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
