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 operates in the financial services industry. The group 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. Titanium was originally founded in 2009 and is headquartered in Helsinki.
Read more on company pageKey Estimate Figures2023-08-24
| 2022 | 23e | 24e | |
|---|---|---|---|
| Revenue | 27.9 | 28.4 | 30.7 |
| growth-% | 18.8 % | 1.7 % | 8.1 % |
| EBIT (adj.) | 16.9 | 15.8 | 16.8 |
| EBIT-% (adj.) | 60.4 % | 55.5 % | 54.9 % |
| EPS (adj.) | 1.30 | 1.21 | 1.30 |
| Dividend | 1.36 | 1.15 | 1.31 |
| Dividend % | 8.7 % | 18.6 % | 21.2 % |
| P/E (adj.) | 12.0 | 5.1 | 4.8 |
| EV/EBITDA | 8.0 | 2.7 | 2.5 |
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