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 5,455 - -
Change - -2.86% 15.05% 24.78% 7.52% 2.31% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,267 8,487 8,691
Change - 8.49% 6.87% 20.54% 7.42% 2.91% 2.67% 2.4%
P/E - - - 8.07x 10.7x 9.59x 8.82x 8.34x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.05x 1x 0.96x
PEG - - - - -0.5x 0.7x 1.01x 1.45x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 7.88x 7.43x 7.36x
EV / Revenue 15.4x 14.3x 12.6x 13.5x 13x 11.9x 11.6x 11.7x
EV / EBITDA 18.8x 14.7x 13.4x 14.2x 13.9x 13.8x 13.3x 12.5x
EV / EBIT 16.7x 10.8x 13.5x 14.2x 14x 13.7x 13.2x 12.7x
EV / FCF - - 35.7x 25.6x 31.6x 27.1x 21.9x 18.1x
FCF Yield - - 2.8% 3.91% 3.16% 3.7% 4.57% 5.53%
Dividend per Share 2 0.3442 0.5068 0.5128 0.5416 0.5583 0.5764 0.6041 0.6383
Rate of return 5.89% 8.93% 8.2% 7.67% 7.44% 7.51% 7.87% 8.32%
EPS 2 - - - 0.875 0.7014 0.8 0.87 0.92
Distribution rate - - - 61.9% 79.6% 72% 69.4% 69.4%
Net sales 1 346.9 404.6 491.2 555.9 618.1 692.3 734.5 740.8
EBITDA 1 284.9 395.5 462 527.5 576.7 597.8 637.1 697
EBIT 1 320.6 539.9 460.6 525.9 575.1 604 643.9 686.1
Net income 1 235 - 476.8 587.6 498.8 602.5 650.7 708.3
Net Debt 1 1,794 2,350 2,229 2,519 2,701 2,811 3,032 3,236
Reference price 2 5.840 5.673 6.251 7.059 7.503 7.676 7.676 7.676
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.6x11.94x13.83x7.51% 625.7Cr
14.45x4.54x12.45x3.46% 4.17TCr
6.54x0.9x1.81x7.72% 3.12TCr
22.23x4.36x18.3x1.14% 3.03TCr
8.11x1.43x7.16x4.4% 2.92TCr
15.23x3.15x15.57x2.3% 2.54TCr
15.98x1.02x6.73x2.33% 2.22TCr
15.65x6.74x19.12x1.21% 2.07TCr
9.13x2.2x7.56x4.07% 1.99TCr
Average 12.99x 4.03x 11.39x 3.79% 2.52TCr
Weighted average by Cap. 13.33x 3.31x 11.09x 3.58%

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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  4. Valuation NEPI Rockcastle N.V.
-40%: Exceptional extension
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