Titan: the future is concrete (stays BUY)
We maintain our BUY on Titan, with an updated 12M price target (PT) of EUR 57.3, which offers 27% upside. Following the Capital Markets Day (CMD), we have increased our growth capex assumptions (in line with the company’s updated target of c.EUR 1.5bn by 2029E) and, in turn, our EBITDA margin expansion assumptions, as well as the organic revenue growth, on the back of better-than-expected performances from Greece and Egypt during 9M25. On top of this, its peers’ 2026E EV/EBITDA multiple has expanded by 14% globally and by 35% in the US, since our report published in April 2025. We continue to like the company for its market-leading positions, and sustainable capital allocation policy. Despite the c.32% rally in the shares from its lows in September 2025, we still see Titan’s current valuation as attractive. The company is trading at 6.3x 2026E EV/EBITDA, on our estimates, at a 6% discount vs. its global peers and a 58% discount vs. its US peers.Titan Cement Co. and, its subsidiaries (collectively, the Group) are engaged in the production, trade and distribution of a range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash. The Group operates primarily in Greece, the Balkans, Egypt, Turkey and the U.S. The Group operates in 14 countries in Europe, North America and the Eastern Mediterranean and is organized in the following four operating (geographic) segments: Greece and Western Europe, North America, South East Europe, and Eastern Mediterranean.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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