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 5,543 - -
Change - -2.86% 15.05% 24.78% 7.52% 3.95% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,398 8,605 8,783
Change - 8.49% 6.87% 20.54% 7.42% 4.55% 2.46% 2.07%
P/E - - - 8.07x 10.7x 9.39x 8.85x 8.12x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.07x 1.02x 0.98x
PEG - - - - -0.5x 0.5x 1.47x 0.89x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8.07x 7.52x 7.33x
EV / Revenue 15.4x 14.3x 12.6x 13.5x 13x 12.2x 11.7x 11.6x
EV / EBITDA 18.8x 14.7x 13.4x 14.2x 13.9x 14x 13.2x 12.2x
EV / EBIT 16.7x 10.8x 13.5x 14.2x 14x 13.9x 13.2x 12.5x
EV / FCF - - 35.7x 25.6x 31.6x 37x 23.5x 19.2x
FCF Yield - - 2.8% 3.91% 3.16% 2.71% 4.26% 5.2%
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% 7.39% 7.87% 8.41%
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 7.792 7.792 7.792
Nbr of stocks (in thousands) 608,995 608,995 635,830 702,551 710,717 710,717 - -
Announcement Date 2/23/22 A 2/24/23 A 2/20/24 A 2/25/25 A 2/24/26 A - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.39x12.22x14.01x7.39% 6.3B
15.78x4.97x13.37x3.21% 44.9B
20.45x4.21x17.18x1.22% 30.13B
8.47x1.48x7.57x4.16% 29.81B
5.69x0.63x1.31x8.85% 27.19B
14.69x3.15x15.08x2.39% 26.11B
9.19x2.37x7.3x3.8% 21.66B
15.17x6.87x18.36x1.4% 21.34B
10.27x1.65x14.29x3.68% 18.7B
Average 12.12x 4.17x 12.05x 4.01% 25.13B
Weighted average by Cap. 12.78x 3.53x 11.84x 3.7%

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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