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|
|EBITDA Mrg||8.2%||12.8%||+463 bps||11.4%||12.6%|
|Net Mrg||2.3%||-5.5%||-785 bps||-1.9%||183.8%|
Head of research
Beta Securities S.A.
29 Alexandras Ave.
GR – 11473