CTP FY23 Results, pipeline stays at record high

Rental income grew 20.1% to EUR 572m and benefited from 7.4% lfl growth. The EPRA EPS of 0.73 came slightly above the 0.72 guidance/our expectation. The FY24 EPS outlook is confirmed at 0.80-0.82. The LTV rose slightly to 46.0% from 45.4% at FY22 end. The occupancy on standing assets increased 1% to 94% vs FY22 end. Despite 1.2m sqm deliveries over FY23, CTP maintained its development pipeline to a record breaking GLA of 2.0m sqm. The pre-let% in the pipeline for FY24 stood at 38%, that is lower than 1H23 (56%). As long as it can reach 80% at completion and realize its industry leading yield on cost > 10%, its FV increases faster than the additional debt. This report shows CTP is not slowing down, but keeps running at breakneck speed. We raise our target of 16.0 to 17.50, a 10% premium to NTA at 15.92. Analyst call at 10h00 CET.