Titan Cement International will announce its H1:23 results tomorrow before the opening. Management will host a CC with investors and financial analysts the same day at 16:00 GR-time.
- A follow up in a particularly strong Q1:23 is expected as most geographic regions seem to perform at peak levels after considerable drop in energy prices that weighed in the year before while demand still hold at satisfactory levels.
In the all-important US Market consensus expects sales up 11.9% and EBITDA margin of 18.1% on the back of lower input costs and efficiencies after implementing extensive program of digitization. US Market is expected to deliver 59% of Group’s Turnover and 53.6% of Group’s EBITDA or €367m and €66.5m respectively.
- In Greece we expect a satisfactory quarter with €99m sales and improving EBITDA margin of 17.38% vs. 11.03% in Q2:22. Greece’s Q2:23 EBITDA is expected at €16m up 12% y-o-y on the back Kamari plant upgrade and lower energy costs. SEE sales are seen at €109m, up 3.8%, y-o-y, benefited by increased pricing; EBITDA for the period should reach €37m, up 11.7%.
Finally, EMED region will post sales of €51m (-14.6% y-o-y) and EBITDA of €4.5m (-35.5% y-o-y) on the back of lower volumes and FX translation devaluation. All in Titan is expected to post quarterly Sales of €626m (+7.7% y-o-y) EBITDA of €124m (+33.8% y-o-y) and net profits of €55m (+25% y-o-y). On a half year basis Sales are seen at €1.214m (+17.2% y-o-y) EBITDA at €231m (+75.2% y-o-y) and net profits of €99.3m (+120% y-o-y).
- Expected results point to positive rerating as the stock trades just 5.6x its FY23 EV/EBITDA, multiples. Finally note that TITAN’s Investor Day, will take place on September 28 in Athens, Greece.
The following table summarise consensus estimates:
|
Titan Cement Int. |
2022 |
2023 |
Y-o-Y |
2022 |
2023 |
Y-o-Y |
|
EUR thous. |
H1 |
H1 |
(%) |
Q2 |
Q2 |
(%) |
|
Sales |
1,035,500 |
1,214,000 |
17.2% |
580,862 |
625,900 |
7.8% |
|
EBITDA |
132,000 |
231,200 |
75.2% |
85,586 |
124,100 |
45.0% |
|
EBITDA Mrg |
12.7% |
19.0% |
+630 bps |
14.7% |
19.8% |
+509 bps |
|
Net Income |
45,202 |
99,300 |
119.7% |
43,891 |
55,000 |
25.3% |
|
Net Mrg |
4.4% |
8.2% |
+381 bps |
7.6% |
8.8% |
+123 bps |
Conference Call Details 16:00 GR-Time
§ GR +30 213 009 6000 or +30 210 94 60 800
§ UK +44 (0) 800 368 1063
§ USA +1 516 447 5632
§ Other +44 (0) 203 0595872
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