NEPI Rockcastle N.V. (NRP.AS) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+9593.8%

€749.33

vs €7.73 price

Levered DCF

€338.72

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.55

Distress zone

Rating

S-

Overall 5 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	10.28×	8.43×	8.2×	8.96×	15.26×	-18.21×	11.35×	16.84×
P/B	0.05×	1.01×	0.9×	1.01×	0.98×	0.86×	1.15×	0.98×
P/S	0.28×	5.81×	5.03×	6.27×	6.75×	5.94×	8.07×	7.48×
EV / EBITDA	4.13×	10.05×	10.01×	11.27×	16.79×	-35.31×	13.34×	18.22×
Gross margin	66.2%	65.7%	100.0%	64.4%	67.9%	69.0%	68.6%	69.0%
Operating margin	61.7%	61.6%	92.9%	92.4%	93.2%	95.9%	87.8%	64.6%
Net margin	54.0%	68.9%	61.6%	69.6%	43.8%	-32.6%	71.3%	44.2%
Current ratio	1.41×	2.34×	0.47×	1.81×	3.54×	1.97×	2.46×	0.47×
Debt / equity	0.64×	0.62×	0.61×	0.68×	0.63×	0.68×	0.57×	0.55×
Interest coverage	5.28×	4.67×	10.41×	10.16×	7.98×	0×	9.77×	8.04×
Dividend yield	145.8%	5.6%	1.7%	6.2%	5.8%	4.7%	3.4%	7.9%
Payout ratio	76.1%	47.1%	14.2%	55.4%	89.5%	-86.1%	38.9%	133.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.3%	12.0%	11.1%	11.2%	6.3%	-4.7%	10.2%	5.8%
Return on invested capital	5.3%	5.6%	8.4%	7.2%	6.9%	6.8%	6.8%	4.1%
Return on assets	5.8%	6.7%	6.3%	6.1%	3.6%	-2.6%	6.0%	3.4%
Free cash flow yield	94.7%	5.7%	4.5%	4.0%	5.2%	7.4%	0.8%	-0.7%
Earnings yield	191.7%	11.9%	12.2%	11.1%	6.5%	-5.5%	8.8%	5.9%
Enterprise value	€3.1B	€7.6B	€6.2B	€6.3B	€5.5B	€5.1B	€6.8B	€5.8B
Net debt / EBITDA	3.77×	3.46×	3.7×	4.27×	5.65×	-13.04×	4.12×	6.37×
Cash conversion cycle (days)	-160	-179	-67	-94	-95	-117	-148	-222