Mytilineos (ASE: MYTIL)

Currency in EUR

Last close As at 28/03/2023


0.14 (0.56%)

Market capitalisation


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. Combined cycle gas turbines benefit from access to relatively low-cost natural gas and low production costs for both alumina/aluminium allow the metallurgy business to be strongly cash flow generative.



Equity Analyst

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Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Key Management

  • Evangelos Mytilineos

    CEO and Chairman

  • Yiannis Kalafatas


Balance Sheet

Forecast net debt (€m)


Forecast gearing ratio (%)


Share Price Performance

Price Performance
% 1M 3M 12M
Actual 0.6 25.8 78.6
Relative 8.1 12.2 45.4
52 week high/low €25.5/€12.8


We are raising our earnings estimates for Mytilineos and increasing our valuation 29% from €28/share to €36/share. Cyclical factors helped earnings acceleration in 2022, but we see underlying organic growth (particularly in Energy) resetting earnings to €1bn/year from FY24. Mytilineos is simplifying its story around two key activities in a roughly 70/30 earnings mix: Energy (renewables, generation and natural gas supply) and Metallurgy (aluminium smelting). Its renewables business is particularly well positioned to benefit from European policy initiatives.

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 18.9 12.3
2022A 6306.0 823.0 635.0 341.17 7.4 3.6
2023E 5953.0 931.0 691.0 376.62 6.7 5.8
2024E 5575.0 1048.0 787.0 431.01 5.8 3.2