NSI NV
AEX:NSI

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NSI NV
AEX:NSI
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Price: 16.96 EUR -1.97% Market Closed
Market Cap: €341.9m

EV/FCFF

14.9
Current
16%
Cheaper
vs 3-y average of 17.7

Enterprise Value to Free Cash Flow to Firm (EV/FCFF) ratio compares a company`s total enterprise value to the free cash flow available to all investors, both debt and equity holders. It shows how much investors are paying for each dollar of cash flow the business generates before interest payments.

EV/FCFF
14.9
=
Enterprise Value
€640.7m
/
Free Cash Flow to Firm
€41.6m

Enterprise Value to Free Cash Flow to Firm (EV/FCFF) ratio compares a company`s total enterprise value to the free cash flow available to all investors, both debt and equity holders. It shows how much investors are paying for each dollar of cash flow the business generates before interest payments.

EV/FCFF
14.9
=
Enterprise Value
€640.7m
/
Free Cash Flow to Firm
€41.6m

Valuation Scenarios

NSI NV is trading below its 3-year average

If EV/FCFF returns to its 3-Year Average (17.7), the stock would be worth €20.25 (19% upside from current price).

Statistics
Positive Scenarios
4/4
Maximum Downside
No Downside Scenarios
Maximum Upside
+30%
Average Upside
25%
Scenario EV/FCFF Value Implied Price Upside/Downside
Current Multiple 14.9 €16.96
0%
3-Year Average 17.7 €20.25
+19%
5-Year Average 18.3 €20.89
+23%
Industry Average 18.9 €21.53
+27%
Country Average 19.3 €21.97
+30%

Forward EV/FCFF
Today’s price vs future free cash flow to firm

Not enough data available to calculate forward EV/FCFF

Peer Comparison

All Multiples
EV/FCFF
P/E
All Countries
Close
Market Cap EV/FCFF P/E
NL
NSI NV
AEX:NSI
331m EUR 14.9 -33.8
US
Boston Properties Inc
NYSE:BXP
9.4B USD -497.9 33.9
US
Alexandria Real Estate Equities Inc
NYSE:ARE
6.9B USD -39.6 -4.8
FR
Covivio SA
PAR:COV
6.2B EUR 60.4 8.4
US
COPT Defense Properties
NYSE:CDP
7.2B USD 183.8 47.2
JP
Nippon Building Fund Inc
TSE:8951
1.1T JPY -92.5 26.5
US
Vornado Realty Trust
NYSE:VNO
5.8B USD 22.1 6.9
JP
Japan Real Estate Investment Corp
TSE:8952
845.2B JPY 43.1 23
AU
Dexus
ASX:DXS
6.6B AUD 15.8 12.8
SG
Keppel REIT
SGX:K71U
4.4B 0 0
US
Cousins Properties Inc
NYSE:CUZ
4.3B USD -67.1 105.6
P/E Multiple
Earnings Growth PEG
NL
NSI NV
AEX:NSI
Average P/E: 33
Negative Multiple: -33.8
N/A N/A
US
Boston Properties Inc
NYSE:BXP
33.9
9%
3.8
US
Alexandria Real Estate Equities Inc
NYSE:ARE
Negative Multiple: -4.8 N/A N/A
FR
Covivio SA
PAR:COV
8.4
-7%
N/A
US
COPT Defense Properties
NYSE:CDP
47.2
3%
15.7
JP
Nippon Building Fund Inc
TSE:8951
26.5
4%
6.6
US
Vornado Realty Trust
NYSE:VNO
6.9
-56%
N/A
JP
Japan Real Estate Investment Corp
TSE:8952
23
2%
11.5
AU
Dexus
ASX:DXS
12.8
64%
0.2
SG
Keppel REIT
SGX:K71U
Not Available
-21%
N/A
US
Cousins Properties Inc
NYSE:CUZ
105.6
20%
5.3

Market Distribution

In line with most companies in Netherlands
Percentile
38th
Based on 451 companies
38th percentile
14.9
Low
0.3 — 13.8
Typical Range
13.8 — 27.5
High
27.5 —
Distribution Statistics
Netherlands
Min 0.3
30th Percentile 13.8
Median 19.3
70th Percentile 27.5
Max 353.7

NSI NV
Glance View

Market Cap
341.9m 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 52%
Intrinsic Value
Price €16.96
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