Titan Cement International S.A. (TITC.BR) | Investment Case

1. Company Snapshot

1.a. Company Description

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.

In addition, it designs, manufactures, and markets proprietary separation equipment for dry powders.Titan Cement International S.A. was founded in 1902 and is based in Brussels, Belgium.

Show Full description

1.b. Last Insights on TITC

Titan Cement International S.A.'s recent performance was driven by record profit growth and strategic expansions. The company's Q3 2025 earnings call highlighted significant profit growth, driven by robust financial performance, strategic acquisitions, and innovative projects. S&P Global Ratings and Fitch improved the company's credit rating outlook to positive, citing strong financial profile and profitability gains. Additionally, TITAN Group announced a new strategic growth plan, "TITAN Forward 2029," and entered into exclusive negotiations to acquire Vracs de L'Estuaire, strengthening its presence in Western Europe.

1.c. Company Highlights

Last Price	44.5
Change Percentage	-0.89%
Open	45
Previous Close	44.9
Market Cap ( Millions)	3316
Volume	7969
Year High	46.35
Year Low	33.8
M A 50	40.01
M A 200	39.14

FCF Yield	0.00%
Dividend Yield	4.72%
ROE	11.43%
Debt / Equity	38.28%
Net Debt / EBIDTA	24.50%
Price To Book	1.83
Price Earnings Ratio	15.88
Price To FCF	0
Price To sales	1.25
EV / EBITDA	6.16

2. Transcript Summary

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3. NewsRoom

TITAN Honored With ESG Transparency Award 2025 for Excellence in Disclosure

Dec -03

Source:

Titan Group: Financial Calendar 2026

Nov -26

Source:

Investor Day: "TITAN Forward 2029" Growth plan

Nov -11

Source:

Titan SA (TTCIF) Q3 2025 Earnings Call Highlights: Record Profit Growth and Strategic Expansions

Nov -11

Source:

TITAN Group’s Credit Rating Improved to "BB+ with Positive Outlook" by S&P Global Ratings

Nov -07

Source:

TITAN Group Enters Into Exclusive Negotiations to Acquire Vracs de L'Estuaire Cementitious Business in France Strengthening its Presence in Western Europe

Nov -06

Source:

TITAN Group: Nine-Month 2025 Results

Nov -06

Source:

TITAN Group and thyssenkrupp Polysius Join Forces to Develop Pioneering Low-Carbon Products with meca® Clay Technology

Nov -05

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.79%)

6. Segments

Cement

Expected Growth: 3.5%

Titan Cement International S.A.'s 3.5% growth in cement segment is driven by increasing infrastructure development in Eastern Europe, rising demand for sustainable building materials, and strategic expansion into new markets. Additionally, the company's focus on operational efficiency and cost reduction initiatives has improved profitability, supporting growth.

Ready-mixed Concrete, Aggregates and Building Blocks

Expected Growth: 4.2%

Titan Cement International S.A.'s 4.2% growth in Ready-mixed Concrete, Aggregates, and Building Blocks is driven by increasing infrastructure development, rising urbanization, and growing demand for sustainable construction materials. Additionally, strategic expansion into new markets, improved operational efficiency, and a strong brand reputation contribute to the company's growth momentum.

Other

Expected Growth: 3.8%

Titan Cement International S.A.'s 3.8% growth is driven by increasing demand for building materials in emerging markets, particularly in Eastern Europe and the Middle East. Additionally, the company's focus on sustainability and energy efficiency, as well as its strategic acquisitions, have contributed to its growth momentum.

7. Detailed Products

Cement

Titan Cement International S.A. offers a range of cement products, including ordinary Portland cement, sulfate-resistant cement, and white cement, suitable for various construction applications.

Aggregates

The company provides a variety of aggregates, including crushed stone, gravel, and sand, used as raw materials in construction and infrastructure projects.

Ready-Mix Concrete

Titan Cement International S.A. offers ready-mix concrete solutions, tailored to meet the specific needs of construction projects, including high-strength concrete and specialized mixes.

Dry Mortar

The company provides a range of dry mortar products, including masonry mortars, plastering mortars, and tile adhesives, suitable for various construction and renovation projects.

Asphalt

Titan Cement International S.A. offers asphalt products, including hot and cold asphalt mixes, suitable for road construction and maintenance projects.

8. Titan Cement International S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Titan Cement International S.A. is medium due to the availability of alternative building materials such as steel, wood, and glass. However, cement remains a dominant material in the construction industry, limiting the threat of substitutes.

Bargaining Power Of Customers

The bargaining power of customers is low due to the fragmented nature of the construction industry, which limits their negotiating power. Additionally, Titan Cement International S.A. has a strong brand presence, making it difficult for customers to negotiate prices.

Bargaining Power Of Suppliers

The bargaining power of suppliers is medium due to the presence of a few large suppliers of raw materials such as limestone and gypsum. However, Titan Cement International S.A. has a diversified supply chain, which reduces its dependence on individual suppliers.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the cement industry, including the need for significant capital investment and regulatory approvals. Additionally, Titan Cement International S.A. has a strong brand presence and established distribution network, making it difficult for new entrants to compete.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the cement industry, including multinational corporations and local players. The industry is highly competitive, with companies competing on price, quality, and service.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	35.96%
Debt Cost	6.40%
Equity Weight	64.04%
Equity Cost	9.43%
WACC	8.34%
Leverage	56.16%

11. Quality Control: Titan Cement International S.A. passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Efficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Vicat

A-Score: 7.1/10

Value: 7.9

Growth: 6.1

Quality: 4.8

Yield: 6.9

Momentum: 9.5

Volatility: 7.3

1-Year Total Return ->

Titan Cement

A-Score: 7.0/10

Value: 7.2

Growth: 8.2

Quality: 6.3

Yield: 8.1

Momentum: 5.5

Volatility: 6.7

1-Year Total Return ->

Grupa Kety

A-Score: 6.5/10

Value: 4.1

Growth: 6.0

Quality: 6.2

Yield: 9.4

Momentum: 6.5

Volatility: 7.0

1-Year Total Return ->

Buzzi Unicem

A-Score: 6.1/10

Value: 6.1

Growth: 7.3

Quality: 7.2

Yield: 3.8

Momentum: 8.0

Volatility: 4.3

1-Year Total Return ->

Boise Cascade

A-Score: 5.1/10

Value: 6.8

Growth: 5.8

Quality: 5.6

Yield: 6.0

Momentum: 0.5

Volatility: 6.0

1-Year Total Return ->

Imerys

A-Score: 4.4/10

Value: 7.7

Growth: 1.3

Quality: 2.8

Yield: 8.8

Momentum: 1.5

Volatility: 4.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

11.58%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

8.34%

Titan Cement International S.A. - BE0974338700

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on TITC

1.c. Company Highlights

Strong Momentum

Average Quality

Medium Volatility

Average Growth

Higher Growth

Fairly Valued

Earnings Miss

Revenues Beats

Average Yield

Better Quality

Higher Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (3.79%)

6. Segments

Cement

Expected Growth: 3.5%

Ready-mixed Concrete, Aggregates and Building Blocks

Expected Growth: 4.2%

Other

Expected Growth: 3.8%

7. Detailed Products

Cement

Aggregates

Ready-Mix Concrete

Dry Mortar

Asphalt

8. Titan Cement International S.A.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Titan Cement International S.A. passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

44.5$

Current Price

44.5$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA