ACCE price target published on 15 Oct 2026, 00:00 CEST.
Price used: $3.46 at the close on 23 Oct 2026, 22:00 CEST.
Models: Analyst consensus and Sales comps.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
ACCE score
42
out of 100
Analysts
13% buy
8 covering
1-year return
-7.2%
Dividend yield
5.75%
Tronox Holdings plc Ordinary Shares (UK) in four questions
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Overview
ACCE thesis
Tronox makes titanium dioxide pigment, the white opacifier used in paints, coatings, plastics and paper, and it also produces zircon and other mineral sands from its own mines. The structural case rests on that vertical integration: owning the ilmenite and zircon feedstock insulates it somewhat from the raw-material squeeze that hits pigment producers without mines. The near-term driver is cyclical recovery in TiO2 pricing and volumes, which the 18.7% revenue growth suggests is underway, though the business is still unprofitable at the operating line with a 5.6% gross margin and a -2.0% operating margin. The stock trades at a forward P/E of 21.8 against a trailing figure that is zero because earnings are negative, so the multiple depends entirely on margins turning positive. With a market cap of about $554M, a 42/100 score, no index membership and a -41.3% ROE, this is a small, distressed-looking cyclical that merits a deeper look only if you have a view on TiO2 pricing and the balance sheet.
⚠ Investor warnings · 3 flagsAI-assisted·How I use AI
severe
Negative free cash flow
Free cash flow is $-281M against a $554M market cap, so the business is burning cash faster than it earns. Debt/Equity of 2.53 leaves little room to absorb this.
high
Leverage and negative returns
Debt/Equity of 2.53 alongside ROE of -41.3% and net margin of -19.2% means losses are eroding equity while debt stays high.
moderate
Price above ACCE target
The stock trades 9.8% above the ACCE price target of $3.15, with the current price at $3.46.
AI research notes
AI-assisted·How I use AIWritten Oct 20, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
Revenue grew 18.7% over the last year, far above its 0.9% average yearly pace over five years.
Analysts' mean price target of $5.50 sits 63.2% above the current share price.
The shares yield 5.7% in dividends, a meaningful cash return while the stock is under pressure.
Why it could disappoint
Net margin of -19.2% and free cash flow of -$281M show the business is losing money and burning cash.
Only 1 of 8 analysts rates the stock Buy or Strong Buy, and the latest quarterly earnings missed expectations by 30.8%.
Debt is 2.53 times equity, and return on equity of -41.3% leaves little cushion if conditions worsen.
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Next results
Nov 4, 2026
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where TROX's valuation models land
Price
$3.46
Model fair valueConfidence: low
about $19.14
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Analyst consensus
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