Following the release of its first-quarter 2026 results, Titan unexpectedly raised its forecasts for organic sales growth and EBITDA to a mid-to-high single-digit percentage, based on prospects that remain largely shielded from global volatility in energy prices, notes an analysis by Pantelakis, which sets the target price at €62 with an overweight recommendation.
As noted, approximately 75% of total EBITDA is structurally protected through U.S. operations with high natural gas usage and through an alternative fuel substitution rate exceeding 50% in the Balkans, a fact that makes local electricity price increases in Greece mathematically negligible.
Despite global uncertainty, Titan remains on track to achieve its EBITDA target of €1 billion by 2029. While the brokerage’s base case forecast for organic growth stands at €0.9 billion, leveraging the remaining capacity for €0.8 billion in acquisitions and mergers is expected to generate additional EBITDA of approximately €100 million.
Even under conditions of intense M&A activity, leverage will remain under control at 1.1x through 2029, significantly below the 1.5x–2x ceiling, thanks to strong free cash flows.
As a result, 2029 EPS is estimated to reach €5.4 per share (CAGR 10%); admittedly 11% lower than our previous estimate due to increased financial burdens from M&A, but within Titan’s target range of €5–6 per share.
In summary, the brokerage sees substantial room for the stock to be revalued.