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CTP N.V. (NL:CTPNV)
:CTPNV
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CTP N.V.
(CTPNV)
Select Model
Select Model
Rating:74Outperform
Price Target:
€20.00
▲(7.30% Upside)
CTP N.V.'s strong financial performance and attractive valuation are key strengths, supported by strategic growth plans. However, technical indicators suggest bearish momentum, and challenges in retention and occupancy rates present risks.
Positive Factors
Revenue Growth
The significant increase in net rental income reflects strong demand for CTP's properties, supporting sustained revenue growth and market expansion.
Market Expansion
Expanding into new markets like Italy and Vietnam positions CTP for long-term growth, diversifying its geographic footprint and revenue streams.
Credit Rating Upgrade
An improved credit rating enhances CTP's borrowing capacity and reduces financing costs, supporting future growth and financial stability.
Negative Factors
Retention Rate Decline
A declining retention rate can lead to increased vacancy and turnover costs, potentially impacting revenue stability and operational efficiency.
Failed Acquisition
The halted acquisition in Romania limits growth opportunities and may affect strategic expansion plans, impacting future earnings potential.
Occupancy Challenges
Occupancy below target suggests potential difficulties in attracting or retaining tenants, which could affect revenue and profitability.
CTP N.V. (CTPNV) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€9.13B
Dividend Yield3.51%
Average Volume (3M)106.50K
Price to Earnings (P/E)7.3
Beta (1Y)0.54
Revenue Growth20.65%
EPS Growth23.70%
CountryNL
Employees874
SectorReal Estate
Sector Strength53
IndustryReal Estate - Development
Share Statistics
EPS (TTM)0.22
Shares Outstanding485,051,480
10 Day Avg. Volume124,280
30 Day Avg. Volume106,500
Financial Highlights & Ratios
PEG Ratio0.43
Price to Book (P/B)0.92
Price to Sales (P/S)7.81
P/FCF Ratio22.17
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€21.12Price Target Upside13.30% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
CTP N.V. Business Overview & Revenue Model
Company DescriptionCTP 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.
How the Company Makes MoneyCTP N.V. generates revenue primarily through leasing its logistics and industrial properties to tenants, which provides a steady stream of rental income. The company engages in long-term leasing agreements, ensuring predictable cash flows. Additionally, CTPNV earns revenue from the development of new properties, where it may charge pre-leasing fees or sell developed properties to investors. Strategic partnerships with local and international firms enhance its market position and revenue potential, while its focus on high-demand areas within Central and Eastern Europe allows it to capitalize on the growing e-commerce sector and supply chain needs.
CTP N.V. Earnings Call Summary
Earnings Call Date:Nov 06, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 26, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted CTP's strong growth in lease signings and financial performance, as well as expansion into new markets like Italy and Vietnam. However, challenges such as a decline in retention rate, a failed acquisition in Romania, and occupancy below target in some markets were also noted.Q3-2025 Updates
Positive Updates
Growth in Lease Signings and Rent Increase
CTP signed 1.6 million square meters in leases over the past 9 months, a 6% increase compared to 2024, and achieved a 6% rise in average rent per square meter.
Strong Financial Performance
Net rental income increased by 15.4% to EUR 549 million, while company-specific adjusted EPRA earnings rose by 13.1% to EUR 305.2 million.
Expansion into New Markets
Plans to enter the Italian and Vietnamese markets, with projects in Northern Italy and Vietnam's Hanoi region, are underway.
Credit Rating Upgrade
Standard & Poor's upgraded CTP's credit rating to BBB flat with a stable outlook in September.
Increase in EPRA Net Tangible Assets
EPRA net tangible asset per share increased from EUR 18.08 at year-end '24 to EUR 19.98 by the third quarter, representing a 10.5% increase.
Negative Updates
Retention Rate Decline
Retention rate fell to 82%, the lowest figure in the past two years, attributed to some lease terminations and market dynamics.
Romanian Acquisition Halt
An intended acquisition in Romania did not proceed due to restrictive antimonopoly conditions, impacting earnings guidance.
Occupancy Challenges
Occupancy remained stable at 93%, below the target of 95%, with specific challenges in markets like Germany and Poland.
Company Guidance
During the call, CTP outlined several key metrics and growth strategies, emphasizing substantial leasing activity with 1.6 million square meters signed in the first nine months of 2025, reflecting a 6% increase from 2024. The company also reported a 6% rise in average rent per square meter per month. The occupancy rate remained stable at 93%, with a retention rate of 85%. Net rental income rose by 15.4% to EUR 549 million, and annualized rental income reached EUR 778 million. The company is on track to meet its 2025 EPS guidance of EUR 0.86 to EUR 0.88. CTP's development pipeline includes 2 million square meters under construction, with a projected 10.3% yield on cost. The company aims to achieve EUR 1 billion in annual rent by 2027, targeting a 30 million square meter portfolio by 2030. CTP also highlighted its strategic expansions into Italy and Vietnam, maintaining a disciplined approach to capital allocation and acquisitions.CTP N.V. Financial Statement Overview
Summary
CTP N.V. demonstrates strong profitability with high margins and steady revenue growth. The balance sheet shows moderate leverage typical for the industry, and cash flow management is solid, though cash conversion efficiency could be improved.Income Statement
CTP N.V. shows strong profitability with a high gross profit margin of 78.6% and a net profit margin of 116.4% for TTM. Revenue growth is steady at 2.16% TTM, indicating consistent expansion. However, the EBIT margin is unusually high at 172.1%, suggesting potential non-operational income or accounting adjustments.Balance Sheet
The company's debt-to-equity ratio of 1.22 indicates moderate leverage, which is typical for the real estate development industry. Return on equity is healthy at 14.7%, reflecting efficient use of equity. The equity ratio stands at 43%, showing a balanced capital structure but with room for improvement in reducing debt levels.Cash Flow
CTP N.V. demonstrates solid cash flow management with a free cash flow growth rate of 3.76% TTM and a strong free cash flow to net income ratio of 90.7%. However, the operating cash flow to net income ratio is relatively low at 22.9%, indicating potential challenges in converting income into cash.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 958.40M | 870.70M | 673.80M | 589.11M | 407.37M | 372.98M |
| Gross Profit | 757.10M | 681.80M | 554.00M | 464.92M | 333.66M | 302.95M |
| EBITDA | 1.59B | 1.59B | 461.20M | 1.04B | 1.33B | 413.31M |
| Net Income | 1.21B | 1.08B | 922.60M | 766.60M | 1.03B | 252.12M |
Balance Sheet | ||||||
| Total Assets | 19.42B | 17.38B | 14.87B | 12.53B | 9.69B | 3.31B |
| Cash, Cash Equivalents and Short-Term Investments | 1.05B | 855.40M | 690.60M | 660.63M | 892.82M | 307.15M |
| Total Debt | 9.04B | 8.15B | 7.02B | 5.88B | 4.51B | 1.04B |
| Total Liabilities | 11.18B | 10.03B | 8.71B | 7.24B | 5.58B | 1.04B |
| Stockholders Equity | 8.24B | 7.35B | 6.17B | 5.28B | 4.11B | 2.26B |
Cash Flow | ||||||
| Free Cash Flow | 372.30M | 306.60M | 256.50M | 256.41M | 125.09M | 183.20M |
| Operating Cash Flow | 403.60M | 340.00M | 318.40M | 300.31M | 139.06M | 185.43M |
| Investing Cash Flow | -1.39B | -1.33B | -1.18B | -1.36B | -1.44B | -469.12M |
| Financing Cash Flow | 748.50M | 1.15B | 886.10M | 837.18M | 1.77B | 641.12M |
CTP N.V. Technical Analysis
Positive
18.64
Price Trends
17.93
Positive
18.15
Positive
17.48
Positive
Market Momentum
0.18
Negative
64.67
Neutral
79.56
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:CTPNV, the sentiment is Positive. The current price of 18.64 is above the 20-day moving average (MA) of 17.91, above the 50-day MA of 17.93, and above the 200-day MA of 17.48, indicating a bullish trend. The MACD of 0.18 indicates Negative momentum. The RSI at 64.67 is Neutral, neither overbought nor oversold. The STOCH value of 79.56 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for NL:CTPNV.
CTP N.V. Peers Comparison
UnderperformOutperform
Sector (65)
NL:CTPNV
CTP N.V.
18.64
4.42
31.08%
NL:WHA
Wereldhave NV
19.98
7.16
55.87%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.