NSI - Uncertainty strikes back
We adjust our estimates, following the announcement in Q1 2023 that ‘Laanderpoort' and ‘Vitrum' projects are facing delays for legal reasons. This news came after having frozen their ‘Wellhouse' project in Q4 2022.Operationally, NSI remains excellent, but the outlook is as uncertain as ever.In line with our study, we increase the WACC to 8.7%.We re-initiate NSI with a ‘Hold' and a TP of EUR 23.0.More details in our Note issued this morningNSI NV, formerly Nieuwe Steen Investments NV, is a closed-end real estate investment firm based in the Netherlands. The Firm invests in a real estate portfolio, which it also actively manages. It operates in three segments: the Netherlands, Belgium and Switzerland. Its investments are primarily focused on office and retail properties in the Netherlands and on offices and logistics real estate in Belgium. The Firm's portfolio comprises over 300 lettable properties. The Firm has around 40 subsidiaries, including NSI Bedrijfsgebouwen BV, NSI Beheer BV, NSI Development BV, VastNed Offices Benelux Holding BV, Munuvius BV and NSI Luxembourg Holding Sarl, among others.
We are an investment house with Belgian roots founded on more than 150 years of trust.
As a private company owned by long-term committed shareholders, we are independent. Naturally and structurally. Our experts have the knowledge to think and act without bias, and to make decisions that benefit our clients. Today and tomorrow.
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