Titan Cement Building a green world, one brick at a time
Today, we initiate our coverage of Titan Cement which posted robust FY23 results with sales rising by 9.9% y/y to €2547.0m while EBITDA came in at €540.4m which represented a y/y increase of 63.1% and a healthy EBITDA margin of 21.2%. Since FY22, Titan Cement has experienced significant growth across the board which was mainly driven by US government spending on infrastructure projects especially on highways and bridges. US cement consumption is expected to continue to significantly outstrip supply at least over the short to medium-term which puts Titan Cement in a highly fortuitous position because the US makes up for more than 60.0% of the group's sales and profitability. Despite incorporating conservative assumptions across all regions that Titan Cement operates in, our DCF model indicates an intrinsic value per share of €32.1 which implies an attractive upside of 20.0%+. We issue a BUY rating and €32.0 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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