image-Mytilineos

Mytilineos

ASE: MYTI

Market Cap€2,152m

Last Close €15.06

Mytilineos is a leading industrial company with international presence in all five continents. It is active in Metallurgy, Power & Gas, Sustainable Engineering Solutions (SES) and in Renewables & Storage Development (RSD), operating via a unique synergistic business model.

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Investment summary

Mytilineos is a leading industrial company with international presence in all five continents. Following record-high profitability in FY21, Mytilineos’s continued strong growth momentum in Q122 demonstrates the robustness of its business model despite despite global challenges. Strong maturing pipelines of renewables and sustainable engineering projects should continue to drive growth in the SES and RSD businesses. Mytilineos recently started construction on a 75MW solar plant in Australia, and has already secured a long-term PPA. It has a portfolio of c 750MW at various stages of development or operation in Australia and is investing more than $500m.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (fd) (c)
P/E (x)
P/CF (x)
2020A 1899.0 315.0 172.0 92.342 16.3 6.7
2021A 2664.0 359.0 239.0 132.733 11.3 7.4
2022E 4028.0 518.0 354.0 201.698 7.5 5.6
2023E 4694.0 642.0 462.0 267.658 5.6 4.2
Industry outlook

Mytilineos possesses a portfolio of assets that enjoy low costs. CCGTs benefit from access to relatively low-cost natural gas and low production costs for both alumina/aluminium allow the metallurgy business to be strongly cash flow generative.

Last updated on 10/08/2022
Content on Mytilineos
Mytilineos – Strong H122 and with continued momentum
Industrials | research Flash note | 1 August 2022
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Mytilineos – Added to MSCI Global Standard indices
Industrials | research Flash note | 16 May 2022
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Mytilineos – Well placed to benefit from renewables
Industrials | research Update | 19 April 2022
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Share price graph
Balance sheet
Forecast net debt (€m) 998
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 10.1 (5.8) (5.3)
Relative* 0.9 (7.4) (2.9)
52-week high/low €18.1/€12.8
*% relative to local index
Key management
Yiannis Kalafatas CFO
Evangelos Mytilineos CEO and Chairman