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 5,777 - -
Change - -2.86% 15.05% 24.78% 7.52% 8.34% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,632 8,839 9,017
Change - 8.49% 6.87% 20.54% 7.42% 7.46% 2.39% 2.02%
P/E - - - 8.07x 10.7x 9.79x 9.24x 8.47x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.11x 1.06x 1.02x
PEG - - - - -0.5x 0.5x 1.53x 0.93x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8.41x 7.84x 7.64x
EV / Revenue 15.4x 14.3x 12.6x 13.5x 13x 12.6x 12x 11.9x
EV / EBITDA 18.8x 14.7x 13.4x 14.2x 13.9x 14.4x 13.6x 12.5x
EV / EBIT 16.7x 10.8x 13.5x 14.2x 14x 14.3x 13.5x 12.8x
EV / FCF - - 35.7x 25.6x 31.6x 38x 24.1x 19.8x
FCF Yield - - 2.8% 3.91% 3.16% 2.63% 4.15% 5.06%
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% 7.08% 7.55% 8.07%
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 8.128 8.128 8.128
Nbr of stocks (in thousands) 608,995 608,995 635,830 702,551 710,717 710,717 - -
Announcement Date 23/2/22 24/2/23 20/2/24 25/2/25 24/2/26 - - -
1EUR in Million2EUR
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.8x12.57x14.41x7.07% 6.68B
15.16x4.81x12.94x3.34% 43.1B
8.65x1.5x7.83x4.11% 29.9B
18.41x4.03x16.47x1.34% 28.14B
6.36x0.35x0.73x8.93% 26.95B
13.66x3.05x14.7x2.59% 24.8B
8.29x0.92x3.34x2.7% 21.2B
8.92x2.3x7.07x3.91% 21.01B
13.7x6.59x17.66x1.55% 19.85B
10.1x1.64x14.18x3.74% 18.4B
Average 11.30x 3.77x 10.93x 3.93% 24B
Weighted average by Cap. 11.78x 3.18x 10.69x 3.73%

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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