Titanium: Potential weighs more than the risks
Titanium published an H1 result clearly below our expectations in terms of the main lines. However, the revenue miss came mainly from non-recurring items, so the significance of the estimate undershoot remained small. The cost side also grew as the company increased its selling power. The near-term outlook for real estate funds remains challenging, and we have revised our forecasts downwards in terms of new sales.
Titanium
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.
Read more on company pageKey Estimate Figures07.09.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 27.9 | 27.9 | 31.2 |
growth-% | 18.75 % | -0.14 % | 11.96 % |
EBIT (adj.) | 16.9 | 15.3 | 17.4 |
EBIT-% (adj.) | 60.40 % | 54.73 % | 55.69 % |
EPS (adj.) | 1.30 | 1.17 | 1.34 |
Dividend | 1.36 | 1.17 | 1.34 |
Dividend % | 8.72 % | 12.15 % | 13.86 % |
P/E (adj.) | 11.97 | 8.22 | 7.21 |
EV/EBITDA | 8.04 | 5.10 | 4.43 |