CTP delivered a good Q3 result. NTA per share up 10.1% to €17.52 and EPRA earnings per share up 11.7%. The market does not like the results. It probably has something to do with the continued investments in the landbank and economic worries. Lot of worries on the call on potentially lower demand going forward. I'm looking at increasing my investment. Anyone a different take on CTP?
That is certainly the case, but if someone is paying full price for the development potential I will most likely take some money of the table (40% above current market cap). Good thing is the price target is rather quickly in the right direction. Last year the value of the real estate increased 15%.
Interesting question. For 2024 net rental income was €647M and EPRA earnig €364M. The net valuation result was €942M. Of the €942M €380M was due to newly developed projects while the rest was due to higher value of existing assets. So rental earnings and development profits are fairly close.
Given the more fickle nature of the development results I view CTP as a fairly valued logistic real estate play with a very profitable developer added for free.
CTP delivered a good Q3 result. NTA per share up 10.1% to €17.52 and EPRA earnings per share up 11.7%. The market does not like the results. It probably has something to do with the continued investments in the landbank and economic worries. Lot of worries on the call on potentially lower demand going forward. I'm looking at increasing my investment. Anyone a different take on CTP?
That is certainly the case, but if someone is paying full price for the development potential I will most likely take some money of the table (40% above current market cap). Good thing is the price target is rather quickly in the right direction. Last year the value of the real estate increased 15%.
Is it mainly due to the large share of logistics real estate or what part of the company is making the largest profit?
Interesting question. For 2024 net rental income was €647M and EPRA earnig €364M. The net valuation result was €942M. Of the €942M €380M was due to newly developed projects while the rest was due to higher value of existing assets. So rental earnings and development profits are fairly close.
Given the more fickle nature of the development results I view CTP as a fairly valued logistic real estate play with a very profitable developer added for free.