Mytilineos (ASE: MYTIL)

Last close As at 27/03/2024

EUR35.84

−0.02 (−0.06%)

Market capitalisation

EUR5,125m

Mytilineos is a leading industrial company with a global presence. The company is active in Energy and Metals (integrated aluminium smelting). Its renewable energy business is growing strongly organically, with a pipeline of 13GW in solar capacity.

Mytilineos has a portfolio of low-cost energy and metals assets. Its power business benefits from access to relatively low-cost natural gas and its generating and aluminium smelting assets are highly efficient. H223 will see the full operation of the company’s gas plants and continued roll-out of renewables, the latter a key focus of Mytilineos’s €2bn plus capex programme over the next three years.

Latest Insights

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Industrials | Update

Mytilineos — Synergies and solar delivering growth

Industrials | Flash note

Mytilineos — Benefiting from diversity and internationalisation

Industrials | Update

Mytilineos — Renewables to drive EBITDA above €1bn/year

Industrials | Update

Mytilineos — Reaping rewards from proactive management

Mytilineos_resized

Sector

Industrials

Equity Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Harry Kilby

Analyst

Key Management

  • Evangelos Mytilineos

    CEO and Chairman

  • Yiannis Kalafatas

    CFO

Balance Sheet

Forecast net debt (€m)

1631

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.8) (1.4) 45.4
Relative (2.3) (10.5) 4.4
52 week high/low €39.5/€25.1

Financials

Mytilineos is a leading industrial company with two core activities: Energy (renewables, generation and natural gas supply) and Metallurgy (aluminium smelting) and an international presence in five continents. 2023 proved that the recent acceleration in earnings was not just cyclical, but helped by synergies and organic growth, with FY23 EBITDA recently being reported at €1.014bn, broadly in line with our estimates. We believe earnings at the EBITDA level are sustainable above €1bn/year and recently raised our valuation for Mytilineos from €36/share to €45/share.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2021A 2664.0 359.0 239.0 132.73 27.0 17.6
2022A 6306.0 823.0 635.0 341.81 10.5 5.1
2023E 5425.0 1026.0 834.0 459.25 7.8 12.8
2024E 7715.0 1117.0 876.0 483.20 7.4 3.8

Thematics

thematic

Industrials

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