Last close As at 05/08/2026
EUR48.42
▲ 0.42 (0.88%)
Market capitalisation
EUR6,916m
Research: Industrials
On April 25, Mytilineos (MYTIL) announced, as part of its strategic review, that it is considering a potential international listing on the London Stock Exchange (LSE) within the next 12–18 months. Listing on the LSE would demonstrate a strong vote of confidence by MYTIL in the UK market and aligns with its international growth ambitions, allowing the company to leverage its geographically diverse portfolio of operations. It would provide greater liquidity for investors and enable MYTIL to continue to expand its global presence. While pursuing an LSE listing, MYTIL will retain its listing on the Athens Exchange, demonstrating its ongoing commitment to contributing to the Greek economy, while also acting as an ambassador for Greece in the UK.
Mytilineos |
Strong Q1 and plans for potential London listing |
Q1 results and strategic review announcement |
Industrials |
29 April 2024 |
Share price performance
Business description
Analysts
Mytilineos is a research client of Edison Investment Research Limited |
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On April 25, Mytilineos (MYTIL) announced, as part of its strategic review, that it is considering a potential international listing on the London Stock Exchange (LSE) within the next 12–18 months. Listing on the LSE would demonstrate a strong vote of confidence by MYTIL in the UK market and aligns with its international growth ambitions, allowing the company to leverage its geographically diverse portfolio of operations. It would provide greater liquidity for investors and enable MYTIL to continue to expand its global presence. While pursuing an LSE listing, MYTIL will retain its listing on the Athens Exchange, demonstrating its ongoing commitment to contributing to the Greek economy, while also acting as an ambassador for Greece in the UK.
Year end |
EBITDA (€m) |
Net income |
EPS* |
DPS** |
P/E*** |
Yield*** |
12/22 |
823 |
466 |
3.42 |
1.20 |
4.6 |
7.6 |
12/23 |
1014 |
623 |
4.46 |
1.58 |
8.1 |
4.4 |
12/24e |
1117 |
699 |
5.05 |
1.77 |
7.1 |
4.9 |
12/25e |
1173 |
740 |
5.35 |
1.88 |
6.7 |
5.2 |
Note: *Number of shares is adjusted for the company’s ongoing buyback scheme. **Final distributed dividend per share. ***FY22 and FY23 at the year-end price; FY24e and FY25e at last close price.
MYTIL’s Q1 results support our view that it has shifted to EBITDA levels sustainably over €1bn per year, supporting a new phase of its growth strategy. Q124 saw a 10% y-o-y increase in net profit (€158m vs €143m) and EPS (€1.141 vs €1.040). EBITDA grew 12% to €252m (Q123: €225m) with a margin of 22.1%, up from 16.5%. These earnings increases are despite a c 16% decrease in turnover compared to Q123, due to the significant decline in natural gas, electricity and metal prices at the start of 2024. Adjusted net debt to EBITDA stood at approximately 1.6x, which is in line with investment-grade companies.
MYTIL’s total Greek power production from both thermal and renewable units in Q124 amounted to 2.2TWh, which constituted roughly 18% of Greece’s total electricity demand. Of this, 2TWh was attributable to the company’s three combined cycle gas turbine plants and its high-efficiency combined heat and power plant. The 2TWh output represents over 17% of the total demand on Greece’s interconnected systems and 49% of the country’s production from natural gas plants, up from 27% in Q123. The development of the first phase (300MW) of the company’s c 1.5GW Greek solar photovoltaic (PV) portfolio continues to progress smoothly, and the construction of the second phase (c 700MW) commenced in Q124. MYTIL is building more than 1.2GW of solar PV outside of Greece and management expects these solar projects to be operational in the near future.
A key driver of MYTIL’s growth in the coming years will be its strategic cooperation agreement with PPC Group (estimated value of €2bn over the next three years) for the construction and sale of a 2GW solar portfolio. We have yet to update our forecasts to include the PPC deal. MYTIL guided in the release that it expects to further improve the company’s performance in FY24 versus FY23, provided there is no serious deterioration in various open geopolitical issues. MYTIL’s full-year guidance will be provided by the chairman of the board at the AGM on 4 June 2024.
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Research: Financials
ProCredit Holding (PCB) has decided to build on its recent solid performance (FY23 return on equity, ROE, of 12.2%) and announced an updated strategy to drive its ROE to 13–14% in the medium term. PCB’s management aims to achieve this by becoming a universal bank for micro, small and medium-sized enterprises (with an increased focus on the lower end of the segment) and private individual clients. This should allow it to grow its loan book to more than €10bn, bring its deposit-to-loan ratio above 120% and offset the impact of declining base rates on its net interest margin (NIM) in the medium term. Management also aims to reach a cost-to-income ratio (CIR) of around 57%.