Metlen Energy & Metals (ASE: MYTIL)

Last close As at 18/06/2024

EUR35.76

0.12 (0.34%)

Market capitalisation

EUR5,110m

Metlen Energy & Metals (previously 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. H124 has seen the continued roll out of renewables with 2,000MW of solar projects, worth up to €2bn, to be developed and constructed over the next three years, and the announcement of a potential listing on the LSE.

Latest Insights

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Industrials | Flash note

Mytilineos — Strong Q1 and plans for potential London listing

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

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)

1585

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.6) (2.0) 12.1
Relative (3.2) (2.1) 0.7
52 week high/low €39.5/€31.0

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 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)
2022A 6306.0 823.0 635.0 341.81 10.5 5.1
2023A 5492.0 1014.0 786.0 450.50 7.9 31.7
2024E 7715.0 1117.0 876.0 483.20 7.4 3.8
2025E 7771.0 1173.0 926.0 518.00 6.9 N/A

Thematics

thematic

Industrials

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