NEPI Rockcastle N.V.

NRP.AS · Real Estate · Real Estate - Diversified · Valued as of 2026-11-03 · Statements 2025-12-31

How Each Value Is Built

The screener's three formulas on the reported figures. Each card reads the same way: the value as a sum of numbered terms, each term's calculation opened under it, from the reported figures to the value. The list ranks companies by their plain average over the market cap.

What it is worth

EPV + Growth

9.56B USD

what the normal year's earnings are worth for ever, plus growth that pays

Profit

8.58B USD

15 years of cash the shareholders can take out, and the equity left at year 15

FCFF

6.75B USD

15 years of cash for shareholders and lenders, less what is owed

Average Intrinsic Value

8.30B USD

The plain average of EPV, Profit and FCFF

Against the price

Market Cap

5.91B USD

the price on the date above times the shares

Intrinsic Value ÷ Market Cap

1.40×

the ratio the screener ranks by

Margin of Safety

+28.8%

1 − Market Cap / Average Intrinsic Value

Projections, not exact values. Intrinsic Values are projected from each company's past reports. They show which stocks look cheap compared with the others, not exactly what a stock is worth.

Earnings power value plus growth: 9.56B USD
What the normal year's operating profit after tax is worth if it lasts for ever, plus what the new investment adds beyond its cost, less the net debt that comes before the shareholders (or plus the net cash).
①EPV (earnings power value)10.92B USD
−②Net Debt Today3.30B USD
+③Growth Value1.94B USD
=Value9.56B USD

EPV of the Operations (NOPAT over WACC)

10.92B USD

Net debt today

-3.30B USD

Growth Value

+1.94B USD

Value

9.56B USD

①EPV (Earnings Power Value)

10.92B USD

②Net Debt Today

3.30B USD

③Growth Value

1.94B USD

Market value

Market Cap5.91B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+38.2%

1 minus the market cap as a share of the value.

Profit value: today's value of the shareholders' equity, from the cash it can pay them (FCFE): 8.58B USD
Fifteen years of free cash flow to equity (FCFE), each brought to today at the cost of equity, plus the equity at year 15 brought to today.
①Present Value of the 15 Years of FCFE4.66B USD
+②Equity at Year 15, Today3.92B USD
=Value8.58B USD
FCFE: the net income left for the shareholders once the business keeps what next year's growth needsEquity reinvestment: the part of the year's net income kept in the business to grow the next year; below zero, capital the business releases to the shareholdersPresent value of the FCFEColoured bars show the FCFE, grey bars the equity reinvestment. With a positive equity reinvestment the two stacked are the year's normalized income; with a negative one the grey is below zero, capital the business releases, and the normalized income is the FCFE plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROE on new investment falling to the cost of equity. Axes linear.

①Present Value of the 15 Years of FCFE

4.66B USD

②Equity at Year 15, Today

3.92B USD

Market value

Market Cap5.91B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+31.1%

1 minus the market cap as a share of the value.

FCFF value: today's value of the shareholders' equity, from the cash the firm can pay its shareholders and lenders (FCFF): 6.75B USD
Fifteen years of free cash flow to the firm (FCFF), each brought to today at the WACC, plus the invested capital at year 15 brought to today, less the net debt today (or plus the net cash).
①Present Value of the 15 Years of FCFF3.98B USD
+②Invested Capital at Year 15, Today6.07B USD
−③Net Debt Today3.30B USD
=Value6.75B USD
FCFF: the NOPAT left for the shareholders and the lenders once the business reinvests what next year's growth needsReinvestment: the part of the year's NOPAT put back into the business to grow the next year; below zero, capital the business releasesPresent value of the FCFFColoured bars show the FCFF, grey bars the reinvestment. With a positive reinvestment the two stacked are the year's NOPAT; with a negative one the grey is below zero, capital the business releases, and the NOPAT is the FCFF plus that negative amount. Shaded, years 6 to 10: the growth falling to its long-run rate and the ROIC on new investment falling to the WACC. Axes linear.

①Present Value of the 15 Years of FCFF

3.98B USD

②Invested Capital at Year 15, Today

6.07B USD

③Net Debt Today

3.30B USD

Market value

Market Cap5.91B USD

The price on the date above times the shares.

Value vs market

Margin of Safety+12.4%

1 minus the market cap as a share of the value.

The Rates and the Capital the Values Read

The WACC and the cost of equity each value is discounted at, the book value and the net debt each starts from, and the seven quality metrics, from the same run.

WACC: 5.23%
Cost of Equity =Risk-Free Rate 4.50%+Beta 0.40×Market Risk Premium 6.00%= 6.89%

The yearly return the shareholders require for the risk they carry; it is the rate that brings their future cash to today.

Tax Rate for WACC =Tax Provision 148.27M USDPretax Income 734.86M USD= 20.18%

The tax the interest saves.

Interest Expense =EBIT 862.63M USD−Pretax Income 734.86M USD= 127.77M USD

The interest the company paid: EBIT is the profit before tax plus the interest.

Cost of Debt =Interest Expense 127.77M USDTotal Debt 3.83B USD×(1 − Tax Rate for WACC 20.18%)= 2.66%

What the lenders are paid a year after the tax the interest saves.

Debt Weight =Total Debt 3.83B USDMarket Cap + Total Debt 5.91B USD + 3.83B USD= 39.30%

The part of the capital the lenders put in, at market value.

WACC =Equity Weight 60.70%×Cost of Equity 6.89%+Debt Weight 39.30%×Cost of Debt 2.66%= 5.23%

Weighted average cost of capital: the yearly return the shareholders and the lenders together require, weighted by what each puts in; the rate that brings the firm's future cash to today.

Book value and net debt today
Both from the balance sheet of the newest quarter, 2026-06-30.

Total Assets 10.63B USD − Total Liabilities 4.82B USD = Book Value Today 5.81B USD

Total Debt 3.83B USD − Cash and Short-Term Investments 526.32M USD = Net Debt Today 3.30B USD

The book value is what Profit starts from and what stands when a projection is not made; the book value plus the net debt is what FCFF starts from; the net debt comes off Greenwald's and FCFF's values before the shareholders.

Quality metrics
Read beside the value, never a condition for it: every company is valued, and a filter in the list is the reader's choice.
MetricFrom
Share dilutionShares Today ÷ Shares Two Years Back − 17.0%at most 5%does not pass707,299,095 / 660,826,020
Accrual quality(Operating Cash Flow − Net Income) ÷ Total Assets-0.5%at least -10.0%passes(533.33M USD − 586.59M USD) ÷ 10.63B USD
Price to bookMarket Cap ÷ Book Value Today1.02×at most 3×passes5.91B USD ÷ 5.81B USD
Operating marginOperating Income ÷ Revenue62.0%above 10.0%passes673.87M USD ÷ 1.09B USD
Revenue growthRevenue ÷ Revenue a Year Before − 125.0%above 10.0%passes1.09B USD / 869.45M USD
Net cash(Cash − Total Debt) ÷ Market Cap-55.9%above -30%does not pass(526.32M USD − 3.83B USD) ÷ 5.91B USD
Operating efficiencyOperating Income ÷ Gross Profit92.7%above 25.0%passes673.87M USD ÷ 726.84M USD

Market Data

The provider's ratios and the analysts' consensus beside the argument; none of them enters a value.

Share price

7.46 EUR

Enterprise value

8.20B EUR

the provider's own figure

EV / EBITDA

13.90×

Price / book

1.04×

the provider's book

Price / earnings

10.21×

Return on equity

10.3%

the provider's figure, not this page's

Profit margin

54.5%

Revenue growth

4.3%

Analyst target, mean

8.15 EUR

Analysts

5

opinions in the consensus

Financial Statements

The annual lines the screener holds, year by year, in USD at each period's rate; the figures this valuation read are in its calculation above.

Income statement (USD)2022202320242025

Revenue

663.62M846.98M869.45M1.09B

Gross profit

429.50M544.22M579.10M726.84M

Operating income

397.08M507.25M542.44M673.87M

EBITDA

operating income before depreciation and amortisation

597.47M697.03M796.09M866.40M

Pretax income

535.29M605.66M676.66M734.86M

Net income

464.38M528.26M612.04M586.59M

Normalized income

net income without one-off items, as the data provider prints it; Profit's line when printed

426.75M528.77M588.46M591.99M

R&D

————
Balance sheet, year end (USD)2022202320242025

Total assets

7.63B8.44B9.11B10.53B

Total liabilities

3.47B3.67B3.99B4.64B

Shareholders' equity

the equity the parent's shareholders own, as printed, without minority interest; the book value the values read is total assets less total liabilities, in Book Value and Net Debt above

4.16B4.77B5.11B5.89B

Total debt

2.82B2.91B3.18B3.65B

Cash and equivalents

262.92M375.05M467.18M369.23M

Net PP&E

fixed assets after depreciation

4.03M5.26M43.36M107.13M

Working capital

current assets less current liabilities

175.79M-295.96M341.58M-82.93M
Cash flow (USD)2022202320242025

Operating cash flow

318.66M406.49M447.00M533.33M

Capital expenditure

paid out, so below zero

-152.54M-213.88M-153.34M-234.64M

Depreciation and amortisation

1.57M1.63M2.14M3.77M

Free cash flow

operating cash flow plus capital expenditure

166.12M192.61M293.66M298.69M