Titan Cement FY24 Preliminary Results Point To Record FY24
Titan Cement International (TCI) provided a trading update ahead of the group's full year results on 27th March 2025 and its IPO which is scheduled to be completed by end of 1Q FY25. FY24 sales is expected to exceed €2,640m while like-for-like and reported EBITDA are expected to come in higher than €585m and €570m respectively. Like-for-like and reported Net Result are expected to come in at €300m and €285m. EPS is expected to rise above €3.8ps. Finally, TCI's net debt will be close to €630m (vs. €660m during FY23-end), implying a net debt to EBITDA ratio of 1.1x. We are pleased with results which are in line with our estimates and continue to believe that the NYSE IPO of a minority stake of Titan America will unlock further value since US peers are traded at much higher multiples and IPO proceeds will help further bolster TCI's growth. Since the name has witnessed a solid rally over the last few months and now trades closer to our TP, we switch to a HOLD and reiterate our €45 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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