Report
CTP CMD kicks off in Brno, EPRA EPS24 guidance in line
CTP issued a PR in which it guided the adjusted EPRA EPS24 within a range of EUR 0.80 - 0.82. That is a growth of 11-14% vs. adj. EPRA EPS23 of 0.72. We have adj. EPRA EPS24 at 0.83 and EPS23 at 0.71, so in line. The company is growing a bit faster than we expected, but is also guiding for higher cost-of-debt. The guidance assumes a like-for-like rental growth of around 5%, driven by indexation and reversion of expiring leases. Deliveries are expected to range between 1–1.5 m in 2024. CTP expects to pay out 70-80% of its adj. EPRA EPS. CTP adjusts the normal CTP for company specific costs that add about 6-8cts, but do not take into account the unrealised development gains of around 90 and 70cts per share over FY23 and FY24. CTP also confirmed its medium-term growth targets of 20m sqm of GLA and over EUR 1.2bn of rental income before the end of the decade.The Group's financial framework remains:
• LTV target between 40-45%
• Target Yield on Cost of 11%
• WAULT above 6 years
• Occupancy around 95%
CMD program 20-21/9
Underlying
CTP NV
Provider
KBC Securities
We are a financial services provider for several types of professional clients, each with distinct needs.
Wim Lewi
Other Reports on these Companies
Other Reports from KBC Securities
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.