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Nextensa NV (NEXTA) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Nextensa NV €55.90, price €45.57, upside +22.7%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
  3. Add to watchlist

Real Estate · BE · ISIN BE0003770840

NN Broad data Sep 23, 2026

Nextensa NV

NEXTA · BR

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value €55.90 · Undervalued (+23%)
!Quality 44/100
!Mixed Growth (revenue 5y +17.6 %/yr)
✓Highly profitable · 28.1% net margin (TTM)
!Low debt · negative free cash flow
·2.19% dividend yield
!Trails peers (4/14)
!Moderate moat 56/100
!Weak on past: 16 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

€71.83 €34.79 Fair Value €55.90 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range €34.79 – €71.83 · fair‑value band €41.92 – €55.90 · the €45.57 price screens below the €55.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

Nextensa NV/SA is a leading real estate investor and developer creating sustainable and vibrant spaces for living, working and shopping, with a focus on generating value for all stakeholders.

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Nextensa NV/SA is a leading real estate investor and developer creating sustainable and vibrant spaces for living, working and shopping, with a focus on generating value for all stakeholders. It was established as a regulated Belgian real estate company under the name Leasinvest Real Estate before becoming, in 2021, a mixed real estate investor and developer following a merger with Extensa. Nextensa holds a unique market position by combining recurring rental income from real estate investments with the added-value potential of development activities in which authenticity and sustainability are paramount. Nextensa manages a high-quality investment portfolio with a focus on office and retail. In addition, the company is committed to sustainable urban development, realising innovative and forward-looking projects that contribute to a pleasant and mixed living environment. One of its most prominent developments is the redevelopment of the iconic Tour & Taxis site in Brussels, an ambitious project that brings together living, working and leisure in a dynamic and green urban environment. Nextensa is a listed integrated real estate group, listed on Euronext Brussels and active in Luxembourg, Belgium and Austria. Nextensa NV/SA was incorporated in 1999 in Belgium.

Stock analysis

Nextensa NV (NEXTA) currently trades at €45.57, while our model-based Fair Value estimate is €55.90, implying the stock looks roughly 18.5% undervalued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of €56.10 per share, and 5 of the 9 models we run sit above the €45.57 price.

Bear case: the Dividend Discount group reads lowest at €9.43, and 4 of the 9 models stay below the price. Evidence for this calculation is high.

Scenario range: €41.92 (bear) to €55.90 (bull), the price of €45.57 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 44/100 (below-average quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Nextensa NV reported revenue of €147M in FY2025 versus €94.8M in FY2021, a compound +11.6%/yr. Reported net income was €33.2M in FY2025, compounding −11.1%/yr from FY2021.

Key figures

Market cap €463M · P/E ratio 13.9 · P/S ratio 3.15 · EPS (TTM) €3.27 · Dividend yield 2.2% · Net margin 22.6% · Return on equity 4.0% · Return on assets (EBIT) 2.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 33 out of 100 (low confidence).

What moves the price

The share trades about 7% below its 52-week high and 16% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 1% fair-value upside, at 23%, NEXTA screens cheaper than that median.

Fair Value models

Bear €41.92 Fair Value €55.90 Bull €55.90
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (€1.66 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income €58.35 €56.10 €46.20 76
Gordon GGM €5.73 €10.32 €14.21 68
DDM Multi-Stage €5.73 €9.43 €11.03 67
All 9 models by family
Dividend Discount
Gordon GGM €5.73 €10.32 €14.21 68
DDM Multi-Stage €5.73 €9.43 €11.03 67
Multiples
P/S Multiple €41.94 €55.92 €69.90 58
P/B Multiple €41.94 €55.92 €69.90 55
EV/EBIT €34.82 €58.28 €81.74 64
EV/EBITDA €20.53 €39.22 €57.91 64
EV/Revenue €3.26 €19.89 €36.52 48
Asset-Based
NCAV (Graham) €41.84 €56.07 €83.68 54
Economic Profit
Residual Income €58.35 €56.10 €46.20 76

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Quality Score breakdown

Overall quality 44/100

Of which business quality 39 · Market factors (momentum, volatility) 63

Profitability 31
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 40
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 90
Calm price path (market factor)
Momentum 48
Price trend over the last 3–12 months (market factor)
52W Momentum 56
Distance to the 52-week high (market factor)
Net Issuance 42
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 55/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+9.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+2.6%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.6%
Start year 2020 (pandemic). Over 10 years: +10.5% a year
Revenue growth 24 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+45.9%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
−11.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−13.9%
Dividend (yield on the price)2.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−14% vs −6%, slowing
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.75% → 29%
Start year 2020 (pandemic)

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Earlier news

News mood ⓘNews mood, the average tone of recent news (37 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Diversified · 157 stocks

Beats the industry median on 4/14 measures
Overall it trails its industry peers.
Valuation
Quality Score 46 · Below median
Fair Value upside +23% · Above median
Profitability
Return on equity (TTM) 4% · Below median
Return on assets 2% · Below median
Net margin (TTM) 28% · Below median
Operating margin (TTM) 34% · Below median
Growth and dividend
Revenue growth 13% · Above median
Dividend yield (TTM) 2.2% · Below median
Balance sheet
Debt / equity 0.43× · Below median

Valuation Multiplesvs REIT - Diversified median · lower = cheaper

P/E (TTM) 13.9× · Pricier than median
P/B 0.62× · Cheaper than median
P/S (TTM) 4.45× · Pricier than median
EV/EBITDA 17.8× · Pricier than median
PEG 8.38× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)64 · sector 36
FUTURE (revenue growth)65 · sector 16
PAST (return on equity)16 · sector 19
HEALTH (low debt)78 · sector 75
DIVIDEND (yield)44 · sector 100

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Nextensa NV · Fair Value
€55.90 +18%Fair Value
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Cite: Fair Value Calculator (2026). "Nextensa NV Fair Value". https://www.fairvalue-calculator.com/stock/NEXTA

Frequently asked questions

Is Nextensa NV (NEXTA) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of €55.90 versus a price of €45.57, about +23% upside (undervalued).
What is the fair value of NEXTA?
Our model-based fair value for Nextensa NV is €55.90 (as of Sep 23, 2026), built from audited fundamentals. The current price: €45.57.
What is the quality score of NEXTA?
Nextensa NV has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Nextensa NV (NEXTA)?
Our model-based price target is the fair value of €55.90 (as of Sep 23, 2026) from 9 valuation models. Cautious scenario €41.92, optimistic scenario €55.90. It is a calculation from audited fundamentals, not an analyst target.
What is the Nextensa NV stock forecast for 2026?
Our models put fair value at €55.90, about +23% upside versus a price of €45.57 (undervalued). Cautious scenario €41.92, optimistic scenario €55.90. The calculation is refreshed regularly with new filings.
What is the revenue of Nextensa NV (NEXTA)?
Nextensa NV reported trailing-twelve-month revenue of about €118M (latest available figure, as of Sep 23, 2026).
Does Nextensa NV pay a dividend?
Nextensa NV currently shows a dividend yield of about 2.19% relative to its recent price (as of Sep 23, 2026).
What is the intrinsic value of Nextensa NV (NEXTA)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Nextensa NV it is €55.90 per share (as of Sep 23, 2026), against a price of €45.57. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Nextensa NV stock overvalued or undervalued in 2026?
As of Sep 23, 2026, NEXTA trades below its calculated fair value: price €45.57, fair value €55.90, a gap of about +23% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NEXTA?
No. The price is what the market pays today (€45.57); the fair value is what the company's own numbers justify (€55.90). For Nextensa NV the two are €10.34 per share apart. That gap is exactly why we show both numbers side by side.
How much is Nextensa NV worth?
The market values Nextensa NV at about €463M (market capitalisation, as of Sep 23, 2026). Per share that is €45.57; our models calculate a fair value of €55.90 per share.
What do the bullish and bearish scenarios say about NEXTA?
Our models span a range for Nextensa NV: cautious scenario €41.92, base €55.90, optimistic €55.90 per share (as of Sep 23, 2026, price €45.57). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NEXTA?
Nextensa NV trades at a price-to-earnings ratio of 13.9 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €55.90 is built from several models across several years. Other multiples: PEG 8.4, P/B 0.6, P/S 4.5, EV/EBITDA 17.8.
What is the PEG ratio of NEXTA?
The PEG ratio of Nextensa NV is 8.38 (P/E divided by earnings growth, as of Sep 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Nextensa NV (NEXTA)?
Balance-sheet figures for Nextensa NV (as of Sep 23, 2026): return on equity 4.0%, debt of 0.43 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is NEXTA from its 52-week high?
Nextensa NV trades at €45.57, about 7% below its 52-week high of €48.90 and 16% above the low of €39.34 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of €55.90 is for.
Which stocks are comparable to Nextensa NV?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Nextensa NV stock attractive at the current price?
The data as of Sep 23, 2026: price €45.57, calculated fair value €55.90 (+23%), Quality Score 44/100, from 9 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NEXTA calculated?
We run Nextensa NV through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €55.90, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. Nextensa NV currently trades 23 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Nextensa NV (NEXTA)?
The closing price on Sep 23, 2026 was €45.57. Our model-based fair value is €55.90, about +23% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Nextensa NV right now?
As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF. The price sits in the lower half of our model range, the side with the larger margin of safety. The data supports the verdict: every model runs on fully documented inputs.
Where does the earnings growth of Nextensa NV (NEXTA) come from?
Earnings per share at Nextensa NV grew −8.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +1.8 %, EBIT margin −8.4 %, tax rate −3.7 %, residual (interest, one-offs) +2.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.

Key figures of Nextensa NV

How large is the market capitalisation of Nextensa NV (NEXTA)?
The market capitalisation of Nextensa NV is €463M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Nextensa NV (NEXTA)?
The price-to-sales ratio of Nextensa NV is 3.15 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Nextensa NV (NEXTA)?
Earnings per share at Nextensa NV are €3.27 (price ÷ EPS = P/E 13.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Nextensa NV (NEXTA)?
The dividend yield of Nextensa NV is 2.2% (payout 30.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Nextensa NV (NEXTA)?
The net margin of Nextensa NV is 22.6% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Nextensa NV (NEXTA)?
The return on equity (ROE) of Nextensa NV is 4.0% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Nextensa NV (NEXTA)?
On an EBIT basis the return on assets of Nextensa NV is 2.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Nextensa NV (NEXTA)?
The operating margin of Nextensa NV is 33.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Nextensa NV (NEXTA)?
Revenue at Nextensa NV is growing +12.9% versus a year earlier (3y avg +2.6%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Nextensa NV (NEXTA)?
Earnings per share at Nextensa NV are growing +41.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Nextensa NV (NEXTA) generate?
The free cash flow of Nextensa NV is −€82.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Nextensa NV (NEXTA) carry?
The net debt of Nextensa NV is €593M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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