Titan Cement 1H FY24: Strong Execution; Positive Outlook Reiterated
During 2Q & HY FY24, sales came in at €699.3m and €1323.0m respectively (vs. KBCSe €676.6m and €1,300.3m); the increase in sales was driven by volume growth across the group's product lines. 2Q & HY'24 EBITDA came in at €171.6m and €281.4m respectively (vs. KBCSe €152.0m & €262.2m); EBITDA growth was supported by stable pricing and op. cost performance. Net income during profit rose 34.1% YoY and came in at €148.7m (vs. KBCSe €140.6m). Management has reiterated its positive outlook for FY24 both in terms of pricing remaining stable/increasing and volume growth. In our view, Titan is continuing to executing its growth strategy with precision while future growth will be fuelled by the US IPO which is progressing as per schedule; this is also evident in the rally witnessed in Titan's stock, returning ~57.0 YTD. We reiterate our BUY rating and €38.0 TP.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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