In Alluvial Capital's Q4 2024 letter, Titan Cement International SA (EBR:TITC, Financial) was highlighted as a significant new holding. The fund is optimistic about Titan Cement's strategic decision to list its American operations on the NYSE, a move expected to unlock substantial value given the premium valuations of U.S. cement producers compared to their European counterparts. Titan Cement's robust U.S. business, which accounts for more than half of its revenue and earnings, positions it well to benefit from ongoing infrastructure investments in the region.
"Titan Cement got tired of its depressed valuation and decided to do something about it. Seeing that US cement producers are valued at a premium of 50% or more to European cement producers, Titan decided to IPO a portion of its US business. 'Titan America SA' will soon list on the NYSE. Titan shares have responded well to the news, but they remain attractively priced." — Dave Waters, Alluvial Capital Management, Q4 2024 Fund Letter
Read full letter at gurufocus Alluvial Capital 2024 Q4 page.
