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Mytilineos (ASE: MYTIL)

Currency in EUR

Last close As at 22/09/2023

EUR35.68

▲ 0.48 (1.36%)

Market capitalisation

EUR5,261m

Mytilineos is a leading industrial company with an international presence in all five continents. The company is active in Energy and Metals (integrated aluminium smelting). Its renewable energy business is growing strongly organically, helped by European policy initiatives.

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 rollout of renewables – the latter a key focus of its €2bn plus capex programme over the next three years.

Latest Insights

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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

Industrials | Outlook

Mytilineos — Profiting from energy transition
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Sector

Industrials

Equity Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

  • Evangelos Mytilineos

    CEO and Chairman

  • Yiannis Kalafatas

    CFO

Balance Sheet

Forecast net debt (€m)

1231

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (1.1) 8.8 148.5
Relative 5.9 15.4 71.1
52 week high/low €38.3/€13.5

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 all five continents. Cyclical factors helped earnings acceleration in 2022, but we see underlying organic growth (particularly in Energy) resetting earnings to €1bn/year from FY24. H123 EBITDA results of €438m were 47% of our full year €931m forecast and we see the year as H2-weighted due to organic growth in its power division. We value Mytilineos at €36/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 26.9 17.5
2022A 6306.0 823.0 635.0 341.17 10.5 5.1
2023E 5953.0 931.0 691.0 376.62 9.5 8.3
2024E 5575.0 1048.0 787.0 431.01 8.3 4.5

Research

Update

Industrials

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

Update

Industrials

Mytilineos — Reaping rewards from proactive management

Industrials

Flash note

Mytilineos — Benefiting from diversity and internationalisation

Outlook

Industrials

Mytilineos — Profiting from energy transition

Flash note

Industrials

Mytilineos — Strong H122 and with continued momentum

Flash note

Industrials

Mytilineos — Added to MSCI Global Standard indices

Update

Industrials

Mytilineos — Well placed to benefit from renewables

Flash note

Industrials

Mytilineos — Record-high profitability with strong momentum

Update

Industrials

Mytilineos — Funded energy transition activities drive profitability

Outlook

Industrials

Mytilineos — The future is bright

Flash note

Industrials

Mytilineos — A strong H2 provides a platform for 2021
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Thematics

thematic

Industrials

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