Titan Cement International S.A. (TITC.BR) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+78.1%

€85.67

vs €48.10 price

Levered DCF

€82.43

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

2.44

Grey zone

Rating

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	16.57×	10.26×	5.99×	8.28×	10.78×	949.32×	29.38×	27.86×
P/B	2.01×	1.66×	1.04×	0.62×	0.75×	0.85×	1.1×	1.08×
P/S	1.47×	1.12×	0.63×	0.38×	0.58×	0.67×	0.94×	1.01×
EV / EBITDA	6.92×	6.19×	4.4×	5.05×	6.11×	7.91×	8.97×	9.09×
Gross margin	27.5%	26.5%	25.2%	17.2%	18.1%	19.3%	18.3%	26.9%
Operating margin	15.9%	15.3%	14.2%	7.6%	8.1%	6.2%	7.9%	9.8%
Net margin	8.9%	10.9%	10.5%	4.8%	5.4%	0.1%	3.2%	3.6%
Current ratio	2.26×	1.77×	1.21×	1.42×	1.44×	1.22×	1.42×	1.35×
Debt / equity	0.36×	0.42×	0.6×	0.65×	0.6×	0.71×	0.67×	0.68×
Interest coverage	9.92×	8.77×	7.61×	4.17×	3.67×	1.99×	2.07×	2.29×
Dividend yield	5.7%	2.1%	2.8%	4.5%	3.2%	1.6%	0.9%	0.3%
Payout ratio	94.6%	21.9%	17.0%	35.2%	34.8%	1564.4%	26.9%	7.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.1%	16.2%	17.3%	7.9%	7.0%	0.1%	3.7%	3.9%
Return on invested capital	10.2%	11.1%	10.5%	5.5%	5.0%	0.1%	4.1%	3.9%
Return on assets	6.8%	8.8%	8.4%	3.7%	3.4%	0.0%	1.8%	1.9%
Free cash flow yield	5.4%	6.8%	14.0%	0.2%	9.3%	20.1%	11.0%	9.5%
Earnings yield	6.0%	9.7%	16.7%	12.7%	9.3%	0.1%	3.4%	3.6%
Enterprise value	€4.1B	€3.6B	€2.4B	€1.7B	€1.7B	€1.8B	€2.3B	€2.4B
Net debt / EBITDA	0.36×	1.07×	1.38×	2.43×	2.56×	3.09×	3.2×	3.5×
Cash conversion cycle (days)	41	65	44	61	65	60	71	87