NSI N.V (NSI) Fair Value & Analysis
Real Estate · NL · Market cap €344M
Fair value as of: Jul 12, 2026
From 13 valuation models · updated 29 days ago
Share price −3.4% over the past month.
A solid business, screening 30% undervalued on our models.
What matters now
- Solid quality (50/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (€16.41 to €32.83) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.
How to read this chart
60‑month range €13.74 – €27.87 · fair‑value band €16.41 – €32.83 · the €16.90 price screens below the €21.99 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.
Analysis
NSI N.V (NSI) currently trades at €16.90, while our model-based Fair Value estimate is €21.99, implying the stock looks roughly 30.1% undervalued today. The Quality Score stands at 50/100 (solid quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, NSI N.V generated revenue of €86.3M at a net margin of -12.8%. Revenue declined 7.5% year over year. It earns a return on equity of -1.5%. Net debt stands at €328M. Fundamentals as of Jul 12, 2026
Our scenario range runs from €16.41 (bear case) to €32.83 (bull case); at €16.90, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 27% below its 52-week high and 5% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -20% fair-value upside, at 30%, NSI screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 13 models by family
Widest divergence: Multiples (€33.16) versus Dividend Discount (€9.36). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 44
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
NSI N.V 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.
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Earlier news
External third-party headlines (Yahoo Finance, Reuters and others), not an editorial selection.
- NSI NV (NIUWF) (H1 2026) Earnings Call Highlights: Navigating Challenges with Strategic Initiatives
- NSI (AMS:NSI) shareholders have endured a 34% loss from investing in the stock three years ago
- Institutions own 45% of NSI N.V. (AMS:NSI) shares but individual investors control 46% of the company
- Is There Now An Opportunity In NSI N.V. (AMS:NSI)?
Peer Group
REIT - Office · 75 stocks
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.
Valuation Multiples vs REIT - Office median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Office stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| MERLIN Properties SOCIMI, S.A MRL | €15.23 | €6.46 | -58% |
| BXP, Inc BXP | $69.11 | $53.27 | -23% |
| Vornado Realty Trust VNORP | $51.75 | $41.59 | -20% |
| Alexandria Real Estate Equities, Inc ARE | $50.12 | $59.48 | +19% |
| Hudson Pacific Properties, Inc HPP | $15.38 | $4.60 | -70% |
| Mapletree Pan Asia Commercial Trust N2IU | 1.28 SGD | 1.14 SGD | -11% |
| Cousins Properties Incorporated CUZ | $32.15 | $17.62 | -45% |
| Kilroy Realty Corporation KRC | $39.42 | $40.37 | +2% |
| Keppel DC REIT AJBU | 2.20 SGD | 1.68 SGD | -24% |
| DEXUS DXS | A$5.64 | A$4.49 | -20% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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