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.
Læs mere på virksomhedssideKey Estimate Figures24.08.2023
| 2022 | 23e | 24e | |
|---|---|---|---|
| Omsætning | 27,9 | 28,4 | 30,7 |
| vækst-% | 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 |
| Udbytte | 1,36 | 1,15 | 1,31 |
| Udbytte % | 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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