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 5,652 - -
Change - -2.86% 15.05% 24.78% 7.52% 6% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,507 8,714 8,892
Change - 8.49% 6.87% 20.54% 7.42% 5.91% 2.43% 2.05%
P/E - - - 8.07x 10.7x 9.58x 9.04x 8.28x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.09x 1.04x 1x
PEG - - - - -0.5x 0.5x 1.5x 0.91x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8.23x 7.67x 7.47x
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 37.4x 23.8x 19.5x
FCF Yield - - 2.8% 3.91% 3.16% 2.67% 4.21% 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% 7.24% 7.71% 8.25%
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 7.953 7.953 7.953
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.($)
9.58x12.39x14.21x7.24% 644.84Cr
16.01x5.03x13.53x3.17% 4.56TCr
8.68x1.49x7.69x4.08% 3.05TCr
21.3x4.32x17.71x1.18% 3.14TCr
5.61x0.61x1.25x8.98% 2.68TCr
14.56x3.13x15.02x2.41% 2.6TCr
8.91x2.42x7.8x4.06% 2.13TCr
15.46x6.9x18.51x1.38% 2.18TCr
Average 12.51x 4.54x 11.96x 4.06% 2.62TCr
Weighted average by Cap. 13.25x 3.76x 11.88x 3.68%

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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