Report
CTP Continues the high road towards NTA growth
In the analyst call last week Thursday, Remon brushed aside the macro and geo-political worries. This marks the CTP DNA to push the gas when the going gets tough. Also during COVID, CTP accelerated. This strategy has pushed CTP to the top position in Europe on pipeline (1.8m sqm GLA), with 900 FTE on its payroll. In this note, we increase our estimates for growth in sqm under development, but we lower our EPRA EPS estimates. FY25 EPS now at 0.86. This is mainly the result of CTP that does not capitalize its interest and at the same time refinances its debt position. It is clear that if CTP would capitalize interest like most competitors, its EPRA EPS increases by 23% (capitalization of interest on 2.4bn debt at marginal CoD%). Note, that not-capitalizing also slightly increases its development yield on cost. We stick to our accumulate rating, but monitor closely the pre-let level progression of the pipeline. CTP has its work cut out on leasing this year.
Underlying
CTP NV
Provider
KBC Securities
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Wim Lewi
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