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CTP N.V.
(CTPNV)
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Rating:72Outperform
Price Target:
€14.00
▼(-2.37% Downside)
Action:Reiterated
Date:10/29/26
The score is driven primarily by solid financial performance (growth and scale) but constrained by leverage and cash-flow quality. Valuation is supportive with a reasonable P/E and strong dividend yield. Technicals are weak with the stock below key moving averages and negative MACD. Earnings-call commentary is largely positive with reaffirmed guidance and strong leasing, but balance-sheet metrics (LTV) and occupancy/pre-letting remain key watch items.
Positive Factors
Recurring rental growth
Strong rental income growth combines portfolio expansion with like-for-like rent increases, indicating broad demand and pricing support. Continued rent reversion and indexation can reinforce recurring cash earnings, while the high net rental margin supports durable operating profitability.
Negative Factors
Elevated leverage
Leverage above the company’s target range reduces financial flexibility and makes earnings more sensitive to asset values, refinancing conditions, and interest costs. It may also constrain development investment or shareholder returns until operating growth and asset disposals help restore balance-sheet capacity.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring rental growth
Strong rental income growth combines portfolio expansion with like-for-like rent increases, indicating broad demand and pricing support. Continued rent reversion and indexation can reinforce recurring cash earnings, while the high net rental margin supports durable operating profitability.
Read all positive factors
CTP N.V. (CTPNV) vs. iShares MSCI Netherlands ETF (EWN)
Market Cap
€6.22B
Dividend Yield5.36%
Average Volume (3M)244.67K
Price to Earnings (P/E)11.7
Beta (1Y)0.64
Revenue Growth11.87%
EPS Growth-56.13%
CountryNL
Employees955
SectorGeneral
Sector StrengthN/A
IndustryReal Estate - Development
Share Statistics
EPS (TTM)1.06
Shares Outstanding501,956,540
10 Day Avg. Volume238,860
30 Day Avg. Volume244,671
Financial Highlights & Ratios
PEG Ratio-1.70
Price to Book (P/B)1.05
Price to Sales (P/S)9.17
P/FCF Ratio30.91
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€18.30Price Target Upside27.62% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)1.01
Revenue Forecast (FY)€920.22M
CTP N.V. Business Overview & Revenue Model
Company Description
CTP N.V., together with its subsidiaries, develops, owns, operates, and leases commercial real estate properties Central and Eastern Europe, the Netherlands, Austria, Germany, and Italy. It offers industrial properties for various applications, su...
How the Company Makes Money
CTP N.V. primarily makes money by generating recurring rental income from leasing its industrial and logistics properties to corporate tenants. Revenue is typically driven by (1) contracted rents from existing leases across its portfolio, which ma...
CTP N.V. Earnings Call Summary
Earnings Call Date:Oct 29, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Feb 25, 2027
Earnings Call Sentiment Positive
The call was predominantly positive, supported by 23% year-on-year leasing growth, double-digit rental income growth, strong earnings growth, a large development pipeline, positive development revaluations, robust liquidity and continued expansion opportunities. The main challenges were occupancy and pre-letting levels below desired targets, loan-to-value above the target range, a reduced development pipeline and lower expected 2026 deliveries. Management remained confident in leasing demand, financing access, future rental growth and the ability to improve leverage over time.Positive Updates
Strong Leasing Growth
Leasing was approximately 23% higher year-on-year for the first nine months, with management also referring to total leasing of +22%. Demand was reported across Poland, Hungary, the Czech Republic, Romania and Germany, including larger transactions of approximately 100,000 sq m.
Negative Updates
Occupancy Below Target
Occupancy remained at 93%, while management is targeting an increase to 95% or above 95%.
Read all updates
Q3-2026 Updates
Positive
Negative
Strong Leasing Growth
Leasing was approximately 23% higher year-on-year for the first nine months, with management also referring to total leasing of +22%. Demand was reported across Poland, Hungary, the Czech Republic, Romania and Germany, including larger transactions of approximately 100,000 sq m.
Read all positive updates
Company Guidance
Management remains on track to deliver full-year 2026 company specific adjusted EPRA earnings per share guidance of EUR 1.01-EUR 1.03 per share and has a clear visibility of its target of over EUR 1 billion rental income in 2027, including approximately EUR 130 million of potential annual rent from 1.7 million square meters under construction. The delivery outlook is around 1.4 million square meters, with the lower end of the target implying just under 10% growth year-on-year, while the company expects to be at the 10% across all of the deliveries for the year and targets a 10% yield on cost. Occupancy is targeted to increase toward 95%, maybe north of 95%, and management said it expects to get back to double digit EPS growth going forward. For the year-end, it expects stable yields and stable ERVs, and said it does not expect Romanian ERVs to come down further, with the possibility of going up over the next, say, six months.CTP N.V. Financial Statement Overview
Summary
Income Statement
86
Very Positive
Balance Sheet
71
Positive
Cash Flow
62
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.03B | 970.20M | 870.70M | 673.80M | 589.11M | 407.37M |
| Gross Profit | 809.60M | 760.00M | 681.80M | 554.00M | 464.92M | 333.66M |
| EBITDA | 858.10M | 1.71B | 1.59B | 461.20M | 1.04B | 1.34B |
| Net Income | 556.00M | 1.08B | 1.08B | 922.60M | 766.60M | 1.03B |
Balance Sheet | ||||||
| Total Assets | 20.16B | 19.97B | 17.38B | 14.87B | 12.53B | 9.69B |
| Cash, Cash Equivalents and Short-Term Investments | 411.10M | 708.40M | 855.40M | 690.60M | 660.63M | 892.82M |
| Total Debt | 9.44B | 9.29B | 8.15B | 7.02B | 5.88B | 4.51B |
| Total Liabilities | 11.67B | 11.51B | 10.03B | 8.71B | 7.24B | 5.58B |
| Stockholders Equity | 8.48B | 8.46B | 7.35B | 6.17B | 5.28B | 4.11B |
Cash Flow | ||||||
| Free Cash Flow | 236.40M | 287.70M | 306.60M | 256.50M | 256.41M | 125.09M |
| Operating Cash Flow | 340.00M | 382.70M | 340.00M | 318.40M | 300.31M | 139.06M |
| Investing Cash Flow | -1.51B | -1.53B | -1.33B | -1.18B | -1.36B | -1.44B |
| Financing Cash Flow | 725.70M | 992.00M | 1.15B | 886.10M | 837.18M | 1.77B |
CTP N.V. Technical Analysis
Negative
14.34
Price Trends
13.14
Negative
14.24
Negative
15.13
Negative
Market Momentum
-0.15
Negative
39.60
Neutral
48.34
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For NL:CTPNV, the sentiment is Negative. The current price of 14.34 is above the 20-day moving average (MA) of 12.58, above the 50-day MA of 13.14, and below the 200-day MA of 15.13, indicating a bearish trend. The MACD of -0.15 indicates Negative momentum. The RSI at 39.60 is Neutral, neither overbought nor oversold. The STOCH value of 48.34 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for NL:CTPNV.
CTP N.V. Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | €3.34B | 13.22 | 24.42% | 2.44% | 7.01% | 87.12% | |
72 Outperform | €6.22B | 11.70 | ― | 5.36% | 11.87% | -56.13% | |
71 Outperform | €2.25B | 15.64 | 26.13% | 2.89% | 11.28% | 28.75% | |
71 Outperform | €5.94B | 13.17 | 14.41% | 4.65% | 0.85% | -0.29% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €345.46M | -20.40 | -2.54% | 13.59% | -3.75% | -1040.34% | |
48 Neutral | €13.10M | 17.34 | 3.56% | 7.52% | -44.85% | ― |
* General Sector Average
NL:CTPNV
CTP N.V.
12.40
-5.01
-28.76%
NL:BAMNB
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12.29
4.20
51.92%
NL:ECT
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13.00
-1.90
-12.75%
NL:HEIJM
Heijmans N.V.
81.95
21.17
34.83%
NL:NSI
NSI NV
17.14
-1.55
-8.30%
NL:VPK
Royal Vopak NV
54.25
16.53
43.83%
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.