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    Real Estate - Development
NEPI Rockcastle N.V

NEPI Rockcastle N.V

NRP.JO
NEPI Rockcastle N.VZA flagJohannesburg Stock Exchange
14,678.00
ZAc
+25.00
- -
103.82BMarket Cap
NEPI Rockcastle N.V
NRP.JO
(Johannesburg Stock Exchange)

Recent

price

14,678.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
0.26
0.35
0.27
0.32
0.37
0.5
0.65
0.74
0.83
0.96
0.86
0.88
1.02
1.21
1.25
1.3
0.73
Revenue per Share
0.11
0.2
0.24
0.34
0.42
0.53
0.73
-1.27
0.37
0.68
-0.28
0.39
0.72
0.75
0.88
0.7
0.96
Basic EPS, GAAP
-0.06
-0.08
0.18
0.16
0.21
0.34
0.45
0.47
0.46
0.53
0.38
0.42
0.49
0.58
0.63
0.64
0.46
Free Cash Flow per Basic Share
0.12
0.15
0.09
0.02
0.04
0.17
0.15
0.09
0.49
0.26
0.24
0.35
0.4
0.11
0.41
0.55
0.15
Dividend per Share
-0.03
0.03
0.18
0.46
0.72
0.94
1.37
0.63
0.36
0.77
0.23
0.28
1.17
1.86
2.48
2.94
1.72
Book Value per Share
2.28
2.39
2.78
4.07
5.2
4.96
5.44
8.41
6.23
6.58
5.78
5.98
6.28
6.67
7.2
6.94
5.84
Tangible Book Value per Share
62
93
137
171
235
297
323
456
603
611
625
609
608
633
670
709
337
Basic Weighted Avg Shares
16
32
37
55
87
149
210
337
502
584
536
537
622
764
835
924
246
Sales/Revenue/Turnover
85.36
64.93
67.66
69.2
66.92
64.99
65.44
64.36
64.59
64.93
65.08
63.35
59.84
59.89
62.39
62.01
65.7
Operating Margin (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
1
1
1
1
2
3
- -
Depreciation Expense
7
19
33
57
99
158
235
-580
222
416
-175
235
435
477
588
499
323
Net Income, GAAP
17.61
- -
11.96
13.73
0.67
7.77
13.55
- -
19.82
9.3
- -
10.27
13.22
12.78
9.55
20.18
15
Effective Tax Rate (%)
42.6
58.54
88.72
103.87
113.99
106.45
111.95
-172.03
44.22
71.28
-32.6
43.79
69.98
62.37
70.39
53.98
131.55
Profit Margin (%)
11
47
67
45
87
304
-43
715
-61
277
345
407
165
-267
328
-71
-65
Working Capital
169
157
93
176
174
557
655
1,635
1,832
2,293
2,245
2,311
2,595
2,075
3,013
2,802
567
LT Debt
155
235
394
712
1,241
1,497
1,815
3,915
3,846
4,097
3,692
3,720
3,899
4,305
4,908
5,006
2,026
Total Equity
4.69
- -
4.52
4.3
4.84
5.09
5.14
- -
4.51
5.56
- -
4.98
5.12
5.91
6.32
5.69
5.75
Return on Invested Capital (%)
9.08
- -
20.85
23.71
31.79
25.96
24.87
- -
11.9
18.13
- -
11.28
16.53
15.02
16.2
11.83
31.98
Return on Capital (%)
- -
- -
245.75
111.66
79.84
70.73
65.19
-158.5
88.23
121.86
-57.13
150.78
98.8
50.51
41.4
26.62
70.87
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'16
Mar'17
Jun'17
ST Debt
79
93
86
LT Borrowings
655
559
567
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
335
342
- -
Market Capitalization
327,240
313,149
356,327

Working Capital

FRC

•

in mil. unless spec.
Dec'16
Mar'17
Jun'17
Total Current Assets
108
115
82
Cash, Cash Equivalents & STI
67
73
47
Accounts Receivable, Net
20
43
35
Inventories
- -
- -
- -
Total Current Liabilities
151
158
146
Payables & Accruals
- -
- -
- -
ST Debt
79
93
86
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
16.39%
6.4%
1.99%
Free Cash Flow
18.17%
14.05%
7.19%
Net Income, GAAP
-62.25%
-26.3%
-15.1%
Sales/Revenue/Turnover
21.75%
11.75%
10.72%
Total Cash Common Dividend
91.58%
66.45%
41.21%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
764
2024
- -
- -
- -
- -
835
2025
- -
- -
- -
- -
924

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.75
2024
- -
- -
- -
- -
0.88
2025
- -
- -
- -
- -
0.7

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
0.11
2024
- -
- -
- -
- -
0.41
2025
- -
- -
- -
- -
0.55
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Business
NEPI Rockcastle N.V. NEPI Rockcastle N.V. (NRP.JO) serves as the premier owner and operator of shopping centres across Central and Eastern Europe, managing a portfolio of 57 retail properties valued at €7.9 billion with 2.4 million square metres of gross leasable area, attracting over 347 million visits annually; the Group offers asset management, development, investment, leasing, and financial services focused on dominant retail destinations in eight countries including Poland (34% by market value), Romania (35%), Bulgaria (8%), Hungary (7%), Slovakia (7%), Croatia (4%), Czech Republic (3%), and Lithuania (2%). Founded in 2007 through the merger of New Europe Property Investments and Rockcastle Global Real Estate, the company maintains its registered office in Amsterdam, Netherlands, with key operational presence in Bucharest, Romania, and employs over 650 staff leveraging local expertise for tenant relationships with major international retailers such as Zara, Primark, JD Sports, Nike, Rituals, Lego, and Pandora. Its core offerings encompass income-producing shopping centres emphasizing high footfall, tenant sales growth, turnover rents, and ancillary green energy production from photovoltaic installations supplying 6% of electricity needs. The Group actively pursues growth via accretive acquisitions, developments, and sustainability initiatives; in 2024, it completed landmark purchases of Magnolia Park (100,000m2 GLA in Wroclaw, Poland, for €353 million) and Silesia City Center (88,400m2 GLA in Katowice, Poland, for €407 million), representing nearly €1 billion in total capital deployment and 40% of CEE retail real estate transactions that year, while divesting non-core Promenada Novi Sad in Serbia (€177 million) and an industrial asset in Romania. Development pipeline totals 187,900m2 GLA with €788 million investment including Promenada Bucharest extension, Bonarka City Center redevelopment, Arena Mall refurbishment, a major centre in Plovdiv (Bulgaria), Galati retail park (Romania), and residential projects; green energy expansions feature 38MW on-site capacity operational, 15MW rollout to 23 properties, and 159MW greenfield photovoltaic acquisitions in Romania (€110 million). To fund these, NEPI Rockcastle N.V. raised €500 million via green Eurobond (maturing 2032), €300 million equity placement (first since 2017), and €445 million IFC green facility, maintaining loan-to-value at 32.1%, €1.1 billion liquidity, BBB/BBB+ credit ratings, and 98.3% EPRA occupancy with 99% collection rate. In Q1 2025, it sustained NOI growth through leasing with brands like Zara, Lego, and Boss, alongside robust tenant sales and cost controls.