NSI NV : Progress with portfolio rotations positive news, valuation remains attractive
>Core business shows resilience, further portfolio rotations expected - NSI reported Q1 trading updated which matched our estimates for the top line (gross rents) € 19.3m (vs. ABN ODDOe € 19.3m), while the direct results were slightly weaker at € 9.0m for Q1 (-21% vs. ABN ODDOe € 11.4m) largely due to higher operating costs and higher net financing costs in Q1. Operationally the Q1 showed resilience with +99% rent collections for the office/HNK segments. We view the a...NSI 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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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