Berenberg Keeps CTP's Buy Rating After Capital Markets Day in Warsaw

MT Newswires · 2d ago
06:08 AM EDT, 09/24/2026 (MT Newswires) -- Berenberg maintained CTP's (CTPNV.AS) buy rating, with an unchanged price target of 21 euros, noting that the company's capital markets day in Warsaw, Poland, provided "useful insight" into its operations. "Poland is the sixth-largest region in CTP's portfolio, with 1.1m sqm of gross lettable area (GLA) - representing 7% of the total GLA ... In 2022, Poland was the first country that CTP expanded into after its IPO, with the company primarily buying land for developments. The timing was propitious, in our view, as its develop-to-own strategy was relatively new in the Polish logistics space, which had previously been characterised by developers following a develop-to-sell approach that faced difficulties when interest rates started to increase significantly," analysts said Thursday. Additionally, the research firm believes the industrial and logistics property company's 1 billion-euro target of annualized rents by 2027 to be "achievable," with annualized rents standing at 858 million euros as of June 2026. Analysts also noted that CTP's net debt/EBITDA ratio of 9.6x as of June 2026 will further improve once its development projects are operational. Berenberg left its rents, EBIT, and FFO estimates for 2026 to 2028 unchanged.