Titan Cement Model Update + Titan US IPO Will Mark New Growth Phase
On 9th May'24, Titan Cement International announced its intention to list a minority stake of Titan America on the New York Stock Exchange (NYSE) – management has indicated that this could be between 15.0% to 25.0%. The proceeds from the listing will be used to fuel growth across all geographical regions. We updated our model to put a value on Titan America and incorporated slightly more optimistic growth assumptions across all regions compared to our highly conservative assumptions during initiation. We believe that US listing of Titan America will unlock hidden value and will mark a new growth phase for Titan Group. Our new sum-of-the-parts (SOTP) valuation indicates an intrinsic equity value per share of €38.4. We reiterate our BUY rating and raise our TP from €32.0 to €38.0.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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