company background image
NRP

NEPI RockcastleJSE:NRP Stock Report

Market Cap

R62.2b

7D

-0.02%

1Y

56.7%

Updated

14 Oct, 2021

Data

Company Financials +
NRP fundamental analysis
Snowflake Score
Valuation1/6
Future Growth4/6
Past Performance2/6
Financial Health2/6
Dividends2/6

NRP 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 PriceR102.20
52 Week HighR56.19
52 Week LowR112.99
Beta0.86
1 Month Change-0.029%
3 Month Change0.41%
1 Year Change56.65%
3 Year Change-16.07%
5 Year Changen/a
Change since IPO-39.70%

Recent News & Updates

Shareholder Returns

NRPZA Real EstateZA Market
7D-0.02%-0.7%1.3%
1Y56.7%54.3%21.2%

Return vs Industry: NRP exceeded the ZA Real Estate industry which returned 54.9% over the past year.

Return vs Market: NRP exceeded the ZA Market which returned 20.7% over the past year.

Price Volatility

Is NRP's price volatile compared to industry and market?
NRP volatility
NRP Beta0.86
Industry Beta0.83
Market Beta1

Stable Share Price: NRP is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: NRP's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/an/aAlex Morarhttps://www.nepirockcastle.com

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 Cap€3.63b
Earnings (TTM)€153.20m
Revenue (TTM)€509.40m

23.7x

P/E Ratio

7.1x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
NRP income statement (TTM)
Revenue€509.40m
Cost of Revenue€164.98m
Gross Profit€344.42m
Expenses€191.22m
Earnings€153.20m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

Nov 18, 2021

Earnings per share (EPS)0.25
Gross Margin67.61%
Net Profit Margin30.07%
Debt/Equity Ratio60.5%

How did NRP perform over the long term?

See historical performance and comparison

Dividends

5.9%

Current Dividend Yield

139%

Payout Ratio

Valuation

Is NEPI Rockcastle undervalued compared to its fair value and its price relative to the market?

23.67x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: NRP (ZAR102.2) is trading above our estimate of fair value (ZAR96.4)

Significantly Below Fair Value: NRP is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: NRP is poor value based on its PE Ratio (23.7x) compared to the ZA Real Estate industry average (16.7x).

PE vs Market: NRP is poor value based on its PE Ratio (23.7x) compared to the ZA market (11.1x).


Price to Earnings Growth Ratio

PEG Ratio: NRP is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: NRP is overvalued based on its PB Ratio (1x) compared to the ZA Real Estate industry average (0.6x).


Future Growth

How is NEPI Rockcastle forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

50.5%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: NRP's forecast earnings growth (50.5% per year) is above the savings rate (8.8%).

Earnings vs Market: NRP's earnings (50.5% per year) are forecast to grow faster than the ZA market (12.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: NRP's revenue (9.1% per year) is forecast to grow faster than the ZA market (6.2% per year).

High Growth Revenue: NRP's revenue (9.1% 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%).


Past Performance

How has NEPI Rockcastle performed over the past 5 years?

3.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: NRP has a large one-off loss of €91.5M impacting its June 30 2021 financial results.

Growing Profit Margin: NRP became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: NRP's earnings have grown by 3.5% per year over the past 5 years.

Accelerating Growth: NRP has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: NRP has become profitable in the last year, making it difficult to compare its past year earnings growth to the Real Estate industry (-0.5%).


Return on Equity

High ROE: NRP's Return on Equity (4.1%) is considered low.


Financial Health

How is NEPI Rockcastle's financial position?


Financial Position Analysis

Short Term Liabilities: NRP's short term assets (€509.9M) exceed its short term liabilities (€121.2M).

Long Term Liabilities: NRP's short term assets (€509.9M) do not cover its long term liabilities (€2.6B).


Debt to Equity History and Analysis

Debt Level: NRP's debt to equity ratio (60.5%) is considered high.

Reducing Debt: NRP's debt to equity ratio has increased from 35.2% to 60.5% over the past 5 years.

Debt Coverage: NRP's debt is not well covered by operating cash flow (12.5%).

Interest Coverage: NRP's interest payments on its debt are well covered by EBIT (5.1x coverage).


Balance Sheet


Dividend

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

5.93%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: NRP's dividend (5.93%) is higher than the bottom 25% of dividend payers in the ZA market (3.05%).

High Dividend: NRP's dividend (5.93%) is low compared to the top 25% of dividend payers in the ZA market (8.02%).


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 4 years, and since then payments have fallen.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (138.9%), NRP's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: NRP's dividends in 3 years are forecast to be covered by earnings (87.7% payout ratio).


Next Steps

Management

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

6.1yrs

Average management tenure


CEO

Alex Morar (38 yo)

4.42yrs

Tenure

€810,000

Compensation

Mr. Alexandru Morar, B.sc., also known as Alex, has been Chief Executive Officer of NEPI Rockcastle PLC since June 2018. Mr. Morar served as Joint Chief Executive Officer of NEPI Rockcastle PLC since Augus...


CEO Compensation Analysis

Compensation vs Market: Alex's total compensation ($USD938.48K) is about average for companies of similar size in the ZA market ($USD1.26M).

Compensation vs Earnings: Alex's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: NRP's management team is seasoned and experienced (6.1 years average tenure).


Board Members

Experienced Board: NRP's board of directors are not considered experienced ( 1.5 years average tenure), which suggests a new board.


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

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


Top Shareholders

Company Information

NEPI Rockcastle plc's employee growth, exchange listings and data sources


Key Information

  • Name: NEPI Rockcastle plc
  • Ticker: NRP
  • Exchange: JSE
  • Founded: NaN
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: R62.239b
  • Shares outstanding: 608.99m
  • Website: https://www.nepirockcastle.com

Number of Employees


Location

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

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/14 21:26
End of Day Share Price2021/10/14 00:00
Earnings2021/06/30
Annual Earnings2020/12/31


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.