TakeoverPE & activists

TROXTronox Holdings plc

Industrial Inorganic Chemicals · $575M market cap · 5,700 employees

0.7×

Less likely than average to be taken private

Top 28% of the Russell 3000 for a buyout by a private-equity firm, holdco or insiders. How it works

Takeover signals

What an activist or buyer would see: cheap, overpaid, diluted or under pressure.

2of 15 firedHow well they predict deals →
13 other checks
  • TSR below peersNo
    —
    3+ of last 5 years
  • High CEO pay despite TSRNo
    —
    Median CEO pay ≥ $15M while TSR trails
  • Earnings not backed by cashNo
    —
    Cash flow under 80% of net income
  • Dilutive SBCNo
    1% of revenue
    Over 10% of revenue
  • Payouts exceed cash flowNo
    80% of cash flow
    Buybacks + dividends over cash flow
  • Goodwill-heavyNo
    1% of assets
    Over 40% of assets
  • Shareholder dissentNo
    92% lowest support
    Any vote under 80% support
  • Low revenue per employeeNo
    $508K · 57th pct
    Bottom quartile of its SIC industry
  • Net cashNo
    59.8× EBITDA net debt
    More cash than debt, positive EBITDA
  • Recurring revenueNo
    3 of 10
    10-K business scored 7+ of 10 for recurring revenue
  • AI-rollup shapedNo
    0 of 10
    10-K business scored 5+ of 10 as an AI-rollup target
  • Active 13DNo
    0 filings
    Active-intent 13D in 18 months
  • Net insider sellingNo
    −$1M net
    Net sales over $10M in 12 months

Deal filings

FiledFormAcquirerPricePremium
Aug 31, 2017DEFM14AThe National Titanium Dioxide Company Limited (Cristal)$18.6830%
Jun 30, 2017PREM14AThe National Titanium Dioxide Company Limited (Cristal)$14.1054.2%

Key numbers

Revenue
$2.9BFY2021: $3.6BFY2022: $3.5BFY2023: $2.9BFY2024: $3.1BFY2025: $2.9B
5.7% YoY
Operating margin
-8.7%FY2021: 16.2%FY2022: 13.3%FY2023: 6.5%FY2024: 7.1%FY2025: -8.7%
223% YoY
EBITDA
$49MFY2021: $874MFY2022: $727MFY2023: $461MFY2024: $504MFY2025: $49M
90% YoY
Net debt / EBITDA
59.8×
$2.9B net debt

Financials

MetricFY2021FY2022FY2023FY2024FY2025YoYTrend
Revenue$3.6B$3.5B$2.9B$3.1B$2.9B 5.7% FY2021: $3.6BFY2022: $3.5BFY2023: $2.9BFY2024: $3.1BFY2025: $2.9B
Operating income$577M$458M$186M$219M−$253M 216% FY2021: $577MFY2022: $458MFY2023: $186MFY2024: $219MFY2025: −$253M
Net income$286M$497M−$316M−$48M−$470M 879% FY2021: $286MFY2022: $497MFY2023: −$316MFY2024: −$48MFY2025: −$470M
Operating cash flow$740M$598M$184M$300M$60M 80% FY2021: $740MFY2022: $598MFY2023: $184MFY2024: $300MFY2025: $60M
Capex$272M$428M$261M$370M$341M 7.8% FY2021: $272MFY2022: $428MFY2023: $261MFY2024: $370MFY2025: $341M
Stock-based comp$3M$26M$4M$21M$20M 4.8% FY2021: $3MFY2022: $26MFY2023: $4MFY2024: $21MFY2025: $20M
Buybacks$0$50M$0$0—FY2021: $0FY2022: $50MFY2023: $0FY2024: $0
Dividends$65M$87M$89M$80M$48M 40% FY2021: $65MFY2022: $87MFY2023: $89MFY2024: $80MFY2025: $48M

13D filers

FiledFilerFormStakeIntent
Mar 1, 2021EXXARO RESOURCES LTDSC 13D/A0.0%Passive
May 10, 2019EXXARO RESOURCES LTDSC 13D/A9.9%Passive
Apr 19, 2019Cristal Inorganic Chemicals Netherlands Cooperatief W.A.SC 13D23.4%Passive
Mar 27, 2019EXXARO RESOURCES LTDSC 13D23.3%Passive

Insider trading

−$1Mnet selling by insiders, open market, last 12 months
Bought $0 · 0 tradesSold $1M · 7 trades

Pay vs performance

No pay-versus-performance disclosure yet.