“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”
Currency in EUR
Last close As at 28/03/2023
EUR25.14
▲ 0.14 (0.56%)
Market capitalisation
EUR3,564m
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.
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 | 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 |
