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 5,445 - -
Change - -2.86% 15.05% 24.78% 7.52% 2.12% - -
Enterprise Value (EV) 1 5,351 5,805 6,204 7,478 8,033 8,409 8,543 8,734
Change - 8.49% 6.87% 20.54% 7.42% 4.68% 1.59% 2.24%
P/E - - - 8.07x 10.7x 9.11x 8.85x 7.83x
PBR 0.96x 0.88x 0.92x 0.96x 1.07x 1.06x 1.01x 0.97x
PEG - - - - -0.5x 0.4x 2.93x 0.6x
Capitalization / Revenue 10.3x 8.54x 8.09x 8.92x 8.63x 8.3x 7.79x 7.2x
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 12x
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 19.1x
FCF Yield - - 2.8% 3.91% 3.16% 3.05% 4.31% 5.25%
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% 7.47% 7.91% 8.48%
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 1 346.9 404.6 491.2 555.9 618.1 655.8 699 756.4
EBITDA 1 284.9 395.5 462 527.5 576.7 603.3 654.7 729.5
EBIT 1 320.6 539.9 460.6 525.9 575.1 611.7 650.7 690.9
Net income 1 235 - 476.8 587.6 498.8 567.5 609.1 690.6
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 7.764 7.764 7.764
Nbr of stocks (in thousands) 608,995 608,995 635,830 702,551 710,717 707,299 - -
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.($)
9.13x12.89x14.01x7.45% 6.23B
14.04x4.55x12.24x3.61% 39.98B
5.75x0.78x1.61x8.56% 28.11B
17.96x3.96x15.93x1.36% 27.51B
7.9x1.42x7.84x4.47% 26.42B
13.87x3.09x14.78x2.52% 25.41B
10.25x2.01x8.28x4.1% 20.61B
8.09x0.9x3.26x2.76% 20.68B
37.7x13.82x34.8x3.15% 18.2B
13.13x6.41x16.86x1.66% 18.68B
Average 13.78x 4.98x 12.96x 3.96% 23.18B
Weighted average by Cap. 13.57x 4.06x 12.21x 3.8%

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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