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 5,643 - -
Change - -2.86% 15.05% 24.78% 7.52% 5.83% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,607 8,741 8,932
Change - 8.49% 6.87% 20.54% 7.42% 7.15% 1.55% 2.19%
P/E - - - 8.07x 10.7x 9.25x 9.04x 8.29x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.08x 1.04x 1x
PEG - - - - -0.5x 0.4x 3.89x 0.91x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8.04x 7.72x 7.52x
EV / Revenue 15.4x 14.3x 12.6x 13.5x 13x 12.3x 12x 11.9x
EV / EBITDA 18.8x 14.7x 13.4x 14.2x 13.9x 14.4x 13.4x 12.4x
EV / EBIT 16.7x 10.8x 13.5x 14.2x 14x 13.4x 12.8x 12.2x
EV / FCF - - 35.7x 25.6x 31.6x 28.2x 23.9x 19.6x
FCF Yield - - 2.8% 3.91% 3.16% 3.55% 4.19% 5.11%
Dividend per Share 2 0.3442 0.5068 0.5128 0.5416 0.5583 0.5754 0.6131 0.6516
Rate of return 5.89% 8.93% 8.2% 7.67% 7.44% 7.23% 7.7% 8.19%
EPS 2 - - - 0.875 0.7014 0.86 0.88 0.96
Distribution rate - - - 61.9% 79.6% 66.9% 69.7% 67.9%
Net sales 1 346.9 404.6 491.2 555.9 618.1 702.1 730.8 750.6
EBITDA 1 284.9 395.5 462 527.5 576.7 596.5 651.2 722.2
EBIT 1 320.6 539.9 460.6 525.9 575.1 641.9 682.6 733.9
Net income 1 235 - 476.8 587.6 498.8 565.9 653.5 715.6
Net Debt 1 1,794 2,350 2,229 2,519 2,701 2,964 3,098 3,289
Reference price 2 5.840 5.673 6.251 7.059 7.503 7.959 7.959 7.959
Nbr of stocks (in thousands) 608,995 608,995 635,830 702,551 710,717 707,299 - -
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.($)
9.25x12.24x14.41x7.23% 6.56B
15.6x4.95x13.31x3.25% 44.42B
8.98x1.53x8x3.95% 31.07B
17.9x3.99x16.28x1.37% 27.43B
5.51x0.67x1.4x9.07% 26.52B
13.45x3.03x14.61x2.62% 24.57B
8.09x0.9x3.26x2.76% 20.68B
10.83x2.09x9.79x4.1% 20.51B
10.69x1.68x14.58x3.53% 19.49B
13.12x6.49x17.34x1.62% 19.08B
Average 11.34x 3.76x 11.30x 3.95% 24.03B
Weighted average by Cap. 11.85x 3.19x 11.07x 3.74%

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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