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 5,497 - -
Change - -2.86% 15.05% 24.78% 7.52% 3.1% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,353 8,559 8,738
Change - 8.49% 6.87% 20.54% 7.42% 3.98% 2.47% 2.08%
P/E - - - 8.07x 10.7x 9.32x 8.79x 8.06x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.06x 1.01x 0.97x
PEG - - - - -0.5x 0.5x 1.46x 0.89x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8x 7.46x 7.27x
EV / Revenue 15.4x 14.3x 12.6x 13.5x 13x 12.2x 11.6x 11.6x
EV / EBITDA 18.8x 14.7x 13.4x 14.2x 13.9x 13.9x 13.1x 12.1x
EV / EBIT 16.7x 10.8x 13.5x 14.2x 14x 13.8x 13.1x 12.4x
EV / FCF - - 35.7x 25.6x 31.6x 36.8x 23.4x 19.1x
FCF Yield - - 2.8% 3.91% 3.16% 2.72% 4.28% 5.22%
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% 7.44% 7.93% 8.48%
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 7.735 7.735 7.735
Nbr of stocks (in thousands) 608,995 608,995 635,830 702,551 710,717 710,717 - -
Announcement Date 2/23/22 2/24/23 2/20/24 2/25/25 2/24/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.32x12.16x13.95x7.44% 6.25B
15.98x5.02x13.5x3.17% 45.46B
20.26x4.18x17.08x1.23% 29.81B
8.79x1.51x7.72x4.01% 30.92B
5.6x0.6x1.24x8.99% 26.76B
14.34x3.11x14.91x2.45% 25.46B
14.86x6.78x18.19x1.44% 20.83B
9.15x2.36x7.27x3.81% 21.57B
Average 12.29x 4.47x 11.73x 4.07% 25.88B
Weighted average by Cap. 12.95x 3.69x 11.58x 3.7%

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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