Company Valuation: NEPI Rockcastle N.V.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,556 3,455 3,974 4,959 5,332 5,664 - -
Change - -2.86% 15.05% 24.78% 7.52% 6.22% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,519 8,726 8,904
Change - 8.49% 6.87% 20.54% 7.42% 6.05% 2.43% 2.04%
P/E - - - 8.07x 10.7x 9.55x 9.01x 8.26x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.09x 1.04x 0.99x
PEG - - - - -0.5x 0.5x 1.5x 0.91x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8.25x 7.68x 7.49x
EV / Revenue 15.4x 14.3x 12.6x 13.5x 13x 12.4x 11.8x 11.8x
EV / EBITDA 18.8x 14.7x 13.4x 14.2x 13.9x 14.2x 13.4x 12.3x
EV / EBIT 16.7x 10.8x 13.5x 14.2x 14x 14.1x 13.3x 12.6x
EV / FCF - - 35.7x 25.6x 31.6x 37.5x 23.8x 19.5x
FCF Yield - - 2.8% 3.91% 3.16% 2.67% 4.2% 5.13%
Dividend per Share 2 0.3442 0.5068 0.5128 0.5416 0.5583 0.5755 0.6135 0.6557
Rate of return 5.89% 8.93% 8.2% 7.67% 7.44% 7.26% 7.74% 8.27%
EPS 2 - - - 0.875 0.7014 0.83 0.88 0.96
Distribution rate - - - 61.9% 79.6% 69.3% 69.7% 68.3%
Net sales 1 346.9 404.6 491.2 555.9 618.1 686.9 737 756.3
EBITDA 1 284.9 395.5 462 527.5 576.7 598.9 651.2 722.2
EBIT 1 320.6 539.9 460.6 525.9 575.1 603.3 654.1 704.3
Net income 1 235 - 476.8 587.6 498.8 603.8 646.7 709.7
Net Debt 1 1,794 2,350 2,229 2,519 2,701 2,855 3,062 3,240
Reference price 2 5.840 5.673 6.251 7.059 7.503 7.926 7.926 7.926
Nbr of stocks (in thousands) 608,995 608,995 635,830 702,551 710,717 710,717 - -
Announcement Date 23/2/22 24/2/23 20/2/24 25/2/25 24/2/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.55x12.36x14.17x7.26% 6.44B
15.32x4.85x13.03x3.31% 43.62B
20.93x4.27x17.53x1.2% 31.13B
8.13x1.43x7.17x4.38% 29.27B
5.92x0.69x1.42x8.43% 28.54B
13.98x3.07x14.73x2.51% 25.18B
15.13x6.83x18.32x1.41% 21.51B
8.77x2.22x7.12x4.03% 20.29B
Average 12.22x 4.47x 11.69x 4.07% 25.75B
Weighted average by Cap. 12.84x 3.67x 11.48x 3.75%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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