NSI NV (NL:NSI)
:NSI
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NSI NV
(NSI)
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Rating:55Neutral
Price Target:
€19.00
▲(6.26% Upside)
Action:ReiteratedDate:01/31/26
The score is mainly driven by middling financial performance: steady operating cash flow and moderate leverage are outweighed by volatile bottom-line results and a 2025 setback where net income turned negative and free cash flow fell to zero. Technicals are a significant drag due to a pronounced downtrend and weak momentum. Valuation is mixed—an exceptionally high dividend yield helps, but the negative P/E reflects loss-making results and elevated risk.
Positive Factors
Market Position
Concentration in prime Amsterdam and Utrecht office markets provides durable demand, higher tenant quality and pricing resilience. Long-term urban locations reduce vacancy risk and support stable leasing cash flows, underpinning the company’s core income generation over cycles.
Negative Factors
Earnings Volatility
Sharp swings in net income driven by revaluations or below-the-line items undermine predictability of earnings and distributions. Persistent volatility complicates capital planning, reduces investor confidence in recurring returns, and increases sensitivity to accounting and market shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Market Position
Concentration in prime Amsterdam and Utrecht office markets provides durable demand, higher tenant quality and pricing resilience. Long-term urban locations reduce vacancy risk and support stable leasing cash flows, underpinning the company’s core income generation over cycles.
Read all positive factors
NSI NV (NSI) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€354.73M
Dividend Yield12.07%
Average Volume (3M)28.91K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth2.36%
EPS GrowthN/A
CountryNL
Employees69
SectorReal Estate
Sector Strength53
IndustryREIT - Office
Share Statistics
EPS (TTM)0.52
Shares Outstanding20,155,222
10 Day Avg. Volume29,273
30 Day Avg. Volume28,911
Financial Highlights & Ratios
PEG Ratio0.21
Price to Book (P/B)0.59
Price to Sales (P/S)4.29
P/FCF Ratio0.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€19.30Price Target Upside7.94% Upside
Rating ConsensusModerate Sell
Number of Analyst Covering2
EPS Forecast (FY)1.95
Revenue Forecast (FY)€66.83M
NSI NV Business Overview & Revenue Model
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...
How the Company Makes Money
NSI generates revenue primarily through leasing office spaces to various tenants, which provides a steady stream of rental income. The company also benefits from property management services, which may include maintenance and tenant relations, fur...
NSI NV Financial Statement Overview
Summary
Income Statement
54
Neutral
Balance Sheet
66
Positive
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 87.53M | 86.02M | 84.67M | 82.33M | 90.17M |
| Gross Profit | 58.99M | 64.04M | 61.38M | 62.09M | 66.41M |
| EBITDA | 52.96M | 53.08M | 49.61M | 51.11M | 55.71M |
| Net Income | -9.79M | 12.37M | -142.37M | -31.37M | 120.96M |
Balance Sheet | |||||
| Total Assets | 1.04B | 1.05B | 1.09B | 1.28B | 1.37B |
| Cash, Cash Equivalents and Short-Term Investments | 30.10M | 8.45M | 202.00K | 196.00K | 7.73M |
| Total Debt | 357.91M | 346.34M | 345.96M | 367.03M | 391.41M |
| Total Liabilities | 394.23M | 379.06M | 377.74M | 392.78M | 419.77M |
| Stockholders Equity | 640.73M | 672.34M | 709.88M | 887.01M | 948.46M |
Cash Flow | |||||
| Free Cash Flow | 0.00 | 39.64M | 41.65M | 42.66M | 36.16M |
| Operating Cash Flow | 41.61M | 39.66M | 41.65M | 42.80M | 36.94M |
| Investing Cash Flow | -9.29M | 17.38M | 14.58M | 4.25M | -25.59M |
| Financing Cash Flow | -28.26M | -54.91M | -53.20M | -68.62M | -3.39M |
NSI NV Technical Analysis
Negative
17.88
Price Trends
18.38
Negative
19.07
Negative
20.30
Negative
Market Momentum
-0.30
Negative
43.34
Neutral
51.52
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:NSI, the sentiment is Negative. The current price of 17.88 is above the 20-day moving average (MA) of 17.75, below the 50-day MA of 18.38, and below the 200-day MA of 20.30, indicating a bearish trend. The MACD of -0.30 indicates Negative momentum. The RSI at 43.34 is Neutral, neither overbought nor oversold. The STOCH value of 51.52 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:NSI.
NSI NV Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
55 Neutral | €354.73M | -38.35 | 0.32% | 12.07% | 2.36% | ― | |
51 Neutral | €333.15M | 128.24 | 5.36% | 7.15% | -7.16% | -50.45% | |
50 Neutral | €570.74M | -31.57 | -12.23% | 6.72% | 2.44% | -179.02% | |
49 Neutral | €432.10M | -13.18 | ― | ― | 48.95% | -64.87% | |
45 Neutral | €86.60M | -3.99 | ― | ― | -0.63% | 74.14% | |
41 Neutral | €190.69M | -5.11 | -14.18% | ― | -2.34% | -334.31% |
* Real Estate Sector Average
NL:NSI
NSI NV
17.60
-1.06
-5.71%
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NL:FAST
Fastned BV Shs Depositary Receipt 1 Shs
22.20
5.16
30.28%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.