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CTP N.V. (CTPNV) Fair Value & Analysis

Real Estate · NL · Market cap €8.0B · ISIN NL00150006R6

What is CTP N.V. really worth?

CN CTP N.V. CTPNV · AS
Price€14.22
Fair Value€13.00
Upside−8.6%
Quality35/100

Below-average quality, currently priced close to our fair value of €13.00.

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Strengths

Highly profitable · 109.5% net margin
Moderate debt · generates free cash flow

Risks

!Expensive Growth (revenue 5y +21.1 %/yr)
!Mixed vs. peers (6/15)
!Moderate moat 49/100
!Weak on valuation: 22 out of 100
!Weak on dividend: 21 out of 100
Evidence: High Range €9.75 – €16.25

Fair value as of: Aug 20, 2026

From 16 valuation models · updated 16 days ago

Share price −8.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

€19.21 €8.42 Fair Value €13.00 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.

How to read this chart

60‑month range €8.42 – €19.21 · fair‑value band €9.75 – €16.25 · the €14.22 price screens above the €13.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.

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Analysis

CTP N.V. (CTPNV) currently trades at €14.22, while our model-based Fair Value estimate is €13.00, implying the stock looks roughly 9.4% fairly valued today. The Quality Score stands at 35/100 (below-average quality), in the Real Estate sector. Bull case: the Economic Profit group reads highest at a median of €19.78 per share, and 2 of the 13 models we run sit above the €14.22 price. Bear case: the Dividend Discount group reads lowest at €2.61, and 11 of the 13 models stay below the price. Evidence for this calculation is high.

Trailing-twelve-month revenue stands at €1.0B. Revenue grew 13.9% year over year. It earns a return on equity of 13.5%. Net debt stands at €8.6B. Fundamentals as of Aug 20, 2026

Our scenario range runs from €9.75 (bear case) to €16.25 (bull case); at €14.22, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 26% below its 52-week high and 4% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at −9%, CTPNV screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly €1.55 per share, which is 11.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
FCF DCF best evidence €14.44 77
Growth DCF €13.80 75
5Y EBITDA Exit €13.57 €37.53 72
All 16 models by family
DCF Models
FCF DCF best evidence €14.44 77
5Y Revenue Exit €2.89 €18.54 69
5Y EBITDA Exit €13.57 €37.53 72
10Y Revenue Exit €2.60 €16.48 64
10Y EBITDA Exit €11.16 €37.56 65
Dividend Discount
Gordon GGM €1.52 €3.02 €4.57 67
DDM Multi-Stage €1.52 €2.61 €3.19 67
Multiples
P/S Multiple €9.75 €13.00 €16.25 58
P/B Multiple €26.17 €34.89 €43.62 55
EV/EBIT €6.40 €13.86 €21.31 62
EV/EBITDA €1.70 €7.58 €13.46 60
EV/Revenue €2.25 50
Asset-Based
NCAV (Graham) €8.72 €11.69 €17.45 54
Growth DCF
Growth DCF €13.80 75
Rev-Margin DCF €3.16 €16.97 69
Economic Profit
Residual Income €16.19 €19.78 €48.28 69

Widest divergence: Economic Profit (€19.78) versus Dividend Discount (€2.61). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 6.2
P/S ratio 6.92 P/E × margin
EPS (TTM) €2.29 price ÷ EPS = P/E 6.2
Dividend yield 1.1% payout 6.6%
Net margin 112% FY2025
Return on equity 13.5% TTM
More key figures
Profitability
Return on assets (EBIT) 6.4% avg 5y
Operating margin 67.2% TTM
Growth
Revenue (TTM) €1.0B TTM
Revenue growth (YoY) +13.9% 3y avg +18.1%
EPS growth (YoY) +7.3%
Balance sheet & cash flow
Free cash flow €288M FY2025
Net debt €8.6B FY2025 · ≈ 29.8 yrs of FCF

Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 35/100

Of which business quality 40 · Market factors (momentum, volatility) 36

Profitability 41
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 67
Earnings quality: real cash, not paper profit
Fin. Strength 34
Balance sheet, leverage, solvency risk
Investment 29
Disciplined investing over empire-building
Low Volatility 70
Calm price path (market factor)
Momentum 28
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 17
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

CTP N.V. is Europe's largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.8 million sqm of GLA across 10 countries as at 30 September 2025.

Full company description

CTP N.V. is Europe's largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.8 million sqm of GLA across 10 countries as at 30 September 2025. CTP certifies all new buildings to BREEAM Very good or better and earned a negligible-risk ESG rating by Sustainalytics, underlining its commitment to being a sustainable business. The company was founded in 1998 and is headquartered in Amsterdam, the Netherlands. CTP N.V. operates as a subsidiary of CTP Holding B.V.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CTP N.V. reported revenue of €970M in FY2025 versus €407M in FY2021, a compound +24.2%/yr. Reported net income was €1.1B in FY2025, compounding +1.3%/yr from FY2021.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
€970M
Latest YoY
+11.4%
Avg. revenue growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+18.1%
Avg. revenue growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+21.1%
Avg. revenue growth/yr (7Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+19.4%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year.
+14.3% (13.2 + 1.1)
Revenue +24.2%/yr
FY21 €407M
FY22 €589M
FY23 €674M
FY24 €871M
FY25 €970M
Net income +1.3%/yr
FY21 €1.0B
FY22 €767M
FY23 €923M
FY24 €1.1B
FY25 €1.1B

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Cite: Fair Value Calculator (2026). "CTP N.V. Fair Value". https://www.fairvalue-calculator.com/stock/CTPNV

Peer Group

Real Estate - Development · 567 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 36 · Bottom 25%
Fair Value upside −9% · Below median
Return on equity (TTM) 13% · Top 25%
Return on assets 2% · Above median
Net margin (TTM) 109% · Top 25%
Operating margin (TTM) 67% · Top 25%
Revenue growth 14% · Above median
Dividend yield (TTM) 1.1% · Below median
Debt / equity 1.00× · Higher than 75% of peers

Valuation Multiples vs Real Estate - Development median · lower = cheaper

P/E (TTM) 6.2× · Cheaper than 75% of peers
P/B 1.09× · Pricier than median
P/S (TTM) 9.22× · Pricier than 75% of peers
P/FCF 32.2× · Pricier than 75% of peers
EV/EBITDA 24.4× · Pricier than 75% of peers
PEG 2.76× · Pricier than 75% of peers

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE22 · sector 45
FUTURE70 · sector 0
PAST54 · sector 11
HEALTH50 · sector 85
DIVIDEND21 · sector 53

Insider activity: 30/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 80016 HK$109.70 HK$88.93 −19%
China Resources Land Limited 1109 HK$35.24 HK$72.16 +105%
Vinhomes Joint Stock Company VHM 71,700 VND 109,431 VND +53%
CK Asset Holdings 1113 HK$47.34 HK$68.85 +45%
Hongkong Land Holdings H78 $8.20 $1.52 −81%
DLF Limited DLF ₹667.10 ₹170.24 −74%
China Overseas Land & Investment Limited 0688 HK$13.76 HK$22.92 +67%
Macrotech Developers Limited LODHA ₹1,244 ₹583.42 −53%
Sino Land Company 0083 HK$10.33 HK$6.99 −32%
PT Pantai Indah Kapuk Dua Tbk, PANI 5,925 IDR 1,325 IDR −78%

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Frequently asked questions

Is CTP N.V. (CTPNV) overvalued or undervalued?
As of Aug 20, 2026, our model estimates a fair value of €13.00 versus a price of €14.22, about −9% upside (fairly valued).
What is the fair value of CTPNV?
Our model-based fair value for CTP N.V. is €13.00 (as of Aug 20, 2026), built from audited fundamentals. The current price: €14.22.
What is the quality score of CTPNV?
CTP N.V. has a Quality Score of 35/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CTP N.V. (CTPNV)?
CTP N.V. reported trailing-twelve-month revenue of about €1.0B (latest available figure, as of Aug 20, 2026).
What is the net profit margin of CTPNV?
The net profit margin of CTP N.V. is about 109.5%, meaning it keeps roughly 109.5% of revenue as net income. Based on the latest reported figures.
Does CTP N.V. pay a dividend?
CTP N.V. currently shows a dividend yield of about 1.06% relative to its recent price (as of Aug 20, 2026).
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