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NEPI Rockcastle JSE:NRP Stock Report

Last Price


Market Cap







30 Sep, 2022


Company Financials +
NRP fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance4/6
Financial Health2/6

NRP Stock Overview

The Group has an exceptional property portfolio with dominant position in Romania, Poland and Slovakia and strong presence in Croatia, Bulgaria, Hungary, Czech Republic, Serbia and Lithuania.

NEPI Rockcastle Competitors

Price History & Performance

Summary of all time highs, changes and price drops for NEPI Rockcastle
Historical stock prices
Current Share PriceR81.06
52 Week HighR110.00
52 Week LowR78.29
1 Month Change-10.67%
3 Month Change-5.25%
1 Year Change-22.02%
3 Year Change-36.91%
5 Year Change-52.95%
Change since IPO-52.17%

Recent News & Updates

Shareholder Returns

NRPZA Real EstateZA Market

Return vs Industry: NRP underperformed the ZA Real Estate industry which returned -20.9% over the past year.

Return vs Market: NRP underperformed the ZA Market which returned -7% over the past year.

Price Volatility

Is NRP's price volatile compared to industry and market?
NRP volatility
NRP Average Weekly Movement3.1%
Real Estate Industry Average Movement6.5%
Market Average Movement5.5%
10% most volatile stocks in ZA Market10.2%
10% least volatile stocks in ZA Market3.1%

Stable Share Price: NRP is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: NRP's weekly volatility (3%) has been stable over the past year.

About the Company

n/an/aRolf Dany

The Group has an exceptional property portfolio with dominant position in Romania, Poland and Slovakia and strong presence in Croatia, Bulgaria, Hungary, Czech Republic, Serbia and Lithuania. NEPI Rockcastle’s shares are listed on Johannesburg Stock Exchange Limited (JSE) and Euronext Amsterdam, and its bonds are listed on the Irish Stock Exchange. The Group is investment-grade rated by Standard & Poor’s (BBB, stable outlook), Fitch (BBB, stable outlook) and Moody’s (Baa3, stable outlook).

NEPI Rockcastle Fundamentals Summary

How do NEPI Rockcastle's earnings and revenue compare to its market cap?
NRP fundamental statistics
Market CapR49.37b
Earnings (TTM)R5.03b
Revenue (TTM)R10.56b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NRP income statement (TTM)
Cost of Revenue€205.42m
Gross Profit€392.40m
Other Expenses€107.93m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

Nov 17, 2022

Earnings per share (EPS)0.47
Gross Margin65.64%
Net Profit Margin47.58%
Debt/Equity Ratio60.9%

How did NRP perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is NRP undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 4/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for NRP?

Other financial metrics that can be useful for relative valuation.

NRP key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue7.7x
Enterprise Value/EBITDA12.8x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does NRP's PE Ratio compare to its peers?

NRP PE Ratio vs Peers
The above table shows the PE ratio for NRP vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.3x
LTE Lighthouse Properties
TDH Tradehold
ACS Acsion
NRP NEPI Rockcastle

Price-To-Earnings vs Peers: NRP is expensive based on its Price-To-Earnings Ratio (9.8x) compared to the peer average (8.3x).

Price to Earnings Ratio vs Industry

How does NRP's PE Ratio compare vs other companies in the African Real Estate Industry?

Price-To-Earnings vs Industry: NRP is good value based on its Price-To-Earnings Ratio (9.8x) compared to the African Real Estate industry average (10.3x)

Price to Earnings Ratio vs Fair Ratio

What is NRP's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

NRP PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.8x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate NRP's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of NRP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: NRP (ZAR81.06) is trading below our estimate of fair value (ZAR152.9)

Significantly Below Fair Value: NRP is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is NEPI Rockcastle forecast to perform in the next 1 to 3 years based on estimates from 3 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual revenue growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if NRP's forecast earnings growth is above the savings rate (9%).

Earnings vs Market: Insufficient data to determine if NRP's earnings are forecast to grow faster than the ZA market

High Growth Earnings: Insufficient data to determine if NRP's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: NRP's revenue (1.5% per year) is forecast to grow slower than the ZA market (5.5% per year).

High Growth Revenue: NRP's revenue (1.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: NRP's Return on Equity is forecast to be low in 3 years time (8.6%).

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Past Performance

How has NEPI Rockcastle performed over the past 5 years?

Past Performance Score


Past Performance Score 4/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: NRP has high quality earnings.

Growing Profit Margin: NRP's current net profit margins (47.6%) are higher than last year (30.1%).

Past Earnings Growth Analysis

Earnings Trend: NRP's earnings have grown significantly by 32.2% per year over the past 5 years.

Accelerating Growth: NRP's earnings growth over the past year (85.7%) exceeds its 5-year average (32.2% per year).

Earnings vs Industry: NRP earnings growth over the past year (85.7%) underperformed the Real Estate industry 98.8%.

Return on Equity

High ROE: NRP's Return on Equity (7.5%) is considered low.

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Financial Health

How is NEPI Rockcastle's financial position?

Financial Health Score


Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: NRP's short term assets (€555.5M) exceed its short term liabilities (€194.5M).

Long Term Liabilities: NRP's short term assets (€555.5M) do not cover its long term liabilities (€2.7B).

Debt to Equity History and Analysis

Debt Level: NRP's net debt to equity ratio (49%) is considered high.

Reducing Debt: NRP's debt to equity ratio has increased from 32.4% to 60.9% over the past 5 years.

Debt Coverage: NRP's debt is not well covered by operating cash flow (13.1%).

Interest Coverage: NRP's interest payments on its debt are well covered by EBIT (6.3x coverage).

Balance Sheet

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What is NEPI Rockcastle current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

NEPI Rockcastle Dividend Yield vs Market
How does NEPI Rockcastle dividend yield compare to the market?
SegmentDividend Yield
Company (NEPI Rockcastle)8.6%
Market Bottom 25% (ZA)3.5%
Market Top 25% (ZA)9.0%
Industry Average (Real Estate)8.3%
Analyst forecast in 3 Years (NEPI Rockcastle)10.8%

Notable Dividend: NRP's dividend (8.63%) is higher than the bottom 25% of dividend payers in the ZA market (3.52%).

High Dividend: NRP's dividend (8.63%) is low compared to the top 25% of dividend payers in the ZA market (8.94%).

Stability and Growth of Payments

Stable Dividend: NRP has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: NRP has only been paying a dividend for 5 years, and since then payments have fallen.

Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (84.8%), NRP's payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: At its current cash payout ratio (80.2%), NRP's dividend payments are covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Rolf Dany (59 yo)





Mr. Rolf Rudiger Dany, BSc, is Executive Director at NEPI Rockcastle Plc since August 18, 2021, has been its Chief Executive Officer since June 01, 2022 and served as its Interim Chief Executive Officer fr...

Leadership Team

Experienced Management: NRP's management team is not considered experienced ( 0.5 years average tenure), which suggests a new team.

Board Members

Experienced Board: NRP's board of directors are not considered experienced ( 2.4 years average tenure), which suggests a new board.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: NRP insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

JSE:NRP Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
02 Sep 22BuyR1,765,000Andries de LangeIndividual20,000R88.25

Ownership Breakdown

What is the ownership structure of NRP?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders2,387,1460.4%
General Public201,455,63333.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 61.56% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Fortress REIT Limited
Public Investment Corporation Limited
Resilient REIT Limited
The Vanguard Group, Inc.
21,371,510€1.7b2.6%no data
Ninety One UK Limited
Sanlam Investment Management (Pty) Ltd.
Eskom Pension and Provident Fund
STANLIB Asset Management (Pty) Limited
Sesfikile Capital (Pty) Ltd
Old Mutual Investment Group (Pty) Limited
Catalyst Fund Managers (Pty) Limited
Alexander Forbes Investments Limited
Norges Bank Investment Management
3,167,833€256.8m0%no data
PPM America, Inc.
Marriott Asset Management (Pty) Ltd.
Victory Capital Management Inc.
Absa Asset Management (Proprietary) Ltd.
Dimensional Fund Advisors LP
2,289,449€185.6m0.01%no data
Amundi Asset Management
2,081,447€168.7m158.11%no data
Geode Capital Management, LLC
1,790,246€145.1m7.5%no data
State Street Global Advisors, Inc.
1,763,826€143.0m-3.08%no data
Momentum Asset Management (Pty) Ltd
Momentum Manager of Managers
Alexandru Morar
1,413,195€114.6m0%no data
36ONE Asset Management (Pty) Limited

Company Information

NEPI Rockcastle N.V.'s employee growth, exchange listings and data sources

Key Information

  • Name: NEPI Rockcastle N.V.
  • Ticker: NRP
  • Exchange: JSE
  • Founded: NaN
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Implied Market Cap: R49.365b
  • Shares outstanding: 608.99m
  • Website:

Number of Employees


  • NEPI Rockcastle N.V.
  • 30 Athol Street
  • 2nd Floor
  • Douglas
  • IM1 1JB
  • Isle of Man


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
NRPJSE (The Johannesburg Securities Exchange)YesOrdinary SharesZAZARJul 2017
NRPENXTAM (Euronext Amsterdam)YesOrdinary SharesNLEURJul 2017
0RU4LSE (London Stock Exchange)YesOrdinary SharesGBEURJul 2017
A3DNGPDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJul 2017

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.