WOOD Flash - CTP: 2024 CMD - demand-led growth continues
Last week (25-26 September), CTP held its Capital Markets Days, hosting c.50 guests from the sell-side, buy-side and bankers who provide debt financing to the company. The key message from the CMD was that the demand-led growth continues, and the company is on track to deliver its target of 20m sqm GLA by the end of the decade. CTP provided more detailed guidance on 2025E, and said that it continues to see strong demand, from both existing and new tenants. We maintain our BUY rating, in line with the consensus view on the stock. Our constructive assessment reflects the ongoing significant value creation through the pipeline. Demand sustainability is a key risk, but the rate easing currently under way makes funding more affordable. The falling rates also alleviate one of the key concerns we had with the stock: that yield widening could lead to material negative valuations, which may push the LTV to uncomfortably high levels. While it is not cheap, we believe that CTP offers a focused, straightforward equity story, with a combination of dividends and growth.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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