Titan Cement US transactions justify higher valuation for Titan America
In this report, we look at the details of 2 major US transactions that took place. Quikrete will take private Summit Materials (NYSE: SUM), the most similar US competitor of Titan America while Heidelberg Materials has acquired Giant Cement Holding Inc. Summit was acquired for an EV of $11.5bn or 10.5x EV/EBITDA while Giant Cement Holding Inc. was acquired for $600m, implying an EV/EBITDA of 10.0x. These transactions are indicative of what Titan America could be worth post its IPO during 1Q25. We slightly upped our growth estimates across all geographies because the IPO proceeds will be used to bolster growth and strengthen the group's cementitious and ready-mix business lines. We raise our TP from € 39 to € 45, implying an attractive upside of 16% vs. last close price.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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