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Mytilineos (ASE: MYTIL)

Currency in EUR

Last close As at 28/11/2023

EUR36.34

▲ −0.40 (−1.09%)

Market capitalisation

EUR5,193m

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, 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

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 3.5 (3.8) 106.2
Relative (3.5) 0.2 47.9
52 week high/low €38.3/€17.9

Financials

Mytilineos (MYTIL) is continuing to deliver on its transformation into a simpler structure based on two pillars, Energy and Metals. Its strategy is focused on realising synergies in the group and building its renewable energy sources (RES) business, with its existing industrial assets providing a solid platform for growth. In our view, €1bn/year in EBITDA looks achievable in FY23 and would reset earnings at a higher level. We are increasing our valuation from €36/share to €45/share, in part due to the growth of its RES business, partly funded by its asset rotation strategy.

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 27.4 17.8
2022A 6306.0 823.0 635.0 341.81 10.6 5.2
2023E 5425.0 1026.0 834.0 459.25 7.9 13.0
2024E 7715.0 1117.0 876.0 483.20 7.5 3.8

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

edison tv

Industrials

Bitesize briefing – Mytilineos

Update

Industrials

Mytilineos — Power growth

Initiation

Industrials

Mytilineos — Cash flow miner, growth generator