Key Points EFA and EXIM signaled up to USD600m in coordinated, non-binding support, validating Tronox’s role in a Western-aligned REE supply chain Financing hinges on a customer-anchored project structure; cracking & leaching...
Key Points Supply tightening fast: >700kt of closures since 2023 and deep Chinese losses point to accelerating global TiO₂ rationalization heading into 2026 Demand and margins bottoming: Destocking has largely cleared, volumes...
Key Points Q3'25 EBITDA and EPS miss on weak demand and Venator inventory liquidation related (temporary) heightened competitive dynamics Supply rationalization, global antidumping duties, and Venator’s exit seen tightening markets; Tronox targeting...
Key Points History suggests that demand- and profitability-plagued periods, like 2022-2025, were followed by rapid margin and volume gains. Recent capacity closure announcements could tighten the market meaningfully. Several countries imposing anti-dumping...
Key Points Conservative normal valuation analysis pegs fair value at USD12 per share NOL’s and rare earth exposure could propel valuation above calculated normal levels We rate TROX shares Overweight with a USD5...
Key Points Q2'25 EBITDA and EPS miss on lower volumes 2025 EBITDA guidance lowered and dividend cut by 60% We rate Tronox shares Overweight with a 12-month target price of USD17 per share Summary Tronox...
Key Points The recently announced MP Materials deal with the U.S. DoD has rightly resulted in a re-rating of the entire Western rare earths complex Supply growth in rare earths lagging behind...