reports
- 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...
- Sharad Kumar S.P
Titan Cement 3Q FY24: Better Than Expected Results & Positive Outlook
Group sales during 3Q came in at €661.6m (KBCSe: €657.3m), down 0.2% YoY. Group EBITDA came in at €163.7m (excl. one-offs; KBCSe: €147.0m), up 5.2% on a YoY basis. YTD net profit is up approx. 20.0% at €238.0m. The group has continued to invest across the business with YTD group capex standing at €181.0m while also completing bolt-on acquisitions of 3 aggregates quarries, 1 clay quarry and 1 ready-mix unit. The US IPO of a minority stake of Titan America is expected to be completed by 1Q FY25, a...
- Sharad Kumar S.P
Titan Cement 3Q Preview: Slight slowdown due to heavy hurricane season
Titan Cements will report its 3Q results on 7th Nov'24 in which we expect to see top-line coming in 0.9% lower YoY at €657.3m while we expect EBITDA to come in at €147.0m (-5.5% YoY & 22.4% margin). In particular, we expect US revenues to remain flat YoY at €369.2m due to the heavier hurricane season across the mid-Atlantic & Florida. Also, we expect the SEE and East Mediterranean regions to post negative YoY growth owing to slower construction and unfavourable FX. However, Greece and WE is expe...
- Sharad Kumar S.P
Titan Cement Picks Citi Bank and Goldman Sachs For Potential $2b IPO
Bloomberg has reported that Titan Cement International has chosen Citi Bank and Goldman Sachs for the listing of a minority stake of Titan America. Previously, management indicated that between 15% to 25% would be listed on a NYC-based stock exchange. Bloomberg states that Titan wishes to raise at least $500.0m from the listing and seeks a valuation greater than $2.0b. The $2.0b valuation is ~24.0% higher than our current estimate of ~$1.6b (~€1.5b). The higher valuation could be due to the fact...
- Sharad Kumar S.P
Titan Cement Credit rating boost ahead of US IPO
Titan Cement announced that S&P Global Ratings has upgraded the group's long-term issuer credit rating by one notch from BB (positive outlook) to BB+ (stable outlook). The upgrade reflects the group's strong operating performance over the last 2.5 years. The rating upgrade confirms the group's capacity to finance its 2026 Green Growth Strategy. We think the credit rating upgrade couldn't have been better timed and will benefit the group in its ongoing US IPO filing of a minority stake of Titan A...
- Sharad Kumar S.P
Titan Cement 1H FY24: Strong Execution; Positive Outlook Reiterated
During 2Q & HY FY24, sales came in at €699.3m and €1323.0m respectively (vs. KBCSe €676.6m and €1,300.3m); the increase in sales was driven by volume growth across the group's product lines. 2Q & HY'24 EBITDA came in at €171.6m and €281.4m respectively (vs. KBCSe €152.0m & €262.2m); EBITDA growth was supported by stable pricing and op. cost performance. Net income during profit rose 34.1% YoY and came in at €148.7m (vs. KBCSe €140.6m). Management has reiterated its positive outlook for FY24 both...
- Sharad Kumar S.P
Titan Cement Model Update + Titan US IPO Will Mark New Growth Phase
On 9th May'24, Titan Cement International announced its intention to list a minority stake of Titan America on the New York Stock Exchange (NYSE) – management has indicated that this could be between 15.0% to 25.0%. The proceeds from the listing will be used to fuel growth across all geographical regions. We updated our model to put a value on Titan America and incorporated slightly more optimistic growth assumptions across all regions compared to our highly conservative assumptions during initi...
- Guy Sips
- Kristof Samoy
- Michiel Declercq
- Sharad Kumar S.P
- Thibault Leneeuw
- Thomas Couvreur
- Wim Hoste
Benelux Local Champions Conference Book 28.05.2024
This conference book is your guide to our annual Benelux Local Champions Conference set to take place on Tuesday, 28 May 2024 at our historic building at Grand Place in Brussels. This event offers the possibility to have one-on-one meetings and/or small group meetings with the following Benelux companies and their top management & IR ACKERMANS & VAN HAAREN | AGEAS | AKZONOBEL | ASML | BPOST | CORBION | EURONAV | GBL | MELEXIS | SOFINA | TITAN | TKH GROUP
- Sharad Kumar S.P
Titan Cement 1Q FY24: Strong Start To Year; Positive Outlook For The Y...
Titan Cement started off FY24 positively with Sales coming in at €623.7m, up 6.1% YoY, EBITDA rising 2.5% YoY to €109.8m and net profit clocking in at €52.5m, up 18.4% YoY. On the back of volume growth, firm pricing, improved operational efficiency and resilience of the US economy, mgmt. has issued a positive outlook for FY24. Also, the group continued to execute its growth-related investments, with €52.5m Capex. We view the results positively since Titan continues to executive with precision an...
- Sharad Kumar S.P
Titan Cement US D.O.E selects Titan America to fund low carbon cement
Titan Cement announced that the US Department of Energy has selected Titan America's Roanoke cement plant in Virginia to support the deployment of a first-of-a-kind calcined clay production line by awarding up to $61.7m. The implementation of the technology will substantially reduce carbon emissions and become a model for building more sustainable infrastructure across the Group. The $61.7m grant will be part of the $6.3bn Industrial Demonstrations Program in the USA, which is managed by DOE's O...
- Sharad Kumar S.P
Titan Cement Building a green world, one brick at a time
Today, we initiate our coverage of Titan Cement which posted robust FY23 results with sales rising by 9.9% y/y to €2547.0m while EBITDA came in at €540.4m which represented a y/y increase of 63.1% and a healthy EBITDA margin of 21.2%. Since FY22, Titan Cement has experienced significant growth across the board which was mainly driven by US government spending on infrastructure projects especially on highways and bridges. US cement consumption is expected to continue to significantly outstrip sup...
- Benoit Valleaux
- Steven Gould
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 03/14/2024
Banks tick all the boxes in the market’s current configuration: search for discounted sectors, cyclical momentum, sectors driven by long-term interest rates that remain high and shareholder returns through very high dividend yields. Technical analysis reveals a strong conviction since early March, and this should continue. We prefer banks in southern Europe, where the macro outlook is brighter. Alongside CaixaBank, which we are maintaining in our list of European Large Cap stocks, we ...
CSGN CREDIT SUISSE GROUP AG
UBSN UBS GROUP AG
BNP BNP PARIBAS SA CLASS A
DBK DEUTSCHE BANK AG
CBK COMMERZBANK AG
BFIT BASIC-FIT NV
PBB DEUTSCHE PFANDBRIEFBANK AG
IDL ID LOGISTICS GROUP
INF INFOTEL SA
GLE SOCIETE GENERALE S.A. CLASS A
KBC KBC GROUP N.V.
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
ISP INTESA SANPAOLO S.P.A.
BCP BANCO COMERCIAL PORTUGUES S.A.
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
BKT BANKINTER SA
VLK VAN LANSCHOT KEMPEN NV CERT. OF SHS
UCG UNICREDIT S.P.A.
CABK CAIXABANK SA
INGA ING GROEP NV
SAN BANCO SANTANDER S.A.
UNI UNICAJA BANCO S.A.
BBVA BANCO BILBAO VIZCAYA ARGENTARIA S.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
SAB BANCO DE SABADELL SA
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Jerôme Bodin
- Thomas Zlowodzki
ODDO BHF Small & MIDCAP MORNING NEWS - 14/03/2024
Les banques cochent toutes les cases de la configuration de marché actuelle : recherche de secteurs décotés, momentum cyclique, secteurs portés par des taux longs qui restent hauts, retour à l’actionnaire via un très haut dividend yield. L’analyse technique montre une forte conviction depuis début mars, qui devrait se poursuivre. Nous favorisons les banques du sud de l’Europe, à la macro plus avenante. Aux côtés de CaixaBank, que nous conservons dans notre liste de valeurs Large Caps ...
IDL ID LOGISTICS GROUP
INF INFOTEL SA
LXS LANXESS AG
ASY ASSYSTEM SA
KCO KLOECKNER & CO SE
JCQ JACQUET METALS SA
CDA COMPAGNIE DES ALPES SA
SHA SCHAEFFLER AG
IDIP INSTITUT DE DEVELOPPEMENT INDUSTRIEL SCA
ERG ERG S.P.A.
DMP DERMAPHARM HOLDING SE
MOR MORPHOSYS AG
2CRSI 2CRSI SA
TITC TITAN CEMENT INTERNATIONAL N.V.
SRAIL STADLER RAIL AG
SFQ SAF-HOLLAND SE
BLV BELIEVE SA
BAI BENEVOLENTAI
- Chaima Ferrandon
- Sven Edelfelt
TITAN CEMENT GROUP : To better confirm the promises of a bright future
>2023 EBITDA in line with expectations – net debt sharply lower - TITAN Cement had already reported its preliminary results (see our flash “From record to record”). 2023 EBITDA came to € 540m (+63%), in line with our expectations (€ 537m) and its preliminary results (>€ 535m). The EBITDA margin came in at 21.2% and 23% in Q4, or +~636bp (after +821bp in Q3, +493bp in Q2 and +802bp in Q1). This excellent performance can be attributed to solid demand throughout the year...
- Chaima Ferrandon
- Sven Edelfelt
TITAN CEMENT GROUP : Pour mieux confirmer les promesses d’un avenir ra...
>EBITDA 2023 en ligne avec les attentes – DN en forte baisse - TITAN Cement avait déjà publié ses résultats préliminaires (cf. notre flash « De record en record »). L’EBITDA 2023 ressort à 540 M€ (+63%), en ligne avec nos attentes (537 M€) et aux résultats préliminaires (>535 M€). La marge d’EBITDA ressort à 21.2% et 23% sur le T4, soit +~636 pb (après +821 pb au T3, +493 pb au T2 et +802 pb au T1). L’excellente performance s’explique par une solide demande tout au lo...
- Fehmi Ben Naamane
- Fehmi Ben Naamane
WTB WHITBREAD PLC
NEX NEXANS SA
AED AEDIFICA SA
SHOT SCANDIC HOTELS GROUP
NVG NAVIGATOR COMPANY SA
MEL MELIA HOTELS INTERNATIONAL S.A.
NHH NH HOTEL GROUP SA
PSG PROSEGUR COMPANIA DE SEGURIDAD SA
IHG INTERCONTINENTAL HOTELS GROUP PLC
TITC TITAN CEMENT INTERNATIONAL N.V.
KTA KNAUS TABBERT
FUR FUGRO NV
- Chaima Ferrandon
- Sven Edelfelt
TITAN CEMENT GROUP : De record en record
>EBITDA 2023 2% supérieur au consensus - TITAN CEMENT a publié hier ses résultats préliminaires 2023, supérieurs aux attentes de place. Le chiffre d’affaires ressort supérieur à 2 540 M€, +11% yoy (css Visible Alpha à 2 540 M€ et ODDO BHF à 2 531 M€), un EBITDA supérieur à 535 M€, +61% yoy (css à 525 M€ et ODDO BHF à 528 M€) et un bénéfice net supérieur à 265 M€, +141% yoy (css à 239 M€ et ODDO BHF à 215 M€). Lors de notre Forum, début janvier, TITAN avait confirmé pr...
- Chaima Ferrandon
- Sven Edelfelt
TITAN CEMENT GROUP : Setting new records
>2023 EBITDA 2% ahead of the consensus - TITAN CEMENT yesterday release its preliminary 2023 results which came in ahead of market expectations. Sales came in above € 2,540m, +11% y-o-y (Visible Alpha consensus at € 2,540m and ODDO BHF at € 2,531m), EBITDA exceeded € 535m, +61% y-o-y (css at € 525m and ODDO BHF estimate € 528m) and net profit topped € 265m, +141% y-o-y (css at € 239m and ODDO BHF at € 215m). At the ODDO BHF Forum in early January, TITAN confirmed that...
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