September 30, 2024 11:56 GMT
REAL ESTATE: MLP Group SA (MLGPW: Ba2/BB+ Fitch): Comps
REAL ESTATE
GAV EUR bn | LTV | ND/EBITDA | Rating | |
CTPNV | 13.00 | 46.2% | 9.2x | Baa3/BBB-/- |
VGPBB | 2.00 | 40.3% | 7.1x | -/-/BBB- |
MLP Group | 1.17 | 37.0% | 10.8x | Ba2/ - /BB+ |
Given that the vast majority of HY Real Estate names are fallen angels, it is worthwhile looking at similarly well-run Eastern European focused warehouse operators. CTP and VGP are further along the trajectory in terms of size - and hence diversification - and are therefore able to run higher LTVs than MLP.
- CTPBNV 5yr z+172 3.97% yield
- VGPBB 5yr z+225 4.99% yield
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