Titan Cement 3Q FY24: Better Than Expected Results & Positive Outlook
Group sales during 3Q came in at €661.6m (KBCSe: €657.3m), down 0.2% YoY. Group EBITDA came in at €163.7m (excl. one-offs; KBCSe: €147.0m), up 5.2% on a YoY basis. YTD net profit is up approx. 20.0% at €238.0m. The group has continued to invest across the business with YTD group capex standing at €181.0m while also completing bolt-on acquisitions of 3 aggregates quarries, 1 clay quarry and 1 ready-mix unit. The US IPO of a minority stake of Titan America is expected to be completed by 1Q FY25, after which, we believe a re-rating of the group's value is on the cards. Also, we don't see any impact arising from Trump's presidency as any tariffs on the import of European cement will only further exacerbate the cement shortage across the US. We reiterate our BUY rating and upgrade our TP from €38.0 to €39.0, implying a upside of 19.4%.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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