NSI valuation after 8 to 1 reverse split

February 2017

The company is shifting strategy to office spaces.

EPS 0,33 Euro x 15 = 4,95 Euros x 8 = 39,60 Euros

Book Value is 4,25 Euro x 8 = 34 Euros

Graham Number is Square Root ( 4,95 x 1,5 x 4,25) = 5,6 Euro Graham Number x 8 = 44,8 Euros

Stock Price = 3,78 Euros x 8 = 30,24 Euros

Seems cheap. Dividend is 0,27/3,8 = 7% Pretty Good

0,27 Euros dividend x 8 = 2,16 Euros

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September 2017

EPS 2017 expectation = 2,55 Euros x 15 multiple = 38,25 Euros

Earnings Yield = 2,55 Euros Earnings per share / 32,7 Euros price = 8%

Book value is 35 Euros.

Graham Number = Square root (35 x 1,5 x 38,25) = 44,81 Euros

Expected return of 5-10% per year.

http://nsi.nl/

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October 2018
EPS 2018 expectation - 2,5 Euros x 15 multiple = EUR 37,5

Price is EUR 34

Earnings Yield = 2,5/34 = 7%

Book Value (Net Asset Value EPRA European Public Real Estate Association = EUR 38,25

Graham Number should not be 1,5 x book?

Conclusion: not wildly under or overpriced at the moment.

See www.beterinbeleggen.nl for great companies.

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