Titan Cement International (ATSE:TITC) - Share price, News & Analysis

TITC fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	1/6
Past Performance	4/6
Financial Health	3/6
Dividends	2/6

TITC Stock Overview

Rewards

Trading at 62.1% below our estimate of its fair value

Earnings are forecast to grow 5.75% per year

Earnings grew by 138.8% over the past year

Risk Analysis

Has a high level of debt

Unstable dividend track record

Titan Cement International Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Titan Cement International
Historical stock prices
Current Share Price	€11.30
52 Week High	€16.84
52 Week Low	€11.00
Beta	1.23
1 Month Change	-11.02%
3 Month Change	-13.21%
1 Year Change	-31.51%
3 Year Change	-34.15%
5 Year Change	-54.38%
Change since IPO	-56.97%

Recent News & Updates

Jun 15

Is Titan Cement International (ATH:TITC) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...

Apr 12

Investors Met With Slowing Returns on Capital At Titan Cement International (ATH:TITC)

Finding a business that has the potential to grow substantially is not easy, but it is possible if we look at a few key...

Mar 21

Analysts Have Made A Financial Statement On Titan Cement International S.A.'s (ATH:TITC) Annual Report

It's been a good week for Titan Cement International S.A. ( ATH:TITC ) shareholders, because the company has just...

Shareholder Returns

	TITC	GR Basic Materials	GR Market
7D	0.4%	-2.5%	1.2%
1Y	-31.5%	-27.3%	-3.7%

Return vs Industry: TITC underperformed the Greek Basic Materials industry which returned -27.3% over the past year.

Return vs Market: TITC underperformed the Greek Market which returned -3.7% over the past year.

Price Volatility

Is TITC's price volatile compared to industry and market?
TITC volatility
TITC Average Weekly Movement	4.4%
Basic Materials Industry Average Movement	4.6%
Market Average Movement	5.0%
10% most volatile stocks in GR Market	6.3%
10% least volatile stocks in GR Market	3.1%

Stable Share Price: TITC is not significantly more volatile than the rest of Greek stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: TITC's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1902	5,500	Dimitri Papalexopoulos	https://www.titan-cement.com

Titan Cement International S.A., together with its subsidiaries, produces, distributes, and trades in a range of construction materials in Greece and Western Europe, North America, Southeastern Europe, the Eastern Mediterranean, and internationally. The company provides cement; ready-mix concrete; aggregates and coarse materials, including sand, gravel, crushed stone, and recycled concrete; and other building materials, such as dry mortars, building blocks, fly ash, and other concrete products for the construction of infrastructure, residential housing, commercial buildings, and social projects. It is also involved in the distribution of cement; processing of fly ash; sale of fly ash processing equipment; quarries and aggregates; real estate brokerage services; engineering design services for solid and liquid waste facilities; and alternative fuels.

Titan Cement International Fundamentals Summary

How do Titan Cement International's earnings and revenue compare to its market cap?
TITC fundamental statistics
Market Cap	€862.47m
Earnings (TTM)	€77.92m
Revenue (TTM)	€1.80b

11.1x

P/E Ratio

0.5x

P/S Ratio

Is TITC overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
TITC income statement (TTM)
Revenue	€1.80b
Cost of Revenue	€1.49b
Gross Profit	€305.98m
Other Expenses	€228.06m
Earnings	€77.92m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Jul 28, 2022

Earnings per share (EPS)	1.02
Gross Margin	17.01%
Net Profit Margin	4.33%
Debt/Equity Ratio	62.1%

How did TITC perform over the long term?

See historical performance and comparison

Dividends

4.4%

Current Dividend Yield

n/a

Payout Ratio

We’ve recently updated our valuation analysis.

Valuation

Is TITC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TITC?

Other financial metrics that can be useful for relative valuation.

The above table shows the n/a ratio for TITC. This is calculated by dividing TITC's market cap by their current preferred multiple.
What is TITC's n/a Ratio?
n/a Ratio	0x
n/a	n/a
Market Cap	€862.47m

TITC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	0.9x
Enterprise Value/EBITDA	6.7x
PEG Ratio	1.9x

Price to Earnings Ratio vs Peers

How does TITC's PE Ratio compare to its peers?

TITC PE Ratio vs Peers

The above table shows the PE ratio for TITC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	PE	Estimated Growth	Market Cap
Peer Average	11.3x

Forward PE

Price-To-Earnings vs Peers: TITC is good value based on its Price-To-Earnings Ratio (11.1x) compared to the peer average (11.3x).

Price to Earnings Ratio vs Industry

How does TITC's PE Ratio compare vs other companies in the Basic Materials Industry?

Price-To-Earnings vs Industry: TITC is expensive based on its Price-To-Earnings Ratio (11.1x) compared to the European Basic Materials industry average (10.7x)

Price to Earnings Ratio vs Fair Ratio

What is TITC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TITC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	11.1x
Fair PE Ratio	19.7x

Price-To-Earnings vs Fair Ratio: TITC is good value based on its Price-To-Earnings Ratio (11.1x) compared to the estimated Fair Price-To-Earnings Ratio (19.7x).

Share Price vs Fair Value

What is the Fair Price of TITC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TITC (€11.3) is trading below our estimate of fair value (€29.85)

Significantly Below Fair Value: TITC is trading below fair value by more than 20%.

Price to Earnings Growth Ratio

PEG Ratio: TITC is poor value based on its PEG Ratio (1.9x)

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Future Growth

How is Titan Cement International forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

Future Growth Score

1/6

Future Growth Score 1/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

5.8%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TITC's forecast earnings growth (5.8% per year) is above the savings rate (2.8%).

Earnings vs Market: TITC's earnings (5.8% per year) are forecast to grow slower than the Greek market (8.6% per year).

High Growth Earnings: TITC's earnings are forecast to grow, but not significantly.

Revenue vs Market: TITC's revenue (3.6% per year) is forecast to grow slower than the Greek market (6.8% per year).

High Growth Revenue: TITC's revenue (3.6% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TITC's Return on Equity is forecast to be low in 3 years time (8.9%).

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Past Performance

How has Titan Cement International performed over the past 5 years?

Past Performance Score

4/6

Past Performance Score 4/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

-13.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TITC has high quality earnings.

Growing Profit Margin: TITC's current net profit margins (4.3%) are higher than last year (2%).

Past Earnings Growth Analysis

Earnings Trend: TITC's earnings have declined by 13.5% per year over the past 5 years.

Accelerating Growth: TITC's earnings growth over the past year (138.8%) exceeds its 5-year average (-13.5% per year).

Earnings vs Industry: TITC earnings growth over the past year (138.8%) exceeded the Basic Materials industry 53.5%.

Return on Equity

High ROE: TITC's Return on Equity (5.8%) is considered low.

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Financial Health

How is Titan Cement International's financial position?

Financial Health Score

3/6

Financial Health Score 3/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: TITC's short term assets (€680.4M) exceed its short term liabilities (€467.9M).

Long Term Liabilities: TITC's short term assets (€680.4M) do not cover its long term liabilities (€941.2M).

Debt to Equity History and Analysis

Debt Level: TITC's net debt to equity ratio (56.9%) is considered high.

Reducing Debt: TITC's debt to equity ratio has increased from 51.9% to 62.1% over the past 5 years.

Debt Coverage: TITC's debt is well covered by operating cash flow (25.8%).

Interest Coverage: TITC's interest payments on its debt are well covered by EBIT (3.9x coverage).

Balance Sheet

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Dividend

What is Titan Cement International current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

4.42%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: TITC's dividend (4.42%) is higher than the bottom 25% of dividend payers in the Greek market (2.15%).

High Dividend: TITC's dividend (4.42%) is low compared to the top 25% of dividend payers in the Greek market (5.01%).

Stability and Growth of Payments

Stable Dividend: TITC has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: TITC's dividend payments have increased, but the company has only paid a dividend for 8 years.

Earnings Payout to Shareholders

Earnings Coverage: Insufficient data to calculate payout ratio to determine if its dividend payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (42.7%), TITC's dividend payments are well covered by cash flows.

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Management

How experienced are the management team and are they aligned to shareholders interests?

10.5yrs

Average board tenure

CEO

Dimitri Papalexopoulos (59 yo)

26.42yrs

Tenure

€1,370,761

Compensation

Mr. Dimitrios Th. Papalexopoulos, also known as Dimitri, has been Managing Director and Chief Executive Officer of Titan Cement International S.A. (formerly known as Titan Cement Company S.A.) since 1996....

CEO Compensation Analysis

Compensation vs Market: Dimitri's total compensation ($USD1.45M) is above average for companies of similar size in the Greek market ($USD962.21K).

Compensation vs Earnings: Dimitri's compensation has been consistent with company performance over the past year.

Board Members

Experienced Board: TITC's board of directors are seasoned and experienced ( 10.5 years average tenure).

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: TITC insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Data	Last Updated (UTC time)
Company Analysis	2022/06/26 00:00
End of Day Share Price	2022/06/24 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31