.04 | 1.73 | 1.52 | esef· 13 May 2025derived |
Balance sheet · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Cash | 196.0 k | 202.0 k | 8.5 m | esef· 13 May 2025verified |
| Receivables | 1.4 m | 4.0 m | 2.2 m | esef· 13 May 2025verified |
| Current assets | 2.8 m | 4.2 m | 10.7 m | esef· 13 May 2025verified |
| Property, plant & equipment, net | 4.1 m | 3.8 m | 3.2 m | esef· 13 May 2025verified |
| Intangibles (excl. goodwill) | 72.0 k | 32.0 k | 29.0 k | esef· 13 May 2025verified |
| Total assets | 1.3 bn | 1.1 bn | 1.1 bn | esef· 13 May 2025verified |
| Accounts payable | 23.4 m | 27.0 m | 25.0 m | esef· 13 May 2025verified |
| Short-term debt | 14.0 m | 11.0 m | 17.1 m | esef· 13 May 2025verified |
| Long-term debt | 286.0 m | 333.6 m | 324.2 m | esef· 13 May 2025verified |
| Current liabilities | 103.1 m | 38.0 m | 47.2 m | esef· 13 May 2025verified |
| Total liabilities | 392.8 m | 377.7 m | 379.1 m | esef· 13 May 2025verified |
| Equity | 887.0 m | 709.9 m | 672.3 m | esef· 13 May 2025verified |
| Shares outstanding at year end | 19.9 m | 20.1 m | 19.6 m | esef· 13 May 2025derived |
Cash flow · EUR
| Line | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 42.8 m | 41.6 m | 39.7 m | esef· 13 May 2025verified |
| Capex | 104.0 k | — | — | esef· 01 May 2024verified |
| Free cash flow | 42.7 m ≈ | — | — | esef· 01 May 2024derived |
| Investing cash flow | 4.3 m | 14.6 m | 17.4 m | esef· 13 May 2025verified |
| Financing cash flow | -68.6 m | -53.2 m | -54.9 m | esef· 13 May 2025verified |
| Dividends paid | 30.1 m | 34.8 m | 29.9 m | esef· 13 May 2025verified |
≈ 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
- indicators available: 3 of at least 6
- score weight coverage: 20.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 340.1 m EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
21% · 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: 6.11 – 28.25 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 · the input exists, but its latest figure is far older than the latest reported period: not used
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E6.11 – 15.98 (Mid 8.73)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)20.71 – 28.25 (Mid 23.90)
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: indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | unavailable | unavailable | — |
| FCF conversion · Quality | unavailable | unavailable | — |
| 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 | 0.2x | 0 (on a fixed band) | 20% |
| P/E (TTM) · Valuation | 27.5x | 36 (vs peers) | 50% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 8.8% | 100 (on a fixed band) | 30% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial0/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partialunavailable · 0/3 factors with a value
- Returns· partial100/100 · 1/2 factors with a value
- Valuation· partial36/100 · 1/3 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
NSI N.V. (NSI.AS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: ROE 1.8%.
The estimated value range is 13.41–22.11 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 16.32 EUR, the price of 17.32 EUR leaves a potential of -5.8% (value / price − 1) and a margin of safety of -6.2% (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 (indicators available: 3 of at least 6; score weight coverage: 20.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 8.8%
What contradicts it
- Current ratio: 0.2x
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): ROIC, Net margin, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, EV/EBITDA, FCF yield, Payout ratio (FCF).
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 NSI.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
NSI N.V. develops and manages office space in Amsterdam and other key Dutch cities, listed on Euronext Amsterdam. The company focuses on energy-efficient buildings and serviced flexible space, and as the office market slowly recovers, its high share of top energy-rated buildings and moderate leverage are central to its profile.
SWOT
Strengths
- The balance sheet is solid, with leverage well within covenant limits, giving financial flexibility.
- The portfolio has a high share of top energy-rated and sustainability-certified buildings, an advantage as tenant requirements tighten.
- The in-house HNK concept and premium Amsterdam locations support higher rents and good tenant retention.
Weaknesses
- Activity is geographically concentrated in the Netherlands, exposing the company to a single market.
- Internal audit capacity is small and partly outsourced, a choice management justifies on efficiency grounds.
- Limited market liquidity constrains flexibility in asset transactions.
Opportunities
- Demand for turn-key and integrated space could grow, offering openings for the HNK concept.
- Extending NSI-branded services to multi-tenant buildings could add revenue.
- Completing the Rotterdam redevelopment projects could improve the offer and rent levels.
Threats
- Rising interest rates could raise the cost of debt and pressure profitability.
- Legal challenges affecting the Vitrum project could delay redevelopment.
- A slow office market recovery could keep pressure on valuations and rents.
Risks
- Refinancing and cost of debtmedium
The first debt maturity falls in January 2026, and the cost of debt could rise if swap rates stay high.
- Real estate market liquiditymedium
Limited liquidity can make asset sales harder and can influence property valuations.
- Delays in redevelopment projectsmedium
Legal disputes affecting the Vitrum project show that developments can be delayed, which could affect future income.
- Geographic concentrationhigh
With activity concentrated in the Netherlands, a local market downturn could affect the company disproportionately.
- Change-of-control clause in financinglow
Lenders may demand early repayment of loans on a change of control, which could create liquidity pressure.
Investment thesis
What would need to be true (bull case)
- Energy-efficient buildings and the HNK concept could support higher rents and long-term occupancy.
- A moderately leveraged balance sheet leaves room to manoeuvre if the market stabilises.
- A policy of paying out at least 75% of profits could support shareholder returns.
What would break the thesis
- If interest rates rise more than expected, the cost of debt could erode profitability.
- Concentration in a single market and limited liquidity could restrict the ability to respond quickly to shocks.
- Delays in redevelopment projects could postpone planned income growth.
What to watch
- Completion of the Alexanderpoort redevelopment in Rotterdam2025
- Opening of the tenth HNK locationend 2025
- First debt maturity in January 2026 and refinancing terms2026
- Delivery against the 2025 EPRA EPS outlook and dividend proposalnext 10-K
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
NSI N.V. is a Dutch real estate company with its registered seat in Amsterdam, owning, developing and managing office buildings in prime locations in major Dutch cities. It has a two-tier structure with a two-member Management Board and a non-executive Supervisory Board 1. Its strategy rests on five pillars, including 'customer first' and 'sustainability leader' 1.
A distinctive element is HNK, its in-house serviced office concept offering everything from individual desks to furnished offices for larger teams. The concept was relaunched in 2022 and operates across nine NSI-owned buildings, with a tenth location planned for end 2025 1. The company is gradually extending this approach across its wider portfolio under the NSI brand 1.
Financially, NSI reported an LTV of 33.8% and an ICR of 5.1x at end 2024, both well within bank covenants 1. The company aims to pay out at least 75% of profits and proposed a full-year dividend of EUR 1.57 per share for fiscal 2024 1.
Segments
Premium offices in Amsterdam and Rotterdam
The company concentrates on office buildings in dynamic urban areas, with a primary focus on Amsterdam and selected locations in Rotterdam. The EUR 20 mln Alexanderpoort redevelopment in Rotterdam is underway and is set to complete later in 2025 1.
HNK serviced offices
HNK provides flexible, fully serviced space and operates in nine NSI buildings. Management says the upgraded concept has brought higher rents and better tenant retention 1.
Wider NSI-branded services
NSI is gradually extending services to multi-tenant buildings under the NSI brand, with a clear owner-operator promise. This extension is still at an early stage and its results are not yet measurable 1.
Market context
The Dutch office market shows, per the annual report, initial signs of recovery, though liquidity remains limited. NSI's property valuations at end 2024 were roughly flat versus 2023 as market conditions stabilised 1.
Demand is shifting toward turn-key space, especially for smaller floor plates, creating opportunities for owners who offer fit-out as a service. The company believes economic growth could support property values, even though higher interest rates could weigh on the cost of debt 1.
Trends
- Wider operationalisation of the office sectortailwind
Management sees the shift toward turn-key space and integrated services as the key trend for 2025. This could support rents and occupancy in buildings with well-developed services 1.
- Sustainability and energy-efficiency requirementsmixed
Tenants place growing weight on sustainability, and energy-label rules are becoming stricter. NSI's portfolio is largely compliant, but the investments needed could raise costs 1.
- Higher cost of debtheadwind
The company expects interest rates to rise alongside economic growth, and the overall cost of debt could increase given current swap rates and margins 1.
- Gradual market recoverymixed
The market has shown initial signs of recovery, but the lack of liquidity persists. If the recovery continues, property values could benefit; otherwise the outlook remains uncertain 1.
Competitive position
The annual report does not explicitly name competitors. The company operates in the Dutch office market, where it competes with other office developers and managers in Amsterdam and Rotterdam, as well as flexible office providers 1.
NSI's edge could come from its premium locations, the HNK concept and high sustainability standards. Management says it is further strengthening these elements 1.
- Other Amsterdam office developers and managers
Local competitors in the premium office segment; no specific data in the supplied source.
- Flexible office space operators
Direct competition for tenants seeking turn-key space and integrated services.
- Rotterdam real estate developers
Competitors in the local Rotterdam office market, where NSI has projects underway.
- International flexible space providers
Operators with a presence in major European cities that compete in the serviced office segment.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202413 May 2025
- Annual report 202413 May 2025
- Annual report 202301 May 2024
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / NSI N.V. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.