Titan Titan America acquires Keystone Cement Company for c. $ 310m

Titan America announced an agreement to acquire Keystone for $310m, which will further expand its US operations and provides an attractive fit with the existing US footprint. The acquisition also fits well within TITAN's Forward 2029 Strategic plan which was presented in November 2025, and which targets to grow EBITDA by 62% to € 1bn by 2029 on a combination of organic growth initiatives and M&A in regions where the company has an established footprint and acquisitions offer sizeable synergies potential. Overall, TITAN is seeking growth in the coming years in both its core heavy materials businesses as well as through growing its alternative cementitious materials platform and enlarging the product portfolio (eg in precast solutions). Prior to the recent acquisition of Turkish Traçim cement ($190m equity value) and the Keystone acquisition, TITAN had a rock solid balance sheet with a net debt/EBITDA of only 0.5x. We estimate that even after including these acquisitions in our 2026 forecasts, net debt/EBITDA will be close to 1x, leaving TITAN still sizeable firepower for both other organic growth initiatives and additional M&A. We continue to remain optimistic on TITAN's prospects in most geographies, not at least in the US, which is TITAN's largest market. 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 with € 56 target price.