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Currency in EUR
Last close As at 26/05/2023
EUR29.00
▲ 0.44 (1.54%)
Market capitalisation
EUR4,144m
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 renewable energy business is growing strongly organically, helped by European policy initiatives. Its power business benefits from access to relatively low-cost natural gas and its generating and aluminium smelting assets are highly efficient.
MD - Head of Content, Energy & Resources, Industrials
Evangelos Mytilineos
CEO and Chairman
Yiannis Kalafatas
CFO
Forecast net debt (€m)
1231
Forecast gearing ratio (%)
N/A
| % | 1M | 3M | 12M |
|---|---|---|---|
| Actual | 7.7 | 16.0 | 72.1 |
| Relative | (2.4) | 7.4 | 25.0 |
| 52 week high/low | €29.5/€12.8 |
Mytilineos released strong Q123 results on 4 May, despite scheduled maintenance in its power business and Q1 being a typically weaker quarter. The year 2023 is likely to be H2 weighted, because scheduled maintenance at Mytilineos’s Ag. Nikolas plant is now complete and its new highly efficient power plant is entering full commercial operation. This strong performance during a period of low energy and metal prices reinforces our view that our FY23 estimates are conservative. EBITDA of €225m was 24% of our FY23 estimate (€931m) and EPS of €1.04 was 27.5%. Net profit after minorities of €143m was up 113% year on year. These results reflect the underlying change to Mytilineos’s synergistic business model to focus on two key activities: Energy (renewables, electricity generation and natural gas supply) and Metallurgy. H223 will see the full operation of its gas plants and continued rollout of renewables – the latter a key focus of its >€2bn capex programme over the next three years.
| 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 | 21.8 | 14.2 |
| 2022A | 6306.0 | 823.0 | 635.0 | 341.17 | 8.5 | 4.2 |
| 2023E | 5953.0 | 931.0 | 691.0 | 376.62 | 7.7 | 6.7 |
| 2024E | 5575.0 | 1048.0 | 787.0 | 431.01 | 6.7 | 3.7 |
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