Paramount Deal Terms Force GAMCO to Receive Cash for its Voting Shares
Given the terms of Paramount's pending combination with Skydance Media, in which current holders of the class A voting stock have no opportunity to continue to hold such voting stock, GAMCO is effectively being forced to receive cash for those shares. On July 31, 2025, GAMCO filed a 13D with the Securities and Exchange Commission disclosing it made a cash election under the terms of the transaction for all class A shares held.
GAMCO Investors, Inc., through its subsidiaries, manages assets of private advisory accounts (GAMCO), mutual funds and closed-end funds (Gabelli Funds, LLC) and is known for its Private Market Value with a Catalyst™ style of investment.
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Business Wire
42 minutes ago
- Business Wire
CTP N.V. H1-2025 Results
AMSTERDAM--(BUSINESS WIRE)--Regulatory News: CTP N.V. ( ('CTP', the 'Group' or the 'Company') recorded in H1-2025 Gross Rental Income of €367.2 million, up 14.4% y-o-y, and like-for-like y-o-y rental growth of 4.9%, mainly driven by indexation and reversion on renegotiations and expiring leases. Leasing remained strong in the first half of the year with 11% more leases signed y-o-y. The average monthly rent on the new leases signed increased by 5% y-o-y 1. As at 30 June 2025, the annualised rental income increased to €757 million, while occupancy remained at 93% and the rent collection rate was 99.7%. In the first half of the year, CTP delivered 224,000 sqm at a Yield on Cost ('YoC') of 10.3% with 100% let at completion, bringing the Group's standing portfolio to 13.5 million sqm of GLA. The like-for-like revaluation came to 4.0%, driven by ERV growth of 2.5%, with an average 11bps reversionary yield compression, while the Gross Asset Value ('GAV') increased by 7.2% to €17.1 billion, and 15.9% y-o-y. EPRA NTA per share increased by 7.1% in H1 to €19.36 and 13.5% y-o-y, supported also by progress in the development pipeline. Company specific adjusted EPRA earnings increased by 12.2% y-o-y to €199.3 million. CTP's Company-specific adjusted EPRA EPS amounted to €0.42, an increase of 6.2%. The y-o-y increase in Company-specific adjusted EPRA EPS was negatively affected by the increased number of shares resulting from the equity raise in H2-2024. Thanks to our backloaded deliveries and net development income to the second half of the year, the Group is on track to reach the guidance of €0.86 – €0.88 for 2025, which represents 8 – 10% growth compared to 2024. As at 30 June 2025, projects under construction totalled 2.0 million sqm with an expected YoC of 10.3%, and a potential rental income of €160 million when fully leased. The Group's landbank amounted to 26.1 million sqm, of which 22.2 million sqm is owned and on-balance sheet. This landbank secures substantial future growth potential for CTP, with 90% located around the existing business parks (58% in existing parks, 31% in new parks with a potential of over 100,000 GLA). Combined with its industry-leading YoC, CTP expects to continue to generate double-digit NTA growth in the years to come. Remon Vos, CEO, comments: 'We leased 1,015,000 sqm in H1-2025, 11% more than in the same period last year, illustrating the continued strong demand in CEE, despite the geopolitical and tariff volatility. Looking ahead, we have a strong lead-list for the second half of the year as reflected in the increased number of Heads of Terms signed. We are benefiting particularly from the nearshoring trend, shown by our growth with Asian manufacturing tenants, who made up around 20% of our overall leasing activity in the last 18 months, compared to an over 10% share of our overall portfolio. The annualised rental income increased to €757 million. Our next phase of growth is already locked in through our 2.0 million sqm of GLA under construction and landbank of 26.1 million sqm, meaning we can continue generating double-digit NTA growth over the coming years. We are confident that we can achieve our ambitious goals and reach 1 billion annualized rental income in 2027.' Key Highlights Continued strong tenant demand drives rental growth In H1-2025, CTP signed leases for 1,015,000 sqm, an increase of 11% compared to the same period in 2024, with an average monthly rent per sqm of €5.98 (H1-2024: €5.59). Adjusting for the differences among the country mix, rents increased on average by 5%. Average monthly rent leases signed per sqm (€) Q1 Q2 YTD Q3 Q4 FY 2023 5.31 5.56 5.47 5.77 5.81 5.69 2024 5.65 5.55 5.59 5.69 5.79 5.68 2025 6.17 5.91 5.98 Expand Around two-thirds of leases signed were with existing tenants, in line with CTP's business model of growing with existing tenants in existing parks. Cashflow generation through standing portfolio and acquisitions CTP's average market share in the Czech Republic, Romania, Hungary, and Slovakia came to 28.2% as at 30 June 2025 and it remains the largest owner and developer of industrial and logistics real estate assets in those markets. The Group is also the market leader in Serbia and Bulgaria. With more than 1,500 clients, CTP has a wide and diversified international tenant base, consisting of blue-chip companies with strong credit ratings. CTP's tenants represent a broad range of industries, including manufacturing, high-tech/IT, automotive, e-commerce, retail, wholesale, and 3PLs. The tenant base is highly diversified, with no single tenant accounting for more than 2.5% of the Company's annual rent roll, which leads to a stable income stream. CTP's top 50 tenants only account for 36.0% of its rent roll and the vast majority of clients rent space in multiple CTParks. The Company's occupancy came to 93% (FY-2024: 93%). The Group's client retention rate remains strong at 85% (FY-2024: 87%) and demonstrates CTP's ability to leverage long-standing client relationships. The portfolio WAULT stood at 6.2 years (FY-2024: 6.4 years), in line with the Company's target of >6 years. Rent collection level stood at 99.7% in H1-2025 (FY-2024: 99.8%), with no deterioration in the payment profile of tenants. Rental income in H1-2025 amounted to €367.2 million, up 14.4% y-o-y on an absolute basis, mainly driven by deliveries and like-for-like growth. On a like-for-like basis, rental income grew 4.9%, thanks to indexation and reversion on renegotiations and expiring leases. The Group has put measures in place to limit service charge leakage, which resulted in the improvement of the Net Rental Income to Rental Income ratio from 97.8% in H1-2024 to 98.1% in H1-2025. Consequently, the Net Rental Income increased 14.8% y-o-y. An increasing proportion of the rental income generated by CTP's investment portfolio benefits from inflation protection. Since end-2019, all the Group's new lease agreements include a CPI linked indexation clause, which calculates annual rental increases as the higher of: a fixed increase of 1.5%–2.5% a year; or the Consumer Price Index 2. As at 30 June 2025, 72% of income generated by the Group's portfolio includes this double indexation clause, and the Group expects this to increase further. The reversionary potential came to 14.9%. New leases have been signed continuously above the Estimated Rental Value ('ERV'), illustrating continued strong market rental growth and supporting valuations. The annualised rental income came to €757 million as at 30 June 2025, an increase of 11.5% y-o-y, showcasing the strong cash flow growth of CTP's investment portfolio. H1 developments delivered with a 10.3% YoC and 100% let at delivery CTP continued its disciplined investment in its highly profitable pipeline. In H1-2025, the Group completed 224,000 sqm of GLA (H1-2024: 328,000 sqm). The developments were delivered at a YoC of 10.3%, 100% let and will generate contracted annual rental income of €12.1 million. As usual, the deliveries in 2025 are skewed to the fourth quarter. While average construction costs in 2022 were around €550 per sqm, in 2023 and 2024 they came to €500 per sqm and remained stable in H1-2025. This allows the Group to continue to deliver its industry-leading YoC above 10%, which is also supported by CTP's unique park model and in-house construction and procurement expertise. As at 30 June 2025, the Group had 2.0 million sqm of buildings under construction with a potential rental income of €160 million and an expected YoC of 10.3%. CTP has a long track record of delivering sustainable growth through its tenant-led development in its existing parks. 79% of the Group's projects under construction are in existing parks, while 9% are in new parks which have the potential to be developed to more than 100,000 sqm of GLA. Planned 2025 deliveries are 53% pre-let, up from 35% as at FY-2024. Pre-let in existing parks stood at 47%, while the new parks pre-let was at 80%, showcasing the low risk embedded in the pipeline. CTP expects to reach 80%-90% pre-letting at delivery, in line with historical performance. As CTP acts as general contractor in most markets, it is fully in control of the process and timing of deliveries, allowing the Company to speed-up or slow-down depending on tenant demand, while also offering tenants flexibility in terms of their building requirements. In 2025 the Group is expecting to deliver between 1.2 – 1.7 million sqm, depending on tenant demand. The 106,000 sqm of leases that are already signed for future projects — construction of which hasn't started yet — are a further illustration of continued occupier demand. CTP's landbank amounted to 26.1 million sqm as at 30 June 2025 (31 December 2024: 26.4 million sqm), which allows the Company to reach its target of 20 million sqm GLA by the end of the decade. The Group is focusing on mobilising the existing landbank, while maintaining disciplined capital allocation in landbank replenishment. 58% of the landbank is located within CTP's existing parks, while 31% is in, or is adjacent to, new parks which have the potential to grow to more than 100,000 sqm. 15% of the landbank was secured by options, while the remaining 85% was owned and accordingly reflected in the balance sheet. Assuming a build-up ratio of 2 sqm of land to 1 sqm of GLA, CTP can build over 13 million sqm of GLA on its secured landbank. CTP's land is held on balance sheet at around €60 per sqm and construction costs amount on average to approximately €500 per sqm, bringing total investment costs to approximately €620 per sqm. The Group's standing portfolio is valued around €1,040 per sqm, resulting in a revaluation potential of around €400 per sqm built. Monetisation of the energy business CTP continues with its expansion plan for the roll-out of photovoltaic systems. With an average cost of ~€750,000 per MWp, the Group targets a YoC of 15% for these investments. CTP has an installed PV capacity of 138 MWp, of which 108 MWp is fully operational. In H1-2025 the revenues from renewable energy came to €8.0 million, up 136% y-o-y mainly driven by the increase in capacity installed throughout 2024. CTP's sustainability ambition goes hand in hand with more and more tenants requesting green energy from photovoltaic systems, as they provide them with i) improved energy security, ii) a lower cost of occupancy, iii) compliance with increased regulation iv) compliance with their clients' requirements and v) the ability to fulfil their own ESG ambitions. Valuation results driven by pipeline and positive revaluation of standing portfolio Investment Property ('IP') valuation increased from €14.7 billion as at 31 December 2024 to €15.5 billion as at 30 June 2025, driven by the transfer of completed projects from Investment Property under Development ('IPuD') to IP and positive revaluation of standing portfolio. IPuD increased by 31.5% from 31 December 2024 to €1.4 billion as at 30 June 2025, driven by the CAPEX spent, the revaluation due to increase pre-letting and construction progress, and the start of new construction projects in H1-2025. GAV increased to €17.1 billion as at 30 June 2025, up 7.2% compared to 31 December 2024. The revaluation in H1-2025 came to €597.9 million, driven by the positive revaluation of IPuD projects (+€181.3 million), landbank (+€43.1 million), and the standings assets (+€373.6 million). On a like-for-like basis, CTP's portfolio saw a valuation increase of 4.0% during H1-2025, driven by an ERV growth of 2.5%. CTP expects further positive ERV growth on the back of continued tenant demand, which is positively impacted by the secular growth drivers in the CEE region. CEE rental levels remain affordable; despite the strong growth seen as they have started from significantly lower absolute levels than in Western European countries. In real terms, rents in many CEE markets are still below 2010 levels. The Group's portfolio has conservative valuation yields of 7.0%. CTP saw further yield compression during the first half of 2025 of 11bps on average across the portfolio and expects further yield compression over second part of 2025. The yield differential between CEE and Western European logistics is expected to decrease over time, driven by the higher growth expectations for the CEE region and increasing activity in the investment markets. EPRA NTA per share increased from €18.08 as at 31 December 2024 to €19.36 as at 30 June 2025, representing an y-o-y increase of 13.5% and an increase of 7.1% in H1-2025. The increase is mainly driven by the revaluation (+€1.25), Company specific adjusted EPRA EPS (+€0.42) and offset by final 2024 dividend paid out in May (-€0.30) and other items (-€0.09). Robust balance sheet and strong liquidity position In line with its proactive and prudent approach, the Group benefits from a solid liquidity position to fund its growth ambitions, with a fixed cost of debt and conservative repayment profile. During H1-2025, the Group secured €1.7 billion to fund its organic growth: A €1.0 billion dual-tranche green bond with a €500 million six-year tranche at MS +145bps at a coupon of 3.625% and a €500 million ten-year tranche at MS +188bps at a coupon of 4.25%; A JPY30 billion (€185 million equivalent) five-year unsecured loan facility with a syndicate of Asian banks at TONAR +130bps and fixed all-in cost of 4.1%; and A €500 million five-year unsecured sustainability-linked loan facility with a syndicate of 13 European and Asian banks at fixed all-in cost of 3.7%, undrawn as of 30 June 2025. CTP continued to actively manage its bank loan portfolio in H1-2025. Margin reduction on a further €159 million of secured bank loans was negotiated and €441 million of unsecured term loan signed in 2023 was prepaid and will be refinanced by the new €500 million unsecured loan. Both allowed CTP to achieve material interest rate savings and reduce the overall cost of debt going forward. The Group's liquidity position stood at €2.1 billion, comprised of €0.8 billion of cash and cash equivalents, and an undrawn RCF of €1.3 billion. CTP's average cost of debt stood at 3.2% (FY-2024: 3.1%), slightly up compared to year-end 2024, due to new funding. 99.9% of the debt is fixed rate or hedged until maturity. The Group doesn't capitalise interest on developments, therefore all interest expenses are included in the P&L. The average debt maturity came to 5.1 years (FY-2024: 5.0 years). The Group repaid €272 million bond in June 2025 from its available cash. Next upcoming maturity is a €185 million bond due in October 2025, which will also be repaid from available cash reserves. CTP's LTV decreased to 44.9% as at 30 June 2025 mainly due to the positive revaluation of standing portfolio and investment properties under development. The Group's higher yielding assets, thanks to their gross portfolio yield of 6.6%, lead to a healthy level of cash flow leverage that is also reflected in the normalized Net Debt to EBITDA of 9.2x (FY-2024: 9.1x), which the Group targets to keep below 10x. The Group had 66% unsecured debt and 34% secured debt as at 30 June 2025, with ample headroom under its Secured Debt Test and Unencumbered Asset Test covenants. As pricing in the bond market rationalised, the conditions are now more competitive than the pricing in the bank lending market, which will allow the Group to re-balance more towards unsecured lending. In Q3-2024, S&P confirmed CTP's BBB- credit rating with a stable outlook. In January 2025, CTP was assigned an A- credit rating with a stable outlook by the Japanese rating agency JCR. In Q2-2025, Moody's upgraded outlook from stable to positive on Baa3 credit rating. Guidance Leasing dynamics remain strong, with robust occupier demand, and decreasing new supply leading to continued rental growth. CTP is well positioned to benefit from these trends. The Group's pipeline is highly profitable, and tenant led. The YoC for CTP's current pipeline remained at industry leading 10.3%. The next stage of growth is built in and financed, with 2.0 million sqm under construction as at 30 June 2025, with a target to deliver between 1.2 – 1.7 million sqm in 2025. CTP's robust capital structure, disciplined financial policy, strong credit market access, industry-leading landbank, in-house construction expertise and deep tenant relationships allow CTP to deliver on its targets. CTP expects to reach €1.0 billion rental income in 2027, driven by development completions, indexation and reversion, and is on track to reach 20 million sqm of GLA and €1.2 billion rental income before the end of the decade. The Group set a guidance of €0.86 - €0.88 Company-specific adjusted EPRA EPS for 2025. This is driven by our strong underlying growth, with around 4% like-for-like growth, partly offset by a higher average cost of debt due to the (re)-financing in 2024 and 2025. Dividend CTP announces an interim dividend of €0.31 per ordinary share, an increase of 6.9% compared to interim dividend 2024, and which represents a pay-out of 74% of the Company specific adjusted EPRA EPS, in line with the Group's 70% - 80% dividend policy pay-out ratio. The default is a scrip dividend, but shareholders can opt for payment of the dividend in cash. WEBCAST AND CONFERENCE CALL FOR ANALYSTS AND INVESTORS Today at 9am (GMT) and 10am (CET), the Company will host a video presentation and Q&A session for analysts and investors, via a live webcast and audio conference call. To view the live webcast, please register ahead at: To join the presentation by telephone, please dial one of the following numbers and enter the participant access code 893972. A recording will be available on CTP's website within 24 hours after the presentation: CTP FINANCIAL CALENDAR Action Date Capital Market Days (Wuppertal, Germany) 24-25 September 2025 Q3-2025 results 6 November 2025 FY-2025 results 26 February 2026 Expand About CTP CTP is Europe's largest listed owner, developer, and manager of logistics and industrial real estate by gross lettable area, owning 13.5 million sqm of GLA across 10 countries as at 30 June 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. For more information, visit CTP's corporate website: Disclaimer This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of CTP. These forward-looking statements may be identified by the use of forward-looking terminology, including the terms "believes", "estimates", "plans", "projects", "anticipates", "expects", "intends", "targets", "may", "aims", "likely", "would", "could", "can have", "will" or "should" or, in each case, their negative or other variations or comparable terminology. Forward-looking statements may and often do differ materially from actual results. As a result, undue influence should not be placed on any forward-looking statement. This press release contains inside information as defined in article 7(1) of Regulation (EU) 596/2014 of 16 April 2014 (the Market Abuse Regulation).
Yahoo
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What To Expect From Gray Television's (GTN) Q2 Earnings
Local television broadcasting and media company Gray Television (NYSE:GTN) will be reporting earnings this Friday morning. Here's what to expect. Gray Television beat analysts' revenue expectations by 1.1% last quarter, reporting revenues of $782 million, down 5% year on year. It was an exceptional quarter for the company, with an impressive beat of analysts' EPS estimates and a solid beat of analysts' adjusted operating income estimates. Is Gray Television a buy or sell going into earnings? Read our full analysis here, it's free. This quarter, analysts are expecting Gray Television's revenue to decline 6.6% year on year to $771.6 million, a reversal from the 1.6% increase it recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.28 per share. The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Gray Television has missed Wall Street's revenue estimates four times over the last two years. Looking at Gray Television's peers in the consumer discretionary segment, some have already reported their Q2 results, giving us a hint as to what we can expect. FOX delivered year-on-year revenue growth of 6.3%, beating analysts' expectations by 5.5%, and Paramount reported flat revenue, in line with consensus estimates. FOX traded down 5% following the results while Paramount was up 3.5%. Read our full analysis of FOX's results here and Paramount's results here. Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices up 1.1% on average over the last month. Gray Television is down 14.8% during the same time and is heading into earnings with an average analyst price target of $5.10 (compared to the current share price of $4.45). Unless you've been living under a rock, it should be obvious by now that generative AI is going to have a huge impact on how large corporations do business. While Nvidia and AMD are trading close to all-time highs, we prefer a lesser-known (but still profitable) semiconductor stock benefiting from the rise of AI. Click here to access our free report on our favorite semiconductor growth story. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
2 hours ago
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AMC Networks Earnings: What To Look For From AMCX
Television broadcasting and production company AMC Networks (NASDAQ:AMCX) will be announcing earnings results this Friday before market open. Here's what to look for. AMC Networks missed analysts' revenue expectations by 2.6% last quarter, reporting revenues of $555.2 million, down 6.9% year on year. It was a slower quarter for the company, with a significant miss of analysts' EPS estimates and a miss of analysts' Affiliate revenue estimates. Is AMC Networks a buy or sell going into earnings? Read our full analysis here, it's free. This quarter, analysts are expecting AMC Networks's revenue to decline 7% year on year to $582.4 million, in line with the 7.8% decrease it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.61 per share. The majority of analysts covering the company have reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. AMC Networks has missed Wall Street's revenue estimates five times over the last two years. Looking at AMC Networks's peers in the consumer discretionary segment, some have already reported their Q2 results, giving us a hint as to what we can expect. FOX delivered year-on-year revenue growth of 6.3%, beating analysts' expectations by 5.5%, and Paramount reported flat revenue, in line with consensus estimates. FOX traded down 5% following the results while Paramount was up 3.5%. Read our full analysis of FOX's results here and Paramount's results here. Investors in the consumer discretionary segment have had steady hands going into earnings, with share prices up 1.1% on average over the last month. AMC Networks is down 2.3% during the same time and is heading into earnings with an average analyst price target of $6.50 (compared to the current share price of $5.92). Today's young investors likely haven't read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next. StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
