image-Mytilineos

Mytilineos

ASE: MYTI

€1526.1m market cap

€10.68 last close

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

Investment summary

H120 EBITDA fell by 17.2% versus H119, to €145.1m. The power & gas business unit was a key driver to offset the impacts of COVID-19 in the results, with EBITDA increasing from €50.3m in H119 to €71.0m in H120, mainly attributed to an increased spark spread (+36.5%). FY20 is proving to be a challenging year for the industry with the company posting a slight decrease in results compared to the respective period of 2019, while the majority of the metallurgy and energy companies globally have been severely affected. Beyond FY20, the further growth of the renewable and supply businesses, additional cost reductions and the commissioning of a new CCGT plant (Q421) should provide a boost to profits.

Y/E Dec
Revenue (€m)
EBITDA (€m)
PBT (€m)
EPS (c)
P/E (x)
P/CF (x)
2018A 1527.0 204.0 167.0 101.0 10.6 9.4
2019A 2256.0 219.0 180.0 103.0 10.4 6.3
2020E 1901.0 220.0 169.0 97.0 11.0 8.9
2021E 2143.0 240.0 197.0 115.0 9.3 7.7
Industry outlook

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

Last updated on 26/11/2020
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Sector
Industrials
Share price graph
Balance sheet
Forecast net debt (€m) 524
Forecast gearing ratio (%) 38
Price performance
%
1m
3m
12m
Actual 11.6 34.5 9.0
Relative* (8.5) 17.7 33.7
52-week high/low €10.7/€5.0
*% relative to local index
Key management
Yiannis Kalafatas CFO
Evangelos Mytilineos CEO and Chairman