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 5,556 - -
Change - -2.86% 15.05% 24.78% 7.52% 4.2% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,412 8,618 8,797
Change - 8.49% 6.87% 20.54% 7.42% 4.72% 2.46% 2.07%
P/E - - - 8.07x 10.7x 9.42x 8.88x 8.14x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.07x 1.02x 0.98x
PEG - - - - -0.5x 0.5x 1.47x 0.9x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8.09x 7.54x 7.35x
EV / Revenue 15.4x 14.3x 12.6x 13.5x 13x 12.2x 11.7x 11.6x
EV / EBITDA 18.8x 14.7x 13.4x 14.2x 13.9x 14x 13.2x 12.2x
EV / EBIT 16.7x 10.8x 13.5x 14.2x 14x 13.9x 13.2x 12.5x
EV / FCF - - 35.7x 25.6x 31.6x 37x 23.5x 19.3x
FCF Yield - - 2.8% 3.91% 3.16% 2.7% 4.25% 5.19%
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% 7.36% 7.85% 8.39%
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 7.818 7.818 7.818
Nbr of stocks (in thousands) 6,08,995 6,08,995 6,35,830 7,02,551 7,10,717 7,10,717 - -
Announcement Date 23/02/22 24/02/23 20/02/24 25/02/25 24/02/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.42x12.25x14.05x7.36% 633.71Cr
14.74x4.68x12.71x3.42% 4.22TCr
22.51x4.39x18.44x1.13% 3.06TCr
6.15x0.76x1.55x8.2% 2.94TCr
7.62x1.38x6.92x4.68% 2.74TCr
14.93x3.12x15.43x2.35% 2.49TCr
15.65x1x6.59x2.38% 2.17TCr
15.49x6.71x19.03x1.22% 2.04TCr
9.01x2.17x7.45x4.12% 1.97TCr
Average 12.83x 4.05x 11.35x 3.87% 2.47TCr
Weighted average by Cap. 13.32x 3.36x 11.17x 3.64%

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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