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 5,572 - -
Change - -2.86% 15.05% 24.78% 7.52% 4.5% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,427 8,634 8,812
Change - 8.49% 6.87% 20.54% 7.42% 4.91% 2.45% 2.06%
P/E - - - 8.07x 10.7x 9.45x 8.91x 8.17x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.07x 1.03x 0.98x
PEG - - - - -0.5x 0.5x 1.48x 0.9x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8.11x 7.56x 7.37x
EV / Revenue 15.4x 14.3x 12.6x 13.5x 13x 12.3x 11.7x 11.7x
EV / EBITDA 18.8x 14.7x 13.4x 14.2x 13.9x 14.1x 13.3x 12.2x
EV / EBIT 16.7x 10.8x 13.5x 14.2x 14x 14x 13.2x 12.5x
EV / FCF - - 35.7x 25.6x 31.6x 37.1x 23.6x 19.3x
FCF Yield - - 2.8% 3.91% 3.16% 2.7% 4.24% 5.18%
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% 7.34% 7.83% 8.36%
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 7.840 7.840 7.840
Nbr of stocks (in thousands) 608,995 608,995 635,830 702,551 710,717 710,717 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.45x12.27x14.07x7.34% 6.38B
14.61x4.64x12.62x3.45% 41.83B
22.44x4.38x18.41x1.13% 30.66B
6.02x0.72x1.46x8.38% 28.73B
7.85x1.4x7.03x4.54% 28.24B
15.25x3.16x15.58x2.3% 25.54B
15.45x0.98x6.51x2.41% 21.45B
16.17x6.85x19.41x1.17% 21.41B
9.06x2.2x7.56x4.1% 19.77B
Average 12.92x 4.07x 11.41x 3.87% 24.89B
Weighted average by Cap. 13.39x 3.39x 11.27x 3.62%

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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