reports
- Wim Hoste
Titan Firing on all cylinders – upping Target Price
After having achieved solid earnings growth in the past four years, TITAN recently announced new, ambitious mid-term targets which call for a € 1bn EBITDA by 2029, which represents 62% growth from the current EBITDA. TITAN is seeking growth in both its core heavy materials businesses as well as through growing its alternative cementitious materials platform and enlarging the product portfolio (eg in precast solutions). The rock solid balance sheet with a net debt/EBITDA of only 0.5x gives TITAN ...
- Wim Hoste
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 alte...
- Wim Hoste
Titan Ambitious € 1bn EBITDA target for 2029 set at the occasion of th...
TITAN's 2029 financial ambitions call for an 11-13% EBITDA CAGR to reach € 1bn by 2029, which is well above our and consensus forecasts of respectively € 723m and € 735m. Whilst the ambitions are above our forecasts, the roadmap itself is no key surprise, with ao a focus on growing US cement capacity, decarbonization initiatives (mainly in Europe), growing the alternative cementitious platform and enlarging the product portfolio (eg in precast solutions). We await more clarity and explanation at...
- Wim Hoste
Titan Exclusive negotiations to acquire Vracs de L'Estuaire
TITAN entered into exclusive negotiations to acquire Vracs de L'Estuaire, which operates a grinding plant in France and which we roughly value at around € 50m. We remind that TITAN reported strong 3Q results yesterday with 3Q EBITDA up 20%. We look forward to the upcoming CMD (11 November) where we hope to get more clarity on the group's medium term ambitions. We continue to remain optimistic on TITAN's prospects in most geographies, not at least in the US. We remind that only one third of Titan...
- Wim Hoste
Titan Better than expected 3Q results and positive outlook. All eyes o...
TITAN's 3Q EBITDA jumped by 20% and came in 4% above our forecast and 8% above consensus. Importantly, the outlook for the remainder of the year is said to be positive. We look forward to the upcoming CMD (11 November) where we hope to get more clarity on the group's medium term ambitions. We continue to remain optimistic on TITAN's prospects in most geographies, not at least in the US. We remind that only one third of Titan America's sales is imported in the US. Additionally, the US remains a n...
- Wim Hoste
Titan Titan America receives qualification for lintel products
Titan America received Miami-Dade County's Notice of Acceptance for lintel products, which paves the way for Titan America to further extend its vertical integration into the lintel market. We remind that Titan recently reported resilient 1H25 results with EBITDA up 2% y/y, which was about 1% better than our forecast. We continue to remain optimistic on TITAN's prospects in the US and remind that only one third of Titan America's sales is imported in the US (with future tariff rate settled at 15...
- Wim Hoste
Titan Titan & Molins complete joint acquisition of majority stake in B...
Following the initial announcement on August 4th, Molins and Titan have now successfully closed the joint acquisition of an 80% stake in Baupartner, a leading provider of precast concrete solutions in Southeastern Europe. The transaction closed in line with previously communicated expectations, with the companies having guided for completion by the end of Q3 2025. Strategically, the acquisition aligns with Titan's current regional presence. Titan also mentioned that it is are actively evaluatin...
- Wim Hoste
Titan Teaming up with Molins for the joint acquisition of Baupartner
The proposed joint acquisition of Baupartner further enlarges TITAN's product portfolio with value-added concrete-based structural solutions in Southeast Europe, a region where TITAN is already well established. We remind that Titan recently reported resilient 1H25 results with EBITDA up 2% y/y, which was about 1% better than our forecast. We continue to remain optimistic on TITAN's prospects in the US and remind that only one third of Titan America's sales is imported in the US (with future tar...
- Wim Hoste
Titan 1H25 results show underlying strength, despite US headwinds
Titan reported resilient 1H25 results with EBITDA up 2% y/y, which was about 1% better than our forecast. We continue to remain optimistic on TITAN's prospects in the US and remind that only one third of Titan America's sales is imported in the US (with future tariff rate settled at 15%). Additionally, 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 th...
- Wim Hoste
Titan New sustainable UK facility and CFO succession plan
TITAN announced to invest £20m in a new sustainable construction materials platform in the UK whilst last week it also announced a CFO succession plan. We continue to remain optimistic on TITAN's prospects in the US and remind that only one third of Titan America's sales is imported in the US (currently at a 10% tariff). Additionally, 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 ...
- Wim Hoste
Titan Memorandum to explore the use of Carbon Upcycling's technology
TITAN signed a Memorandum of Agreement to explore the commercial deployment of Carbon Upcycling's low-carbon production technology. The collaboration is part of TITAN's agenda to double sales of low carbon products between 2022 and 2026 and the ultimate ambition to reach net zero by 2050. We continue to remain optimistic on TITAN's prospects in the US given the recent tariff negotiations and because only one third of Titan America's sales is imported in the US (10% tariff). Additionally, the US ...
- Sharad Kumar S.P
Titan Cement Completion of divestment of 75% stake in Adocim (Eastern ...
Titan Cement International (TCI) announced that it has completed the divestment of its 75% stake in Adocim Cimento Beton Sanayi ve Ticaret A.S. in Eastern Türkiye. TCI announced this transaction on 19th February 2025. The group will continue to operate its cement grinding and cementitious assets across other regions of Turkey, continuing to have a presence in the region which could become a high growth market. This transaction forms part of the group's broader strategy of strengthening its portf...
- Sharad Kumar S.P
Titan Cement 1Q FY25: US Tariff Impact Could Be Muted
During 1Q FY25, Sales came in at €638.4m, up 2.4% YoY thanks to sustained volumes and pricing. EBITDA came in at €122.6m, up 11.7% YoY thanks to strong performance across the US, Greece and Egypt and as a result of Capex driven incremental op. efficiencies. However, net result was down -16.6% and came in at €46.7m due to incremental taxes of €7.0m and €4.2m attributable to minorities at Titan America. We remind that Titan America was listed on the NYSE during Feb'25 which yielded in $393.0m of g...
- Sharad Kumar S.P
Titan Cement FY24: Net Result Up 17.3%; Growth Across All Regions
During FY24, group sales clocked in at €2.644b (vs. KBCSe €2.659b), up 3.8% YoY. Sales growth was driven by increased volumes across all product lines while pricing remained stable. EBITDA came in at €592.1m (vs. KBCSe €602.1m), up 9.6% on a like-for-like basis, mainly driven by higher operational efficiencies, lower solid fuel costs and higher alt. fuel usage. Net result came in at €315.3m (€4.2ps), up 17.3% YoY. Leverage ratio stood at 1.02x and net debt further dropped to €622m thanks to robu...
- Sharad Kumar S.P
Titan Cement Cleaning Up Portfolio To Reinvest In Stable High-Growth M...
Titan Cement International (TCI) announced that it has entered a definitive agreement to divest its 75% share in Adocim Cimento Beton Sanayi ve Ticaret A.S., comprising cement assets located in Eastern Region of Türkiye, 50% share to Mugla Cimento Sanayi ve Ticaret A.S. and 25% to Yurt Cimento Sanayi ve Ticaret A.S. TCI will receive $87.5m for these assets and the sale is in line with TCI's long-term growth objectives in Turkey. The transaction is expected to be closed by the end of 2Q FY25. Thi...
- Sharad Kumar S.P
Titan Cement Expansion Into The South Asian Market
After a successful IPO in the US (NYSE: TTAM), Titan Group has announced that it has entered the south Asian market via a cementitious venture with JAYCEE in India. The new venture will operate under the name Atlas EcoSolutions Private Limited, with TITAN Group holding a majority stake. The new venture will focus on sourcing, processing, marketing, and distributing supplementary cementitious materials (SCMs) to the global markets. We think that the new initiative enhances TITAN's geographical fo...
- Sharad Kumar S.P
Titan Cement Titan America Shares Priced At $16.0; Net Proceeds Of $36...
Titan Cement International (TCI) announced that shares of Titan America SA (NYSE Ticker = TTAM) have been priced at $16.0 for its IPO offering that will begin today and is expected to be closed 10th Feb 2025, subject to the satisfaction of customary closing conditions. Post transaction, Titan America expects to receive net proceeds of $136.8m and TCI expects to receive net proceeds of $228.0m, amounting to a total net proceeds of $364.8m. The net proceeds will be used for CAPEX and other general...
- Sharad Kumar S.P
Titan Cement FY24 Preliminary Results Point To Record FY24
Titan Cement International (TCI) provided a trading update ahead of the group's full year results on 27th March 2025 and its IPO which is scheduled to be completed by end of 1Q FY25. FY24 sales is expected to exceed €2,640m while like-for-like and reported EBITDA are expected to come in higher than €585m and €570m respectively. Like-for-like and reported Net Result are expected to come in at €300m and €285m. EPS is expected to rise above €3.8ps. Finally, TCI's net debt will be close to €630m (vs...
- Sharad Kumar S.P
Titan Cement Titan America has filed for IPO
Titan America, subsidiary of Titan Cement International, has filed a registration statement on Form F-1 with the United States Securities and Exchange Commission (SEC). Titan America has applied to list its common shares on the New York Stock Exchange under the ticker symbol “TTAM.” The IPO is planned to consist of a primary offering by Titan America, as well as a secondary sale by Titan Cement International SA. We welcome this news and expect to Titan America to be listed on the NYSE by the end...
- Sharad Kumar S.P
Titan Cement US transactions justify higher valuation for Titan Americ...
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. W...
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