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Titanium: Potential weighs more than the risks

TITANResearch03.10.2023, 11.59
Sauli Vilén, Kasper Mellas
Discuss
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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 page

Key Estimate Figures24.08.2023

202223e24e
Revenue27.928.430.7
growth-%18.8 %1.7 %8.1 %
EBIT (adj.)16.915.816.8
EBIT-% (adj.)60.4 %55.5 %54.9 %
EPS (adj.)1.301.211.30
Dividend1.361.151.31
Dividend %8.7 %19.3 %22.0 %
P/E (adj.)12.04.94.6
EV/EBITDA8.02.62.3

Forum discussions

Sauli, that diligent proletariat from the Ruoholahti cooperative, has made a new company report on Titanium following H1 We reiterate Titanium...
8/26/2026, 9:43 PM
by Sijoittaja-alokas
3
I wasn’t expecting anything major here, but I still expected something small because the company’s comments on the asset management launch in...
8/26/2026, 10:06 AM
by Sauli Vilen
14
[quote="Sauli_Vilen, post:2449, topic:257, full:true"]\nTitanium has released its H1 report. The earnings fell somewhat short of forecasts, ...
8/26/2026, 9:35 AM
by gearloose
3
Titanium’s H1 report is out. Earnings fell somewhat short of forecasts, presumably because almost no revenue was booked from asset management...
8/26/2026, 7:28 AM
by Sauli Vilen
12
It’s a slightly misleading way to calculate annualized return by multiplying a single month’s return by 12… The funds you mentioned, however...
8/21/2026, 9:52 AM
by Roni
3
Hoiva’s new subscriptions in Q2 were €15 million, assuming half of the distributed profit shares are reinvested. Assuming none of the profit...
8/21/2026, 9:35 AM
by gearloose
7
It has been quiet as a tomb for Titanium since the holidays. Here are the preliminary comments on the H1 results: Titanium H1'26 -ennakko: Katseet...
8/21/2026, 4:47 AM
by Sauli Vilen
9