Mytilineos (ASE: MYTIL)

Last close As at 22/02/2024

EUR36.72

−0.42 (−1.13%)

Market capitalisation

EUR5,247m

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

View More

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

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 (4.23) 4.14 45.71
Relative (9.64) (8.92) 15.09
52 week high/low €39.5/€23.5

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 pa from FY23 looking achievable. 9M23 EBITDA of €723m is 78% of our previous full year and we have increased our FY23 EBITDA forecast from €931m to €1,026m. We have 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 27.7 18.0
2022A 6306.0 823.0 635.0 341.81 10.7 5.3
2023E 5425.0 1026.0 834.0 459.25 8.0 13.1
2024E 7715.0 1117.0 876.0 483.20 7.6 3.9

Research

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 — Short-term value, long-term growth

edison tv

Industrials

Bitesize briefing – Mytilineos

Update

Industrials

Mytilineos — Power growth

Initiation

Industrials

Mytilineos — Cash flow miner, growth generator