TITAN: Solid set of operating results driven by strong performance in US

12.05.2016 18:04

Titan reported a solid set of operating results driven by strong performance in US (EBITDA €17.9 vs €5.8 in Q1:15) and Egypr €10.8m vs €4m in Q1:15. Main points:

  • Net Losses at -€18.6m result from -€25m FX losses, mainly in Egypt, due to the March devaluation of the EGP against the €(-19%).
  • Greece weakness continue: turnover -4.5% and EBITDA -9.5%
  • Net Debt at €605m is down to 2.58x EBITDA. Gross Debt is lower by €114m y-o-y and €16m q-o-q
  • Positive outlook in US, Egypt, modest domestic demand recovery for Greece and SE Europe signs of pick-up in construction activity with prices under pressure.

The Following table summarise reported results vs consensus estimates:

 

Titan 2015 2016 Α Y-o-Y 2016 Ε Act. vs
EUR m. Q1 Q1 (%) Q1 Est.
Sales 283.8 337.8 19.0%  321.3 5.1% 
EBITDA 23.2 43.3 86.3%  36.6 18.4% 
EBITDA Mrg 8.2%  12.8%  +463 bps  11.4%  12.6%
Net Income 6.6 -18.6 -379.8%  -6.2 -198.4% 
Net Mrg 2.3%  -5.5%  -785 bps  -1.9%  183.8%

Manos Chatzidakis

Head of research

Beta Securities S.A.

29 Alexandras Ave.

GR – 11473

Athens, Greece

 





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