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NSI N.V. (NSI.AS)

Company Dividend Discount ModelIndustry: REIT - OfficeSector: Real Estate

Valuation Snapshot

Stable Growth$50.85 - $73.02$61.68
Multi-Stage$118.62 - $130.82$124.60
Blended Fair Value$93.14
Current Price$23.85
Upside290.52%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS2.63%-2.47%1.511.761.521.361.441.331.620.000.000.00
YoY Growth---13.95%15.56%11.64%-5.32%8.32%-17.61%0.00%0.00%0.00%-100.00%
Dividend Yield--8.01%9.38%6.55%3.90%4.39%3.07%4.74%0.00%0.00%0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)147.17
(-) Cash Dividends Paid (M)45.03
(=) Cash Retained (M)102.14
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)29.4318.4011.04
Cash Retained (M)102.14102.14102.14
(-) Cash Required (M)-29.43-18.40-11.04
(=) Excess Retained (M)72.7183.7591.11
(/) Shares Outstanding (M)19.7419.7419.74
(=) Excess Retained per Share3.684.244.61
LTM Dividend per Share2.282.282.28
(+) Excess Retained per Share3.684.244.61
(=) Adjusted Dividend5.966.526.90
WACC / Discount Rate7.02%7.02%7.02%
Growth Rate-4.21%-3.21%-2.21%
Fair Value$50.85$61.68$73.02
Upside / Downside113.19%158.64%206.15%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)147.17142.44137.87133.44129.15125.01128.76
Payout Ratio30.60%42.48%54.36%66.24%78.12%90.00%92.50%
Projected Dividends (M)45.0360.5174.9488.39100.89112.51119.10

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate7.02%7.02%7.02%
Growth Rate-4.21%-3.21%-2.21%
Year 1 PV (M)55.9556.5457.12
Year 2 PV (M)64.0865.4366.79
Year 3 PV (M)69.8972.1174.36
Year 4 PV (M)73.7876.9180.13
Year 5 PV (M)76.0880.1384.36
PV of Terminal Value (M)2,002.052,108.762,219.97
Equity Value (M)2,341.832,459.872,582.73
Shares Outstanding (M)19.7419.7419.74
Fair Value$118.62$124.60$130.82
Upside / Downside397.35%422.41%448.51%

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