WOOD Flash – Titan Cement: small miss on EBITDA, but outlook remains positive
Titan Cement has reported a small miss on EBITDA for 2Q18, due mainly to the operations in Egypt. The miss on net profit is higher (EUR 24m vs. our estimate of EUR 32m), due to a higher tax rate and the losses from joint ventures. Despite the soft 1H18, we expect an improvement in 2H due to a better comparison level and strong underlying trends in the US. Still, it could be challenging for Titan to cover the lost ground and print a positive EBITDA for the full year. As a result, we do see some small downside risks for our 2018E EBITDA estimate of EUR 289m (+5.7% yoy).Titan Cement Co. and, its subsidiaries (collectively, the Group) are engaged in the production, trade and distribution of a range of construction materials, including cement, concrete, aggregates, cement blocks, dry mortars and fly ash. The Group operates primarily in Greece, the Balkans, Egypt, Turkey and the U.S. The Group operates in 14 countries in Europe, North America and the Eastern Mediterranean and is organized in the following four operating (geographic) segments: Greece and Western Europe, North America, South East Europe, and Eastern Mediterranean.
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