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 5,664 - -
Change - -2.86% 15.05% 24.78% 7.52% 6.22% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,627 8,761 8,952
Change - 8.49% 6.87% 20.54% 7.42% 7.4% 1.55% 2.18%
P/E - - - 8.07x 10.7x 9.42x 9.14x 8.09x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.09x 1.04x 1x
PEG - - - - -0.5x 0.4x 3.02x 0.6x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8.65x 8.1x 7.47x
EV / Revenue 15.4x 14.3x 12.6x 13.5x 13x 13.2x 12.5x 11.8x
EV / EBITDA 18.8x 14.7x 13.4x 14.2x 13.9x 14.3x 13.3x 12.3x
EV / EBIT 16.7x 10.8x 13.5x 14.2x 14x 14.1x 13.5x 13x
EV / FCF - - 35.7x 25.6x 31.6x 33.6x 23.8x 19.5x
FCF Yield - - 2.8% 3.91% 3.16% 2.98% 4.2% 5.12%
Dividend per Share 2 0.3442 0.5068 0.5128 0.5416 0.5583 0.5798 0.6142 0.6585
Rate of return 5.89% 8.93% 8.2% 7.67% 7.44% 7.22% 7.65% 8.21%
EPS 2 - - - 0.875 0.7014 0.8518 0.8776 0.992
Distribution rate - - - 61.9% 79.6% 68.1% 70% 66.4%
Net sales 1 346.9 404.6 491.2 555.9 618.1 654.8 699.6 758
EBITDA 1 284.9 395.5 462 527.5 576.7 603.3 657.4 729.9
EBIT 1 320.6 539.9 460.6 525.9 575.1 611.7 650.7 690.9
Net income 1 235 - 476.8 587.6 498.8 567.5 654.5 728
Net Debt 1 1,794 2,350 2,229 2,519 2,701 2,964 3,097 3,288
Reference price 2 5.840 5.673 6.251 7.059 7.503 8.024 8.024 8.024
Nbr of stocks (in thousands) 608,995 608,995 635,830 702,551 710,717 707,299 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.42x13.19x14.32x7.22% 6.58B
14.9x4.77x12.83x3.4% 42.42B
19.17x4.05x16.27x1.31% 28.61B
8.15x1.5x7.87x4.44% 26.77B
14.43x3.1x14.85x2.5% 25.7B
5.32x0.6x1.27x9.4% 25.6B
7.77x0.86x3.13x2.88% 19.86B
10.78x2.05x9.56x4.12% 20.41B
13.22x6.48x17.08x1.62% 19.21B
16.5x9.27x17.46x5.02% 17.62B
Average 11.97x 4.59x 11.46x 4.19% 23.28B
Weighted average by Cap. 12.40x 3.81x 11.26x 3.93%

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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