NSI N.V. (NSI.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-192.1%

-€15.93

vs €17.30 price

Levered DCF

€25.01

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.54

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-38×	30.03×	-2.65×	-14.72×	5.65×	-30.65×	4.15×	6.89×
P/B	0.59×	0.55×	0.53×	0.52×	0.72×	0.73×	0.9×	0.86×
P/S	4.29×	4.31×	4.46×	5.61×	7.57×	7.02×	8.51×	6.48×
EV / EBITDA	-286.96×	26.46×	-4.22×	-37.12×	8.15×	-87.05×	5.65×	10.33×
Gross margin	67.4%	69.6%	67.5%	70.2%	69.1%	72.6%	72.9%	70.8%
Operating margin	59.8%	61.2%	54.9%	64.9%	63.1%	59.5%	44.9%	45.5%
Net margin	-11.2%	14.4%	-168.1%	-38.1%	134.2%	-22.8%	205.2%	94.2%
Current ratio	0.32×	0.23×	0.12×	0.03×	0.47×	0.08×	0.29×	0.16×
Debt / equity	0.56×	0.52×	0.49×	0.41×	0.41×	0.43×	0.39×	0.61×
Interest coverage	5.86×	4.84×	5.54×	6.44×	6.1×	6.31×	4.36×	3.53×
Dividend yield	5.8%	8.1%	9.2%	6.5%	3.9%	4.5%	3.2%	5.1%
Payout ratio	-222.9%	241.8%	-24.4%	-95.9%	22.3%	-139.4%	13.4%	34.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.5%	1.8%	-20.1%	-3.5%	12.8%	-2.4%	21.7%	12.5%
Return on invested capital	4.2%	4.1%	3.5%	4.3%	4.2%	4.3%	3.4%	3.7%
Return on assets	-0.9%	1.2%	-13.1%	-2.5%	8.8%	-1.6%	15.2%	7.5%
Free cash flow yield	11.1%	10.7%	11.0%	9.2%	5.3%	6.4%	4.8%	8.3%
Earnings yield	-2.6%	3.3%	-37.7%	-6.8%	17.7%	-3.3%	24.1%	14.5%
Enterprise value	€705.6M	€710.8M	€723.2M	€828.8M	€1.1B	€995.7M	€1.2B	€1.1B
Net debt / EBITDA	-134.27×	12.66×	-2.02×	-16.43×	2.93×	-32.17×	1.72×	4.29×
Cash conversion cycle (days)	-77	-62	-45	-20	-21	-21	190	16