NEPI Rockcastle PLC (NRP) fair value: what the stock is really worth
We calculate from audited financials what NEPI Rockcastle PLC is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
Compare price with fair valuebelow fair value = cheap, above = expensive
Check the quality50 and up solid, 75 and up strong
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Real Estate · NL · Market cap €5.5B · ISIN NL0015000RT3
At a glance
NRNEPI Rockcastle PLCNRP · AS
Price€8.10
Fair Value€10.15
Upside+25.3%
Quality56/100
A solid business, trading 20% below our fair value of €10.15.
As of Aug 13, 2026, the fair value of NEPI Rockcastle PLC is €10.15 per share against a price of €8.10, so the fair value sits 25% above the price. A model estimate from reported figures, not an analyst target.
!Expensive Growth (revenue 5y +12.2 %/yr)
✓Highly profitable · 53.6% net margin
✓Moderate debt · generates free cash flow
·6.89% dividend yield
✓Ranks above peers (9/10)
✓Wide moat 68/100
Evidence: HighRange €6.41 to €13.70
Fair value as of: Aug 13, 2026
From 16 valuation models · updated 26 days ago
Share price −1.1% over the past month.
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69 individual criteria per stock, every one traceable See the method →
What matters now
Solid quality (56/100) at a price below fair value, the discount is the argument here, not the business quality.
A fairly wide model range (€6.41 to €13.70) leaves room in how you read the outcome.
As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.
How to read this chart
60‑month range €1.98 – €8.20 · fair‑value band €6.41 – €13.70 · the €8.10 price screens below the €10.15 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
NEPI Rockcastle PLC (NRP) currently trades at €8.10, while our model-based Fair Value estimate is €10.15, implying the stock looks roughly 20.2% undervalued today. The Quality Score stands at 56/100 (solid quality), in the Real Estate sector. Bull case: the DCF Models group reads highest at a median of €11.84 per share, and 11 of the 16 models we run sit above the €8.10 price. Bear case: the Asset-Based group reads lowest at €4.71, and 5 of the 16 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, NEPI Rockcastle PLC generated revenue of €931M at a net margin of 53.6%. Revenue grew 9.3% year over year. It earns a return on equity of 10.1%. Net debt stands at €2.9B. Fundamentals as of Aug 13, 2026
Scenario range: €6.41 (bear) to €13.70 (bull), the price of €8.10 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades near its 52-week high and 36% above its 52-week low, currently above its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −33% fair-value upside, at 25%, NRP screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (€0.0980 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence
Highest evidence
Residual Income best evidence€6.19€6.86€9.5376
FCF DCF€2.32€5.40€15.0170
Growth DCF€1.97€6.25€14.6270
All 16 models by family
DCF Models
FCF DCF€2.32€5.40€15.0170
5Y Revenue Exit€3.46€9.08€20.9065
5Y EBITDA Exit€6.10€14.43€30.7969
10Y Revenue Exit€2.93€11.84€17.9464
10Y EBITDA Exit€5.10€17.41€39.4761
Dividend Discount
Gordon GGM€4.86€9.68€14.6567
DDM Multi-Stage€4.86€8.36€10.2267
Multiples
P/S Multiple€6.56€8.75€10.9458
P/B Multiple€9.27€12.36€15.4455
EV/EBIT€10.31€14.88€19.4565
EV/EBITDA€7.26€10.81€14.3666
EV/Revenue€3.20€6.03€8.8652
Asset-Based
NCAV (Graham)€3.52€4.71€7.0454
Growth DCF
Growth DCF€1.97€6.25€14.6270
Rev-Margin DCF€3.67€10.86€24.7365
Economic Profit
Residual Income best evidence€6.19€6.86€9.5376
Widest divergence: DCF Models (€11.84) versus Asset-Based (€4.71). Highest evidence: Residual Income (76).
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Key figures & financial health
P/E ratio11.6
P/S ratio6.25P/E × margin
EPS (TTM)€0.7000price ÷ EPS = P/E 11.6
Dividend yield6.9%payout 79.7%
Net margin54.0%FY2025
Return on equity10.1%TTM
More key figures
Profitability
Return on assets (EBIT)7.5%avg 5y
Operating margin61.5%TTM
Growth
Revenue (TTM)€931MTTM
Revenue growth (YoY)+9.3%3y avg +15.1%
EPS growth (YoY)−26.2%
Balance sheet & cash flow
Free cash flow€254MFY2025
Net debt€2.9BFY2025 · ≈ 11.3 yrs of FCF
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality56/100
Of which business quality 56
· Market factors (momentum, volatility) 72
Profitability41
Margins and returns on capital today
Quality Growth41
Are margins and returns improving?
Cashflow65
Earnings quality: real cash, not paper profit
Fin. Strength50
Balance sheet, leverage, solvency risk
Investment40
Disciplined investing over empire-building
Low Volatility86
Calm price path (market factor)
Momentum59
Price trend over the last 3–12 months (market factor)
52W Momentum79
Distance to the 52-week high (market factor)
Net Issuance100
Buybacks instead of dilution
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
NEPI Rockcastle N.V. is a public limited company with registration number at the Dutch Chamber of Commerce 87488329. The Company's shares are listed on the Main Board of the JSE Limited JSE, Euronext Amsterdam and A2X. NEPI Rockcastle is the premier owner and operator of shopping centres in Central and Eastern Europe (CEE).
Full company description
NEPI Rockcastle N.V. is a public limited company with registration number at the Dutch Chamber of Commerce 87488329. The Company's shares are listed on the Main Board of the JSE Limited JSE, Euronext Amsterdam and A2X. NEPI Rockcastle is the premier owner and operator of shopping centres in Central and Eastern Europe (CEE). The Group benefits from a highly skilled internal management team which combines asset management, development, investment, leasing and financial expertise. NEPI Rockcastle N.V. was incorporated in 2007 in Netherlands. The registered office of the firm is at Strawinskylaan 563, WTC Zuidas, Tower Ten, 5th Floor, 1077 XX Amsterdam. NEPI Rockcastle N.V. was incorporated in 2007 in Netherlands.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
NEPI Rockcastle PLC reported revenue of €952M in FY2025 versus €537M in FY2021, a compound +15.4%/yr. Reported net income was €514M in FY2025, compounding +21.6%/yr from FY2021.
Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€952M
Latest YoY
+11.6%
Avg. revenue growth/yr (3Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+15.1%
Avg. revenue growth/yr (5Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+12.2%
Avg. revenue growth/yr (18Y) ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+55.9%
Value creation/yr (5Y) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
≈ +99.5%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+92.6%
Dividend yield6.9%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 92.6% vs 10Y 38.8%, picking up
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.87.8% (2019) → 61.7% (2025) · falling
Worst earnings drop275% (2017) (loss year, drop beyond 100%) · in EUR
⚠ Final year 2025 sits 1,782% above trend (one-off), rate approximate
Revenue+15.4%/yr
FY21€537M
FY22€625M
FY23€774M
FY24€853M
FY25€952M
Net income+21.6%/yr
FY21€235M
FY22€435M
FY23€477M
FY24€588M
FY25€514M
Character of growth · EPS growth decomposed (2014-2025)+8.4 % p.a.
Revenue per share+15.8 %
of which total revenue +21.5 % · buybacks/dilution −4.7 %
EBIT margin−2.7 %
Tax rate−0.6 %
Residual (interest, one-offs)−3.2 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
This stockSector peers
VALUE67· sector 52
FUTURE47· sector 29
PAST40· sector 18
HEALTH73· sector 76
DIVIDEND100· sector 58
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
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Is NEPI Rockcastle PLC (NRP) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of €10.15 versus a price of €8.10, about +25% upside (undervalued).
What is the fair value of NRP?
Our model-based fair value for NEPI Rockcastle PLC is €10.15 (as of Aug 13, 2026), built from audited fundamentals. The current price: €8.10.
What is the quality score of NRP?
NEPI Rockcastle PLC has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for NEPI Rockcastle PLC (NRP)?
Our model-based price target is the fair value of €10.15 (as of Aug 13, 2026) from 16 valuation models. Cautious scenario €6.41, optimistic scenario €13.70. It is a calculation from audited fundamentals, not an analyst target.
What is the NEPI Rockcastle PLC stock forecast for 2026?
Our models put fair value at €10.15, about +25% upside versus a price of €8.10 (undervalued). Cautious scenario €6.41, optimistic scenario €13.70. The calculation is refreshed regularly with new filings.
What is the revenue of NEPI Rockcastle PLC (NRP)?
NEPI Rockcastle PLC reported trailing-twelve-month revenue of about €931M (latest available figure, as of Aug 13, 2026).
What is the net profit margin of NRP?
The net profit margin of NEPI Rockcastle PLC is about 53.6%, meaning it keeps roughly 53.6% of revenue as net income. Based on the latest reported figures.
Does NEPI Rockcastle PLC pay a dividend?
NEPI Rockcastle PLC currently shows a dividend yield of about 6.89% relative to its recent price (as of Aug 13, 2026).
What is the intrinsic value of NEPI Rockcastle PLC (NRP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For NEPI Rockcastle PLC it is €10.15 per share (as of Aug 13, 2026), against a price of €8.10. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is NEPI Rockcastle PLC stock overvalued or undervalued in 2026?
As of Aug 13, 2026, NRP trades below its calculated fair value: price €8.10, fair value €10.15, a gap of about +25% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of NRP?
No. The price is what the market pays today (€8.10); the fair value is what the company's own numbers justify (€10.15). For NEPI Rockcastle PLC the two are €2.05 per share apart. That gap is exactly why we show both numbers side by side.
How much is NEPI Rockcastle PLC worth?
The market values NEPI Rockcastle PLC at about €5.5B (market capitalisation, as of Aug 13, 2026). Per share that is €8.10; our models calculate a fair value of €10.15 per share.
What do the bullish and bearish scenarios say about NRP?
Our models span a range for NEPI Rockcastle PLC: cautious scenario €6.41, base €10.15, optimistic €13.70 per share (as of Aug 13, 2026, price €8.10). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of NRP?
NEPI Rockcastle PLC trades at a price-to-earnings ratio of 11.6 (as of Aug 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €10.15 is built from several models across several years. Other multiples: P/B 1.3, P/S 6.9, EV/EBITDA 15.3.
How solid is the balance sheet of NEPI Rockcastle PLC (NRP)?
Balance-sheet figures for NEPI Rockcastle PLC (as of Aug 13, 2026): return on equity 10.1%, debt of 0.55 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is NRP from its 52-week high?
NEPI Rockcastle PLC trades at €8.10, about 2% below its 52-week high of €7.92 and 36% above the low of €5.95 (as of Aug 13, 2026). Distance from the high says nothing about value: that is what the fair value of €10.15 is for.
Which stocks are comparable to NEPI Rockcastle PLC?
From the same area (Real Estate) we also value Corem Property Group, Swiss Prime Site AG, Central Pattana Public Company, Prestige Estates Projects Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is NEPI Rockcastle PLC stock attractive at the current price?
The data as of Aug 13, 2026: price €8.10, calculated fair value €10.15 (+25%), Quality Score 56/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of NRP calculated?
We run NEPI Rockcastle PLC through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €10.15, with the spread shown as a cautious and an optimistic scenario.
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