NSI NV
AEX:NSI

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NSI NV
AEX:NSI
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Price: 17.3 EUR 0.93% Market Closed
Market Cap: €348.8m

P/OCF

8.1
Current
16%
Cheaper
vs 3-y average of 9.6

Price to Operating Cash Flow (P/OCF) ratio compares a company`s market value to the cash it generates from its core operations.

P/OCF
8.1
=
Market Cap
€352.9m
/
Operating Cash Flow
€41.6m

Price to Operating Cash Flow (P/OCF) ratio compares a company`s market value to the cash it generates from its core operations.

P/OCF
8.1
=
Market Cap
€352.9m
/
Operating Cash Flow
€41.6m

Valuation Scenarios

NSI NV is trading below its 3-year average

If P/OCF returns to its 3-Year Average (9.6), the stock would be worth €20.57 (19% upside from current price).

Statistics
Positive Scenarios
4/4
Maximum Downside
No Downside Scenarios
Maximum Upside
+38%
Average Upside
27%
Scenario P/OCF Value Implied Price Upside/Downside
Current Multiple 8.1 €17.3
0%
3-Year Average 9.6 €20.57
+19%
5-Year Average 10.5 €22.46
+30%
Industry Average 9.9 €21.18
+22%
Country Average 11.2 €23.79
+38%

Forward P/OCF
Today’s price vs future operating cash flow

Not enough data available to calculate forward P/OCF

Peer Comparison

All Multiples
P/OCF
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
12.9
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

In line with most companies in Netherlands
Percentile
42nd
Based on 485 companies
42nd percentile
8.1
Low
0.1 — 6.7
Typical Range
6.7 — 19.4
High
19.4 —
Distribution Statistics
Netherlands
Min 0.1
30th Percentile 6.7
Median 11.2
70th Percentile 19.4
Max 387.8

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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