Kepler Cheuvreux 'takes a break' on 'not cheap' CTP shares, cuts to 'hold'

CTP NV

08/08/2025 09:04

** Kepler Cheuvreux is "taking a break" on real estate developer CTP CTPNV.AS and cuts it to "hold" from "buy" as, "looking at multiples on a relative basis, the company does not look cheap"

** Kepler recognises CTP's "clean" H1 results and an upbeat tone about demand during the earnings call, but sees most consensus figures already including those elements

** This leads to a more downside risk than upside risk coming from the pipeline, it adds, creating short-term headwinds

** Kepler positions itself slightly below 2026 and 2027 "stretched" consensus estimates

** "The stock needs a sustained re-rating to continue performing well, which is not impossible if a transformative deal is around the corner," the broker says

** Kepler removes the name from its Sector Most Preferred List after the 23% outperformance this year

** Out of 18 analysts covering CTP, 15 rate it "strong buy"/"buy" and ​three "hold" - LSEG data

 (Reporting by Piotr Lipinski)

 ((piotr.lipinski@tr.com))