I recently published an investment thesis exclusive to the investment platform, Seeking Alpha, where I cover recent and forthcoming initial public offerings (IPOs). The article is on Belgian manufacturer and supplier of heavy building materials, Titan America SA (TTAM). From the executive summary of the article is the following:
- Titan America operates in a growing industry, but rising supply and capex across the sector raise concerns about future returns and overinvestment.
- The company’s focus on supplementary cementitious materials and its regional presence provide growth opportunities and potential margin stability.
- Ownership by Titan Cement offers strategic alignment and long-term focus, but also limits minority shareholder influence and adds governance risk.
- Despite profitability and growth, scenario analysis suggests the current share price may be too high without further margin or revenue expansion—warranting a Hold rating.
The rest of the article is available here.