Added to YB: 2026-06-12
Pitch date: 2026-06-10
TTAM [bullish]
Titan America SA
+4.1%
current return
Author Info
Karst Research is partial to asset heavy industries, healthcare, and insurers. Trying to keep it simple, I think. Occasional ramblings. Sign up for the newsletter.
Company Info
Titan America SA, through its subsidiaries, manufactures and supplies heavy building materials and services in the United States.
Market Cap
N/A
Pitch Price
$15.85
Price Target
N/A
Dividend
N/A
EV/EBITDA
N/A
P/E
N/A
EV/Sales
N/A
Sector
Construction Materials
Category
value
Titan America - $TTAM
TTAM: Vertically integrated US East Coast cement maker (31% FL, 28% VA/NC, 24% NY share) at ~8x EBITDA. FY25: $1.66B rev, $390M adj EBITDA (23.4% margin), $185M NI, $1.01 EPS, 0.58x leverage. $310M Keystone deal at $313/short ton clinker—below replacement, half-utilized at 53%; guidance excludes it. Utilization to 90% + margin to 19% triples Keystone EBITDA to ~$31M by 2028, dropping multiple from 32x to 10x. Local monopoly, irreplaceable permitted assets. Risks: structural plant issues, energy/Hormuz pressure.
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