Titan Feedback CMD
Yesterday TITAN announced its 2029 financial ambitions which call for a € 1bn EBITDA by 2029, which was well above our and consensus forecasts of respectively € 723m and € 735m. The group explained in its CMD that, starting from a strong balance sheet, it can deploy up to €3bn in growth investments until 2029 and aims to spend about half of that amount on M&A and the remainder on organic growth projects. Growing US cement capacity, decarbonization initiatives (mainly in Europe), growing the alternative cementitious platform and enlarging the product portfolio (eg in precast solutions) are amongst the avenues of growth. We continue to remain optimistic on TITAN's prospects in most geographies, not at least in the US. The US remains a net-import market in which c. 24% of consumption is imported, implying that, over the short to medium-term, local production alone will not allow to suffice demand. In light of the attractive valuation, both vs peers as well as demonstrated by our DCF, we reiterate our Accumulate rating and € 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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