Financials NSI N.V.

Equities

Market Closed - Euronext Amsterdam Other stock markets 11:35:09 2024-04-26 am EDT			5-day change	1st Jan Change
17.58 ^EUR	+2.81%		-0.23%	-6.29%

Apr. 18	Tranche Update on NSI N.V.'s Equity Buyback Plan announced on March 11, 2024.	CI
Mar. 11	NSI N.V. commences an Equity Buyback Plan for 2,005,424 shares, representing 10% of its issued share capital, under the authorization approved on April 21, 2023.	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	821	632.8	689.4	466.3	378.1	352.4	-	-
Enterprise Value (EV) ¹	1,174	999	1,072	831.7	378.1	672.4	668.4	697.4
P/E ratio	4.15 x	-30.7 x	5.65 x	-14.7 x	-2.65 x	8.35 x	7.43 x	9.25 x
Yield	4.98%	6.59%	6.17%	9.25%	-	8.23%	7.96%	8.16%
Capitalization / Revenue	9.91 x	8.23 x	8.9 x	6.54 x	5.31 x	5 x	4.96 x	4.73 x
EV / Revenue	14.2 x	13 x	13.8 x	11.7 x	5.31 x	9.54 x	9.4 x	9.36 x
EV / EBITDA	19.6 x	18.5 x	19.1 x	16.2 x	7.57 x	12.9 x	12.7 x	13.2 x
EV / FCF	29.9 x	45.4 x	94.5 x	27.6 x	-	19.2 x	18.9 x	-
FCF Yield	3.34%	2.2%	1.06%	3.62%	-	5.21%	5.3%	-
Price to Book	0.91 x	0.74 x	0.73 x	0.53 x	-	0.47 x	0.46 x	0.47 x
Nbr of stocks (in thousands)	18,918	19,291	19,698	20,054	20,155	20,047	-	-
Reference price ²	43.40	32.80	35.00	23.25	18.76	17.58	17.58	17.58
Announcement Date	1/28/20	1/26/21	1/25/22	1/26/23	3/7/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	82.83	76.85	77.51	71.31	71.2	70.51	71.1	74.55
EBITDA ¹	59.8	53.92	56.14	51.5	49.94	52	52.5	53
EBIT ¹	59.28	53.37	55.66	50.76	49.3	50.71	51.45	51.7
Operating Margin	71.57%	69.44%	71.81%	71.18%	69.24%	71.92%	72.36%	69.35%
Earnings before Tax (EBT) ¹	-	-	-	-31.37	-180.5	38.45	38.4	41.85
Net income ¹	196.3	-20.41	121	-31.37	-142.4	33	42	38
Net margin	236.98%	-26.56%	156.06%	-43.99%	-199.96%	46.8%	59.07%	50.97%
EPS ²	10.47	-1.070	6.200	-1.580	-7.080	2.105	2.367	1.900
Free Cash Flow ¹	39.22	22.02	11.34	30.12	-	35	35.4	-
FCF margin	47.35%	28.65%	14.63%	42.24%	-	49.64%	49.79%	-
FCF Conversion (EBITDA)	65.59%	40.84%	20.2%	58.48%	-	67.31%	67.43%	-
FCF Conversion (Net income)	19.98%	-	9.38%	-	-	106.06%	84.29%	-
Dividend per Share ²	2.160	2.160	2.160	2.150	-	1.448	1.400	1.435
Announcement Date	1/28/20	1/26/21	1/25/22	1/26/23	3/7/24	-	-	-

¹EUR in Million²EUR

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	353	366	382	365	-	320	316	345
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.897 x	6.792 x	6.806 x	7.097 x	-	6.154 x	6.019 x	6.509 x
Free Cash Flow ¹	39.2	22	11.3	30.1	-	35	35.4	-
ROE (net income / shareholders' equity)	24%	5.11%	5.14%	4.66%	-	5.87%	5.33%	5.5%
ROA (Net income/ Total Assets)	3.94%	3.53%	3.53%	3.23%	-	4%	3.3%	-
Assets ¹	4,978	-579	3,425	-972	-	825	1,273	-
Book Value Per Share ²	47.80	44.30	48.20	44.20	-	37.00	37.90	37.30
Cash Flow per Share ²	-	-	-	-	-	1.870	1.850	1.830
Capex ¹	45.9	18	-	12.7	-	10	11	11
Capex / Sales	55.4%	23.42%	-	17.78%	-	14.18%	15.47%	14.76%
Announcement Date	1/28/20	1/26/21	1/25/22	1/26/23	3/7/24	-	-	-

¹EUR in Million²EUR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

17.58 EUR

Average target price

22.25 EUR

Spread / Average Target

+26.56%

	1st Jan change	Capi.
NSI N.V.	-6.29%	376M
REALTY INCOME CORPORATION	-6.46%	46.25B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-8.31%	20.33B
SEGRO PLC	-3.56%	13.07B
UNIBAIL-RODAMCO-WESTFIELD SE	+16.05%	11.53B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-4.85%	9.68B
FEDERAL REALTY INVESTMENT TRUST	-0.83%	8.48B
CAPITALAND ASCENDAS REIT	-14.19%	8.38B
KLÉPIERRE	+1.38%	7.63B
FIBRA UNO	-18.42%	5.53B