Titan Better than expected 3Q results and positive outlook. All eyes on CMD.
TITAN's 3Q EBITDA jumped by 20% and came in 4% above our forecast and 8% above consensus. Importantly, the outlook for the remainder of the year is said to be positive. We look forward to the upcoming CMD (11 November) where we hope to get more clarity on the group's medium term ambitions. We continue to remain optimistic on TITAN's prospects in most geographies, not at least in the US. We remind that only one third of Titan America's sales is imported in the US. Additionally, the US remains a net-import market in which c. 24% of consumption is imported, implying that, over the short to medium-term, local production alone will not allow to suffice demand. In light of the attractive valuation, both vs peers as well as demonstrated by our DCF, we reiterate our Accumulate rating and € 45 target price.Titan Cement International SA is a Belgium-based international cement and building material producer. The Company's activities include the production, transportation, and distribution of cement, concrete, aggregates, fly ash, mortars and other building materials. The Company reports its activities into four geographical business segments: Greece and Western Europe, North America, South East Europe and Eastern Mediterranean. Apart from the transportation and distribution, the Company also transfers its know-how through collaborations with customers, business partners, local communities and Academia.
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