WOOD Flash – Titan Cement: solid 3Q confirms resilience
Titan has reported solid 3Q20 results, with EBITDA of EUR 93m (+7.4% yoy). In the 9M20 period EBITDA stood at EUR 229.4m, up 10% yoy, with net profits of EUR 58m, up 28% yoy. The results should, in our view, please the market and confirm the resilience of the numbers during the pandemic on the back of lower energy prices, cost control and stable pricing. The stock is up c.12% since our recent upgrade but still trades at very decent multiples on our rather conservative forecasts (6.3x EV/EBITDA on 2020E, assuming EBITDA growth of 5% yoy vs. 10% achieved in the 9M period). We remain BUYers.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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