Key Points TiO2 fundamentals improving as destocking fades, pricing rises, and margins rebound Capacity cuts, higher Chinese costs, and anti-dumping actions tightening global supply TROX is our preferred name in the TiO2 space...
Key Points Q1’26 EBITDA beat on TiO2 and zircon volume strength Q2’26 guidance below consensus but includes USD10-15m of q-o-q cost headwinds reflecting elevated input and logistics costs We rate Tronox shares Overweight...
Key Points Destocking largely complete with demand normalizing and lean inventories driving a restocking-led upturn Supply curtailments, China cost pressure, and policy tailwinds are reinforcing pricing power and margin recovery TROX is our...
Key Points Q4’25 earnings miss on pricing weakness despite strong TiO2 and zircon volumes Q1’26 guidance below consensus on reduced operating rates (and higher fixed cost absorption). Pricing and volume outlook favorable We...
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...