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Mytilineos (ASE: MYTIL)

Last close As at 25/04/2024

EUR37.72

▲ −0.58 (−1.51%)

Market capitalisation

EUR5,473m

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
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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 5.7 (2.9) 40.9
Relative 4.0 (8.8) 7.5
52 week high/low €39.5/€25.3

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 28.4 18.5
2022A 6306.0 823.0 635.0 341.81 11.0 5.4
2023E 5425.0 1026.0 834.0 459.25 8.2 13.5
2024E 7715.0 1117.0 876.0 483.20 7.8 4.0

Flash note

Industrials

Mytilineos — A strong H2 provides a platform for 2021

Update

Industrials

Mytilineos — Resilient margins protect profitability

Update

Industrials

Mytilineos — Defensive in 2020 and with growth beyond

Update

Industrials

Mytilineos — A low high yield

Update

Industrials

Mytilineos — Growth on track, increased focus on cost cutting

Update

Industrials

Mytilineos — Short-term value, long-term growth

Update

Industrials

Mytilineos — Power & gas, the growth engine of Mytilineos

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Industrials

Bitesize briefing – Mytilineos

Update

Industrials

Mytilineos — Power growth

Initiation

Industrials

Mytilineos — Cash flow miner, growth generator