Titan Cement Picks Citi Bank and Goldman Sachs For Potential $2b IPO
Bloomberg has reported that Titan Cement International has chosen Citi Bank and Goldman Sachs for the listing of a minority stake of Titan America. Previously, management indicated that between 15% to 25% would be listed on a NYC-based stock exchange. Bloomberg states that Titan wishes to raise at least $500.0m from the listing and seeks a valuation greater than $2.0b. The $2.0b valuation is ~24.0% higher than our current estimate of ~$1.6b (~€1.5b). The higher valuation could be due to the fact that US peers have historically enjoyed higher valuations and a broader investor pool. Since the potential listing is in its early stages, we make immediate no changes to our model. 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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