Report
CTP FIRST LOOK 1H23 results, Out-running the yield expansion
Rental income grew 26.8% to 268m and benefited from 7.5% lfl growth. That is impressive as CTP expects to have only 70% indexed contracts by FY23 end. The EPRA EPS of 0.36 came above our 1H23 run rate of 0.35 and well on track for their 0.72 FY23 guidance. The LTV rose to 45.9% from 45.4% at FY22 end. The occupancy on standing assets fell 1% at 93% vs FY22 end. Despite 413k sqm deliveries over 1H23, CTP maintained its development pipeline to a record breaking GLA of 1.8m sqm, more than double the pipeline over FY21. As long as it can realize its industry leading yield on cost > 10%, its FV increases faster than the yield expansion impact on its standing assets and additional debt. Another condition is that occupancy at completion has to increase to 80% and ERV's have to hold up. The pre-let% in the pipeline increased to 56% from 49% (excl. Poland). This report shows CTP is not slowing down, but on the contrary keeps running at breakneck speed. We maintain our target of a 14.7 target, based on a 6.25% WACC. NTA stood at 14.8.
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.