CTP N.V. (CTPNV.AS) | Investment Case

1. Company Snapshot

1.a. Company Description

CTP N.V. engages in the ownership, development, management, and leasing of logistics and industrial real estate properties in Central and Eastern Europe.Its properties are used primarily for production and warehousing, third-party logistics and distribution, offices, and others.The company also operates 3 hotels under the Courtyard by Marriott brand in the Czech Republic under management agreements with third party.

As of December 31, 2021, it had approximately 8 million square meters of gross lettable area.The company was founded in 1998 and is based in Amsterdam, the Netherlands.CTP N.V. is a subsidiary of CTP Holding B.V.

Show Full description

1.b. Last Insights on CTPNV

CTP N.V. recorded strong Q4 2024 earnings, with a 16% increase in gross rental income and net profit exceeding EUR1 billion. The company's strategic expansion, including a EUR57 million investment in a project for Hitachi Energy, demonstrates its commitment to growth and job creation. Additionally, CTP's record profits and 29% revenue increase in FY 2024 suggest a solid financial position. These developments position the company for continued success and growth in the logistics and industrial real estate sector.

1.c. Company Highlights

Last Price	17.92
Change Percentage	0.90%
Open	17.8
Previous Close	17.76
Market Cap ( Millions)	8589
Volume	113395
Year High	19.44
Year Low	14.14
M A 50	18.41
M A 200	17.49

FCF Yield	3.34%
Dividend Yield	3.40%
ROE	15.65%
Debt / Equity	106.83%
Net Debt / EBIDTA	444.67%
Price To Book	1.07
Price Earnings Ratio	7.26
Price To FCF	29.94
Price To sales	9.31
EV / EBITDA	9.42

2. CTP's Q3 Results: Strong Leasing Activity and Financial Performance

CTP's financial performance in Q3 was robust, with a 15.4% increase in net rental income to EUR 549 million, driven by a 4.5% like-for-like rental growth and stable occupancy at 93%. The company's EPRA adjusted earnings rose 13.1% year-over-year to EUR 305.2 million, and EPS increased 7.2% to EUR 0.64. The NRI to GRI ratio improved to 97.7%, and EBITDA margin is also increasing, indicating a strong operational performance.

Publication Date: Nov -13

                                    📋 Highlights
                                    Leasing Growth & Rent Increases:
                                                CTP signed 1.6 million sqm in 9 months, 6% YoY growth, with rents also up 6%.
Financial Performance:
                                                Net rental income rose 15.4% to EUR 549M, EPRA earnings grew 13.1% to EUR 305.2M.
越南扩张计划:
                                                Targeting 300,000 sqm development with 12% yield on cost, starting construction in 2026.
Occupancy & Market Performance:
                                                Stable 93% occupancy, targeting 95%; Poland and Germany below target but improving.
Debt Metrics:
                                                Net debt/EBITDA stable at 9.2x, LTV at 45.2% (40-45% target range), ICR improved to 2.5x.

                                

Operational Highlights

CTP's operational performance was also strong, with the company signing 1.6 million square meters in the past 9 months, a 6% increase compared to the same period last year, with rents increasing by 6%. The company's diversified portfolio and strong presence in Central Europe, particularly in the Czech Republic, Poland, and Germany, contributed to its success. As Remon Vos mentioned, "We're on track to reach our guidance for the year and are well-positioned to hit our EUR 1 billion annual rent target by 2027."

Financial Strategy and Outlook

CTP's financial strategy is focused on maintaining a stable investment-grade rating and ensuring access to multiple sources of liquidity. The company has a geographically diversified investor base and a growing share of unsecured debt. CTP's interest coverage ratio increased to 2.5x, and normalized net debt-to-EBITDA remained stable at 9.2x. The company expects loan-to-value to return to its 40-45% target as the development pipeline is completed.

Valuation and Growth Prospects

Analysts estimate next year's revenue growth at 16.0%. With a P/E Ratio of 7.33 and an EV/EBITDA of 9.47, the company's valuation appears reasonable. The Dividend Yield is 3.37%, indicating a relatively attractive return for investors. CTP's ROE is 15.65%, indicating a strong return on equity. The company's growth prospects are promising, with a target of delivering 1.4 to 1.7 million square meters in 2026.

Expansion Plans

CTP is expanding its operations to Vietnam, where it plans to adopt a park concept similar to its European operations. The company has agreed on an option for four land sites, allowing it to develop around 300,000 square meters, and expects to start construction in 2026, with buildings coming to the market in 2027.

3. NewsRoom

CTP enters Italian market with €1 billion investment plan

Nov -28

Source:

CTP signs 11-year lease with LPP Logistics for a new 60,000 sqm distribution centre, expanding their presence at CTPark Bucharest West to 125,000 sqm

Nov -27

Source:

CTP's (AMS:CTPNV) Performance Raises Some Questions

Nov -14

Source:

Major international logistics firm signs for 80,000 sqm of space at new CTPark Budapest Érd in Hungary

Nov -13

Source:

CTP (ENXTAM:CTPNV): Examining Valuation After a 27% 12-Month Share Price Gain

Nov -08

Source:

CTP NV (CTPVF) Q3 2025 Earnings Call Highlights: Strong Rental Income Growth Amidst Strategic ...

Nov -06

Source:

CTP N.V. Q3-2025 Results

Nov -06

Source:

CTP signs 34,450 sqm deal with global logistics provider in Poland

Oct -31

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.85%)

6. Segments

Industrial Property, Offices, Retail, Hotels, Solar, Other

Expected Growth: 11%

{'Industrial Property': 'Robust e-commerce growth driving demand for logistics and warehouse space.', 'Offices': 'Growing demand for modern office spaces, driven by expansion of IT and service sectors.', 'Retail': 'Increasing consumer spending, driven by economic growth and urbanization.', 'Hotels': 'Rise in tourism and business travel, driven by improving infrastructure and economic growth.', 'Solar': 'Government incentives and increasing adoption of renewable energy sources.', 'Other': 'Growing demand for data centers and infrastructure, driven by digitalization.'}

Industrial Property, Offices, Solar

Expected Growth: 10%

CTP N.V.'s Industrial Property segment growth is driven by increasing e-commerce demand, Offices segment benefits from growing demand for logistics and distribution spaces, while Solar segment growth is fueled by rising adoption of renewable energy sources and government incentives, all contributing to a 10% growth rate.

Industrial Property, Solar

Expected Growth: 9%

CTP N.V.'s 9% growth in Industrial Property, Solar is driven by increasing demand for renewable energy, government incentives, and declining solar panel costs. Additionally, the rise of e-commerce and logistics fuels demand for industrial properties, while CTP's strategic locations and energy-efficient solutions attract tenants seeking sustainable operations.

Industrial Property, Offices

Expected Growth: 8%

CTP N.V.'s 8% growth in Industrial Property, Offices is driven by increasing e-commerce demand, urbanization, and a shortage of high-quality logistics space. Additionally, the growing importance of last-mile delivery and the need for modern, flexible office spaces also contribute to this growth.

Other

Expected Growth: 7%

CTP N.V.'s 7% growth is driven by increasing demand for e-commerce logistics, expansion into new markets, and strategic partnerships. Additionally, investments in digitalization and automation have improved operational efficiency, leading to higher volumes and revenue growth.

Industrial Property, Headquarter, Solar

Expected Growth: 12%

CTP N.V.'s 12% growth in Industrial Property, particularly at their Headquarters, is driven by increasing demand for sustainable logistics and warehousing solutions. The integration of Solar energy at their facilities reduces operating costs, attracts environmentally conscious clients, and enhances their competitive edge in the market.

Intersegment Eliminations

Expected Growth: 0%

With 0% growth in Intersegment Eliminations from CTP N.V., the fundamental drivers are stagnant internal transactions, lack of diversification, and inefficient resource allocation. This suggests that the company's segments are not generating additional value through internal sales, and the company is not effectively utilizing its resources to drive growth.

7. Detailed Products

Logistics and Distribution

CTP N.V. offers logistics and distribution services, providing customized solutions for warehousing, transportation, and supply chain management.

Industrial Real Estate

CTP N.V. develops and manages industrial real estate, providing high-quality warehouses, production facilities, and office spaces for businesses.

Supply Chain Solutions

CTP N.V. offers customized supply chain solutions, including procurement, inventory management, and order fulfillment.

Freight Forwarding

CTP N.V. provides freight forwarding services, including air, land, and sea transportation, customs clearance, and cargo insurance.

Value-Added Services

CTP N.V. offers value-added services, including packaging, labeling, and assembly, to enhance the logistics and supply chain experience.

8. CTP N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for CTP N.V. is moderate due to the presence of alternative products and services in the market.

Bargaining Power Of Customers

The bargaining power of customers is high due to the concentration of buyers in the market, giving them significant negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the availability of multiple suppliers in the market, reducing their negotiating power.

Threat Of New Entrants

The threat of new entrants is moderate due to the presence of barriers to entry, such as high capital requirements and regulatory hurdles.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established competitors in the market, leading to intense competition.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	53.04%
Debt Cost	3.95%
Equity Weight	46.96%
Equity Cost	8.45%
WACC	6.06%
Leverage	112.96%

11. Quality Control: CTP N.V. passed 6 out of 9 key points

Strong Liquidity

Low Deb

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Dom Development

A-Score: 7.2/10

Value: 4.8

Growth: 7.4

Quality: 7.7

Yield: 9.4

Momentum: 8.5

Volatility: 5.3

1-Year Total Return ->

CTP

A-Score: 6.6/10

Value: 4.8

Growth: 6.8

Quality: 6.7

Yield: 6.2

Momentum: 6.5

Volatility: 8.3

1-Year Total Return ->

Archicom

A-Score: 4.8/10

Value: 3.3

Growth: 0.7

Quality: 4.7

Yield: 8.8

Momentum: 9.0

Volatility: 2.7

1-Year Total Return ->

Deutsche Wohnen

A-Score: 4.2/10

Value: 7.2

Growth: 2.7

Quality: 5.8

Yield: 0.0

Momentum: 2.5

Volatility: 7.3

1-Year Total Return ->

Castellum

A-Score: 4.2/10

Value: 4.2

Growth: 2.8

Quality: 5.7

Yield: 3.8

Momentum: 1.5

Volatility: 7.0

1-Year Total Return ->

Atrium Ljungberg

A-Score: 3.6/10

Value: 3.0

Growth: 2.3

Quality: 5.4

Yield: 5.0

Momentum: 1.5

Volatility: 4.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

8.63%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

6.06%

CTP N.V. - NL00150006R6

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on CTPNV

1.c. Company Highlights

Higher Growth

Better Quality

Strong Momentum

Revenues Beats

Average Quality

Revenues Miss

Average Growth

Stable Momentum

Medium Volatility

Fairly Valued

Average Yield

2. CTP's Q3 Results: Strong Leasing Activity and Financial Performance

Operational Highlights

Financial Strategy and Outlook

Valuation and Growth Prospects

Expansion Plans

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (9.85%)

6. Segments

Industrial Property, Offices, Retail, Hotels, Solar, Other

Expected Growth: 11%

Industrial Property, Offices, Solar

Expected Growth: 10%

Industrial Property, Solar

Expected Growth: 9%

Industrial Property, Offices

Expected Growth: 8%

Other

Expected Growth: 7%

Industrial Property, Headquarter, Solar

Expected Growth: 12%

Intersegment Eliminations

Expected Growth: 0%

7. Detailed Products

Logistics and Distribution

Industrial Real Estate

Supply Chain Solutions

Freight Forwarding

Value-Added Services

8. CTP N.V.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: CTP N.V. passed 6 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

17.92$

Current Price

17.92$

12.e Scoring ^Insights

12.f DCF ^BETA