image-Mytilineos

Mytilineos

ASE: MYTIL

Market Cap€2,563m

Last Close €17.94

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 H122 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. At the end of September, Mytilineos announced the completion of a number of solar projects, including 131MW in Uzbekistan, 118MW in Chile and 140MW in Spain.

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 19.4 8.0
2021A 2664.0 359.0 239.0 132.733 13.5 8.8
2022E 5430.0 717.0 544.0 287.435 6.2 5.0
2023E 6142.0 783.0 590.0 323.760 5.5 3.8
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 30/11/2022
Content on Mytilineos
Mytilineos – Reaping rewards from proactive management
Industrials | research Update | 2 November 2022
image-Mytilineos
Mytilineos – Profiting from energy transition
Industrials | research Outlook | 16 September 2022
image-Mytilineos
Mytilineos – Strong H122 and with continued momentum
Industrials | research Flash note | 1 August 2022
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Share price graph
Balance sheet
Forecast net debt (€m) 1124
Forecast gearing ratio (%) N/A
Price performance
%
1m
3m
12m
Actual 5.7 14.9 23.6
Relative* 1.3 7.8 17.5
52-week high/low €18.1/€12.8
*% relative to local index
Key management
Yiannis Kalafatas CFO
Evangelos Mytilineos CEO and Chairman

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