SECTOR: [PASS] CTP is neither a technology nor financial Company, and therefore this methodology is applicable.
SALES: [PASS] The investor must select companies of "adequate size". This includes companies with annual sales greater than €260 million. CTP's sales of €760 million, based on 2025 sales, pass this test.
LONG-TERM EPS GROWTH: [PASS] Companies must increase their EPS by at least 30% over a ten-year period and EPS must not have been negative for any year within the last 5 years. Companies with this type of growth tend to be financially secure and have proven themselves over time. CTP has a strong record of profitable growth.
Earnings Yield: [FAIL] [PASS] The Earnings/Price (inverse P/E) %, based on the lesser of the current Earnings Yield or the Yield using average earnings over the last 3 fiscal years, must be "acceptable", which this methodology states is greater than 6,5%. Stocks with higher earnings yields are more defensive by nature. CTP's E/P of 6% (using the next year's estimated Earnings from rent) just fails this test.
Graham Number value: [PASS] [FAIL] The Price/Book ratio must also be reasonable. That is the Graham number value must be greater than the market price. CTP has a Graham number of √(15 x €0.9 EPS x €19 Book Value) = €16 (For real estate I use 1 x book instead of the 1,5 x book Benjamin Graham used for industrial companies.)
Dividend: €0,63/€16,10 = 4%
Conclusion July 2023: Seems like a good investment for the Graham Defensive investor at EUR 11,95
Conclusion March 2026: Still seems like a good investment at EUR 16,10. Founder led and investor friendly.
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