NBG Securities has set a new price target of €65 for Titan shares—approximately 33% higher than current levels—while maintaining its “outperform” rating.
As it notes, Titan continues to demonstrate resilience despite the adverse international environment characterized by geopolitical uncertainty in the Middle East, rising energy and raw material costs, and high interest rates. The brokerage firm notes that organic growth, strong operating profitability, high cash flows, and limited debt allow the group to maintain strong momentum.
NBG Securities is revising its forecasts upward for the period after 2026, incorporating both first-quarter trends and the targets of the “Forward 2029” strategy. It estimates that the group’s revenue will increase by 9.6% this year, EBITDA by 12.2%, and net profit by 26.3%. For the 2025–2029 period, it forecasts an average annual growth rate of 5.9% for revenue, 8.1% for EBITDA, and 8.7% for net profit.
Recent acquisitions in the U.S., France, and Turkey, as well as the synergies resulting from their integration, are expected to play a decisive role. Demand remains strong in the group’s core markets, driven by infrastructure projects and private construction activity in the US, Greece, and Southeast Europe.
The firm also notes that management’s initiatives to manage energy costs through power purchase agreements, the use of alternative fuels, risk hedging, and timely chartering of vessels, significantly limit the group’s exposure to inflationary pressures.
The new target price is set at €65 per share, based on a combination of the Sum-of-the-Parts valuation method and discounted cash flow analysis, implying an upside potential of 33% from current levels.
NBG Securities emphasizes that Titan continues to trade at an average discount of 27% relative to international peers based on EV/EBITDA ratios for the 2026-2027 period, a level it considers unjustified, as the company offers a higher dividend yield and a similar level of leverage.