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.
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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 % | 11.95 % | 13.63 % |
P/E (adj.) | 11.97 | 8.35 | 7.33 |
EV/EBITDA | 8.04 | 5.20 | 4.52 |