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 5,429 - -
Change - -2.86% 15.05% 24.78% 7.52% 1.81% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,392 8,526 8,717
Change - 8.49% 6.87% 20.54% 7.42% 4.47% 1.59% 2.24%
P/E - - - 8.07x 10.7x 9.01x 8.75x 7.74x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.05x 1x 0.95x
PEG - - - - -0.5x 0.4x 2.89x 0.6x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8.29x 7.76x 7.16x
EV / Revenue 15.4x 14.3x 12.6x 13.5x 13x 12.8x 12.2x 11.5x
EV / EBITDA 18.8x 14.7x 13.4x 14.2x 13.9x 13.9x 13x 11.9x
EV / EBIT 16.7x 10.8x 13.5x 14.2x 14x 13.7x 13.1x 12.6x
EV / FCF - - 35.7x 25.6x 31.6x 32.7x 23.2x 19x
FCF Yield - - 2.8% 3.91% 3.16% 3.06% 4.32% 5.26%
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% 7.55% 8% 8.58%
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 7.675 7.675 7.675
Nbr of stocks (in thousands) 608,995 608,995 635,830 702,551 710,717 707,299 - -
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.95x12.76x13.85x7.6% 6.27B
15.23x4.79x12.92x3.35% 43.13B
17.99x3.97x15.95x1.36% 28.45B
8.19x1.5x7.92x4.37% 27.25B
5.47x0.65x1.38x9.14% 26.33B
14.13x3.07x14.71x2.55% 25.93B
10.63x2.15x9.15x3.95% 21.38B
7.86x0.87x3.17x2.84% 20.11B
13.18x6.42x16.89x1.65% 19.35B
37.66x13.8x34.28x3.14% 18.25B
Average 13.93x 5.00x 13.02x 4% 23.64B
Weighted average by Cap. 13.90x 4.13x 12.45x 3.75%

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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