P/B

0.5
Current
5%
Cheaper
vs 3-y average of 0.6

Price to Book (P/B) ratio compares a company`s market value to its book value. It shows how much investors are paying for each dollar of net assets on the balance sheet.

P/B
0.5
=
Market Cap
€352.9m
/
Total Equity
€640.7m

Price to Book (P/B) ratio compares a company`s market value to its book value. It shows how much investors are paying for each dollar of net assets on the balance sheet.

P/B
0.5
=
Market Cap
€352.9m
/
Total Equity
€640.7m

Valuation Scenarios

NSI NV is trading below its 3-year average

If P/B returns to its 3-Year Average (0.6), the stock would be worth €18.27 (6% upside from current price).

Statistics
Positive Scenarios
4/4
Maximum Downside
No Downside Scenarios
Maximum Upside
+312%
Average Upside
87%
Scenario P/B Value Implied Price Upside/Downside
Current Multiple 0.5 €17.3
0%
3-Year Average 0.6 €18.27
+6%
5-Year Average 0.6 €19.22
+11%
Industry Average 0.6 €20.34
+18%
Country Average 2.2 €71.31
+312%

Forward P/B
Today’s price vs future total equity

Not enough data available to calculate forward P/B

Peer Comparison

All Multiples
P/B
P/E
All Countries
Close
P/E Multiple
Earnings Growth PEG
NL
NSI NV
AEX:NSI
Average P/E: 22.4
Negative Multiple: -34.5
N/A N/A
US
Boston Properties Inc
NYSE:BXP
33.2
9%
3.7
US
Alexandria Real Estate Equities Inc
NYSE:ARE
Negative Multiple: -5.4 N/A N/A
FR
Covivio SA
PAR:COV
8.5
-7%
N/A
JP
Nippon Building Fund Inc
TSE:8951
26.9
4%
6.7
US
COPT Defense Properties
NYSE:CDP
47.5
3%
15.8
US
Vornado Realty Trust
NYSE:VNO
6.8
-56%
N/A
JP
Japan Real Estate Investment Corp
TSE:8952
23.4
2%
11.7
AU
Dexus
ASX:DXS
12.7
64%
0.2
SG
Keppel REIT
SGX:K71U
Not Available
-21%
N/A
JP
Kenedix Office Investment Corp
TSE:8972
19.9
1%
19.9

Market Distribution

Lower than 93% of companies in Netherlands
Percentile
7th
Based on 554 companies
7th percentile
0.5
Low
0 — 1.4
Typical Range
1.4 — 4.4
High
4.4 —
Distribution Statistics
Netherlands
Min 0
30th Percentile 1.4
Median 2.2
70th Percentile 4.4
Max 589.5

NSI NV
Glance View

Market Cap
348.8m EUR
Industry
Real Estate

NSI NV is a closed-end real estate investment company, which engages in management of investment portfolio. The company is headquartered in Hoofddorp, Noord-Holland and currently employs 56 full-time employees. The Firm invests in a real estate portfolio, which it also actively manages. The company operates in three segments: the Netherlands, Belgium and Switzerland. Its investments are primarily focused on office and retail properties in the Netherlands and on offices and logistics real estate in Belgium. The Firm’s portfolio comprises over 300 lettable properties. The Firm has around 40 subsidiaries, including NSI Bedrijfsgebouwen BV, NSI Beheer BV, NSI Development BV, VastNed Offices Benelux Holding BV, Munuvius BV and NSI Luxembourg Holding Sarl, among others.

NSI Intrinsic Value
35.15 EUR
Undervaluation 51%
Intrinsic Value
Price €17.3
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