NEPI Rockcastle | Back to reality
NEPI Rockcastle (NRP) reported FY'17 DPS of EUR 48.26c (+17% y/y from the pro-forma statement) in line with expectations and the trading update. Despite the expected result NRP's share price has declined substantially along with its founding shareholder companies. In this note we explore the property fundamentals in the CEE region, highlighting that historic retail sales growth should support organic growth over the next three years but that longer term fundamentals are a concern. The updated acquisition/development pipeline remains strong and we provide estimates of available internal capacity within NRP to fund this pipeline and the potential impact on growth. Furthermore, we provide a sensitivity analysis for the current NAV based on prevailing and historic market yields, an overview of the taxation framework, updated distribution forecasts and a European property market valuation analysis.NEPI Rockcastle is engaged in developing, acquiring and holding commercial properties, either directly or indirectly through the acquisition of listed equities.
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