NSI NV (NSI) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of NSI NV stock €20.55, price €17.42, upside +18.0%, quality 52 out of 100. Rating: undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range €13.74 – €27.87 · fair‑value band €11.92 – €32.50 · the €17.42 price screens below the €20.55 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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NSI N.V. are Amsterdam real estate specialists bringing together local market knowledge, experience and capital. Our commitment is to help shape the future of how we work and live by understanding the local market and putting the needs of our customers first.
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With over 30 years of high-profile Dutch real estate experience, we're here to stay in creating the places of today and tomorrow. We create spaces that bring people together; creating connection, stimulating productivity and benefitting well-being.
With a commitment to sustainability leadership, we improve our energy efficiency and minimise our footprint by reducing, adapting and reusing materials to enable all of our customers to work in an environment that contributes to a more a sustainable future for all.
We work together with all our stakeholders to drive true partnerships that generate customer satisfaction, strong returns and long-term value.
Stock analysis
NSI NV (NSI) currently trades at €17.42, while our model-based Fair Value estimate is €20.55, implying the stock looks roughly 15% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of €29.33 per share, and 10 of the 11 models we run sit above the €17.42 price.
Bear case: the Growth DCF group reads lowest at €19.96, and 1 of the 11 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €11.92 (bear) to €32.50 (bull), the price of €17.42 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 52/100 (solid quality), in the Real Estate sector.
Mixed Growth: Spin-off in 2015: revenue and profit before it include the divested business. Growth is measured afresh from 2015.
NSI NV reported revenue of €87.5M in FY2025 versus €90.2M in FY2021, a compound −0.7%/yr. Reported net income was −€9.8M in FY2025.
Key figures
Market cap €329M Small · P/S ratio 4.03 · EPS (TTM) €−0.8200 · Dividend yield 9.1% · Net margin −18.8% · Return on equity −2.5% · Return on assets (EBIT) 4.6% (5-year average) · Operating margin 47.4%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 37 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 8% 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 18%, NSI screens cheaper than that median.
Fair Value models
Bear€11.92Fair Value €20.55Bull€32.50
Price €17.42 · Upside +18.0%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = 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.
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
Spin-off in 2015: revenue and profit before it include the divested business. Growth is measured afresh from 2015.
Revenue growth 1 year
+1.8%
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.
+2.1%
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.
−0.4%
Start year 2020 (pandemic). Over 10 years: +2.8% a year
Revenue growth 10 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.
+2.8%
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Profit margin (trend) ⓘ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.
64.9% (2019) → 59.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−5.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +3.8% a year for the price and −7.6% for the forecasts.
Price, fair value, quality and upside side by side.
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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 - Office · 63 stocks
Beats the industry median on 7/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score52 · Below median
Fair Value upside+18.0% · Above median
Profitability
Return on assets−0.9% · Bottom 25%
Net margin (12 months)−18.8% · Bottom 25%
Operating margin (12 months)47.4% · Below median
Growth and dividend
Revenue growth (quarter YoY)−7.1% · Bottom 25%
Dividend yield (12 months)9.1% · Top 25%
Balance sheet
Debt / equity0.44× · Below median
Valuation Multiplesvs REIT - Office median · lower = cheaper
P/B0.51× · Cheaper than median
P/S (12 months)3.90× · Cheaper than median
Price / free cash flow (fiscal year)7.9× · Cheaper than median
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "NSI NV Fair Value". https://www.fairvalue-calculator.com/stock/NSI
Frequently asked questions
Is NSI NV (NSI) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of €20.55 versus a price of €17.42, about +18% upside (undervalued).
What is the fair value of NSI?
Our model-based fair value for NSI NV is €20.55 (as of Nov 8, 2026), built from audited fundamentals. The current price: €17.42.
What is the quality score of NSI?
NSI NV has a Quality Score of 52/100. 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 NSI NV (NSI)?
Our model-based price target is the fair value of €20.55 (as of Nov 8, 2026) from 11 valuation models. Cautious scenario €11.92, optimistic scenario €32.50. It is a calculation from audited fundamentals, not an analyst target.
What is the NSI NV stock forecast for 2026?
Our models put fair value at €20.55, about +18% upside versus a price of €17.42 (undervalued). Cautious scenario €11.92, optimistic scenario €32.50. The calculation is refreshed regularly with new filings.
What is the revenue of NSI NV (NSI)?
NSI NV reported trailing-twelve-month revenue of about €84.5M (latest available figure, as of Nov 8, 2026).
Does NSI NV pay a dividend?
NSI NV currently shows a dividend yield of 9.07% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of NSI NV (NSI) and when is the ex-dividend date?
NSI NV pays a dividend of €1.58 per share a year, a dividend yield of 9.1%. The last ex-dividend date was Jul 17, 2026. A dividend has been paid every year since at least 1998. Free cash flow covers the dividend 1.35 times. Our assessment: Cash covered. The dividend is fully funded by free cash flow. The payout ratio on earnings is not available for this company.
What growth is priced into NSI NV (NSI)?
For today's price to be fair in a discounted-cash-flow model, NSI NV would have to grow free cash flow by +6.0 % per year for five years (discount rate 10.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.4 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of NSI use?
Our models discount NSI NV at 10.1 %: a base by market capitalisation (small), damped by beta 0.66, country premium for Netherlands. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For NSI NV that is +6.0 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (10.1 %) and the same formula as our fair value.
How much growth has NSI NV (NSI) delivered so far?
Over the past 5 years revenue at NSI NV grew -0.4 % a year. The price currently implies free-cash-flow growth of +6.0 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of NSI NV (NSI) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into NSI NV (+6.0 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of NSI NV (NSI)?
The free-cash-flow yield on the price is 12.65 %: that much free cash flow NSI NV produces per unit of market value. When it exceeds the discount rate of our models (10.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of NSI NV (NSI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NSI NV it is €20.55 per share (as of Nov 8, 2026), against a price of €17.42. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is NSI NV stock overvalued or undervalued in 2026?
As of Nov 8, 2026, NSI trades below its calculated fair value: price €17.42, fair value €20.55, a gap of about +18% (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 NSI?
No. The price is what the market pays today (€17.42); the fair value is what the company's own numbers justify (€20.55). For NSI NV the two are €3.13 per share apart. That gap is exactly why we show both numbers side by side.
How much is NSI NV worth?
The market values NSI NV at about €329M (market capitalisation, as of Nov 8, 2026). Per share that is €17.42; our models calculate a fair value of €20.55 per share.
What do the bullish and bearish scenarios say about NSI?
Our models span a range for NSI NV: cautious scenario €11.92, base €20.55, optimistic €32.50 per share (as of Nov 8, 2026, price €17.42). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of NSI?
The PEG ratio of NSI NV is 7.33 (P/E divided by earnings growth, as of Nov 8, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of NSI NV (NSI)?
Balance-sheet figures for NSI NV (as of Nov 8, 2026): return on equity −2.5%, debt of 0.44 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is NSI from its 52-week high?
NSI NV trades at €17.42, about 10% below its 52-week high of €19.46 and 8% above the low of €16.10 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €20.55 is for.
Which stocks are comparable to NSI NV?
From the same area (Real Estate) we also value BXP, Inc, MERLIN Properties SOCIMI, S.A, Alexandria Real Estate Equities, Inc, Vornado Realty Trust, 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 NSI NV stock attractive at the current price?
The data as of Nov 8, 2026: price €17.42, calculated fair value €20.55 (+18%), Quality Score 52/100, from 11 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 NSI calculated?
We run NSI NV through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of €20.55 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. NSI NV currently trades 15% 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 NSI NV (NSI)?
The closing price on Nov 6, 2026 was €17.42. Our model-based fair value is €20.55, about +18% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with NSI NV right now?
The model range is unusually wide (€11.92 to €32.50). The outcome hinges heavily on assumptions, so read the point estimate with caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of NSI NV
How large is the market capitalisation of NSI NV (NSI)?
The market capitalisation of NSI NV is €329M. 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 NSI NV (NSI)?
The price-to-sales ratio of NSI NV is 4.03 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of NSI NV (NSI)?
Earnings per share at NSI NV are €−0.8200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of NSI NV (NSI)?
The dividend yield of NSI NV is 9.1%. 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 NSI NV (NSI)?
The net margin of NSI NV is −18.8% (last twelve months). 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 NSI NV (NSI)?
The return on equity (ROE) of NSI NV is −2.5% (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 NSI NV (NSI)?
On an EBIT basis the return on assets of NSI NV is 4.6% (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 NSI NV (NSI)?
The operating margin of NSI NV is 47.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at NSI NV (NSI)?
Revenue at NSI NV is growing −7.1% versus a year earlier (3y avg +2.1%). 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 NSI NV (NSI)?
Earnings per share at NSI NV are growing −16.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does NSI NV (NSI) carry?
The net debt of NSI NV is €328M (fiscal year 2025, ≈ 7.9 yrs of FCF). 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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Some data
Nov 8, 2026