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Titanium: Everything set for accelerated earnings growth

Titanium
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The company's H1 report was very good, and we expect earnings growth to accelerate clearly starting in H2 driven by the Baltia and Hoivarahasto funds. Our estimates have remained unchanged in the big picture and we still expect strong earnings growth in coming years. As earnings growth materializes the return expectation offered by the share is very good and it is enough to cover the higher risks of the company compared to its peers.

Titanium

15.5EUR26.08.2021, 18.00
16.5EURTarget price
Accumulate
Changed from:Accumulate
Recommendation updated:26.08.2021

Titanium is active in the financial industry. The Group currently offers a wide range of financial services mainly in asset management, loan financing, and pensions. The Group also manages a number of investment funds and structured financial products. The company was originally founded in 2009 and is headquartered in Helsinki.

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Key Estimate Figures26.08.2021

202021e22e
Revenue20.223.026.7
growth-%9.6 %13.8 %16.3 %
EBIT (adj.)11.514.315.9
EBIT-% (adj.)56.9 %62.2 %59.5 %
EPS (adj.)0.911.121.25
Dividend0.810.961.05
Dividend %6.3 %13.8 %15.2 %
P/E (adj.)14.36.25.5
EV/EBITDA9.83.93.3
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