Mytilineos

Mytilineos Holdings is an industrial group engaged in the sectors of Metallurgy, EPC, Energy, and Defence. Co. and its subsidiaries are engaged in three main operating business segments: Metallurgy, Constructions and Energy. Co. and its subsidiaries monitor its performance on Metallurgy and Mining Sector through the subsidiaries Aluminium S.A. (Alumina-Aluminium) and Sometra S.A. (Zinc-Lead). Co., through its subsidiary, METKA S.A., is an EPC Constructor in Greece.
  • TickerMYTIL
  • ISINGRS393503008
  • SectorGeneral Industrials
  • CountryGreece

Mytilineos Holdings: 1 director bought

A director at Mytilineos Holdings bought 2,500 shares at 7.255EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of ...

Research Team

The Rear-View Mirror – EME markets: Rebound continues, all indices in the black on lower volumes

EME Equity Market – May 2020 Market performance – the rebound that started in April continued across the board, with the Romanian BET Index gaining the most in EUR terms (+8.9% mom). The MSCI EM Europe Index gained 6% in EUR terms and 7.5% in local currency; while the Romania BET Index grew 8.9% in EUR terms and 9.1% in RON terms, the best performer for the month. The MOEX Index added 7.5%, while the Polish WIG20 Index was up 6.6%. The Turkish benchmark, the ISE30 Index, added 4.5%, and the Greek ASE Index gained 3.9%, while the Hungarian BUX recorded an increase of 3.7%. The weakest performer...

Toby Thorrington

Mytilineos - Defensive in 2020 and with growth beyond

Although FY20 will be challenging for Mytilineos, in our view its current rating does not reflect the resilience of the business or its longer-term potential for growth. Emphasis on cost control, the sourcing of competitively priced gas and the company’s exposure to a growing renewable business should mitigate some of the impact of COVID-19 and help underpin growth. A new combined cycle gas turbine (CCGT), due to be commissioned in Q421, should significantly boost profits from 2022.

MYTILINEOS SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of MYTILINEOS SA (GR), a company active in the Diversified Industrials industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 22, 2020, the closing price was EUR 7.03 and its potential was estimated at EUR 8.21.

Research Team

WOOD Daily: ING PW; OTP HB; SOKM TI; RICHT HB; ARCLK TI; NRP NA; CZ Macro; CCH LN; MYTIL GA; BRD RO; ENG PW; ENA PW; MOEX RX; FMF PW; PETKM TI

HEADLINES: • ING BSK: reports PLN 267m of net profit, fully in line with our forecast and 8% beat vs. consensus POSITIVE • OTP Bank: posts -HUF 4bn reported loss and HUF 32bn of adjusted net profit, 47-53% misses NEGATIVE • SOK Marketler Ticaret: 1Q20 beat, 2020E sales guidance increased POSITIVE • Richter: 24% net profit beat on costs and FX revaluation gains POSITIVE • Arcelik: 1Q20 results - 19% adjusted EBITDA miss, 2Q expected to be worse NEGATIVE • NEPI Rockcastle: business beginning to normalise, first trading indications are positive NEUTRAL • Czech Republic macro: further rate cuts, a...

Mytilineos Holdings: 1 director bought

A director at Mytilineos Holdings bought 2,500 shares at 7.255EUR and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of ...

Research Team

The Rear-View Mirror – EME markets: Rebound continues, all indices in the black on lower volumes

EME Equity Market – May 2020 Market performance – the rebound that started in April continued across the board, with the Romanian BET Index gaining the most in EUR terms (+8.9% mom). The MSCI EM Europe Index gained 6% in EUR terms and 7.5% in local currency; while the Romania BET Index grew 8.9% in EUR terms and 9.1% in RON terms, the best performer for the month. The MOEX Index added 7.5%, while the Polish WIG20 Index was up 6.6%. The Turkish benchmark, the ISE30 Index, added 4.5%, and the Greek ASE Index gained 3.9%, while the Hungarian BUX recorded an increase of 3.7%. The weakest performer...

Toby Thorrington

Mytilineos - Defensive in 2020 and with growth beyond

Although FY20 will be challenging for Mytilineos, in our view its current rating does not reflect the resilience of the business or its longer-term potential for growth. Emphasis on cost control, the sourcing of competitively priced gas and the company’s exposure to a growing renewable business should mitigate some of the impact of COVID-19 and help underpin growth. A new combined cycle gas turbine (CCGT), due to be commissioned in Q421, should significantly boost profits from 2022.

Katerina Zaharopoulou

MYTILINEOS | Powering through a hailstorm

Mytilineos’ shares have shed >30% ytd, having registered a more pronounced decline than the 18% drop in global aluminium prices. In our view, despite increased volatility, the investment case remains intact by virtue of competitive production cash costs in Metallurgy and favourable operating dynamics in Power & Gas. In our new note, we reflect current trends in the metals and energy markets and adjust key input assumptions for the Metallurgy segment, incorporating lower LME prices, more conservative alumina assumptions and a more favourable €/$ rate. In EPC & RES, we assume delays in the kic...

Research Team

The Rear-View Mirror – EME markets: BET Index the best performer, despite 16.7% drop

EME Equity Market – March 2020 Market performance – all stock indices in the region were down in March, with the BET the best performer in EUR terms (-16.7%). The MSCI Emerging Markets Europe Index lost 25.8% in EUR terms, while the Czech PX Index was down 24.8%. Other regional stock markets were not far behind, with the BUX Index losing 22.8% in EUR terms, followed by the ASE Index (-22.5% mom), the Russian MOEX (-22.4% mom), the Polish WIG20 (-18.5% mom) and the Turkish ISE30 (-19.8% mom). The best performance was seen in Romania, with the BET Index losing “only” 16.7%. In local currency ter...

Alex Boulougouris, CFA ...
  • Marta Jezewska-Wasilewska
  • Research Team

EME Strategy: Seeking alpha in pyjamas

The global pandemic has created a massive sell-off in all the markets in our region. Although we are still in the middle of the crisis, and it is impossible to know the endgame, in this report, we attempt to help investors navigate this, assuming two potential scenarios: 1) a prolonged crisis, with a delayed return to normality, a deep recession in 2020E and only a slow recovery in 2021E; or 2) a short-lived crisis, with the lockdowns easing gradually in May, a recession in 2020E, but a visible recovery in 2021E. In either scenario, we prefer stocks with strong balance sheets, low leverage, or...

Laure Nottet

Ineos : Despite the deterioration of its results and an exceptional dividend, INEOS easily returns to the bond market

Despite declining 2018 results, the payment of a substantial exceptional dividend in February 2019 and mixed prospects for 2019, INEOS issued last week a new € 770m secured 2026 bond with a coupon of 2.875%. The proceeds of the issue will be used to repay the secured 4% 2023 bond of € 770m. This issue gives us the opportunity to review the issuer and our recommendations on all INEOS notes in euros. - - - - - - - - - > - - - ...

Laure Nottet

Ineos : Malgré la détérioration de ses résultats et un dividende exceptionnel, INEOS revient aisément sur le marché obligataire

Malgré des résultats 2018 en retrait, le versement d’un dividende exceptionnel conséquent en février 2019 et des perspectives mitigées pour 2019, INEOS a émis la semaine dernière une nouvelle souche obligataire secured 2026 de 770 m EUR assortie d’un coupon de 2.875%. Le produit de l’émission servira à rembourser par anticipation la souche secured 4% 2023 de 770 m EUR. Cette émission nous donne l’occasion de faire un point sur l’émetteur et de revoir nos recommandations sur l’en...

Research Team

WOOD Daily: ING PW; OTP HB; SOKM TI; RICHT HB; ARCLK TI; NRP NA; CZ Macro; CCH LN; MYTIL GA; BRD RO; ENG PW; ENA PW; MOEX RX; FMF PW; PETKM TI

HEADLINES: • ING BSK: reports PLN 267m of net profit, fully in line with our forecast and 8% beat vs. consensus POSITIVE • OTP Bank: posts -HUF 4bn reported loss and HUF 32bn of adjusted net profit, 47-53% misses NEGATIVE • SOK Marketler Ticaret: 1Q20 beat, 2020E sales guidance increased POSITIVE • Richter: 24% net profit beat on costs and FX revaluation gains POSITIVE • Arcelik: 1Q20 results - 19% adjusted EBITDA miss, 2Q expected to be worse NEGATIVE • NEPI Rockcastle: business beginning to normalise, first trading indications are positive NEUTRAL • Czech Republic macro: further rate cuts, a...

Research Team

WOOD Daily: QIWI US; RO Politics; FIVE LI; JSW PW; TPE PW; MYTIL GA; TITC GA; GTC PW; SNG RO; GSPARK HB; DIGI RO; TEN PW

HEADLINES: • QIWI: the play that goes wrong (stays BUY) • Romanian politics: fiscal measures might see postponement of utility bills and rents • X5: 4Q19 results - better than Magnit's, net profit affected by one-off impairments and tax accruals NEUTRAL • JSW: 4Q19 results - 3% EBITDA margin, FCF still negative, but marginally better than expected NEUTRAL • Tauron: 4Q19 prelims - 15% EBITDA beat, strong generation, weak mining POSITIVE • Mytilineos: FY19 results - outlook uncertain, but well-placed to weather the storm • Titan Cement: 4Q19 results - revenues in line with our estimates, we...

Research Team

WOOD Daily: MYTIL GA; JSW PW; FP RO; ENJSA TI; NVTK LI

HEADLINES: • Mytilineos: patience is a virtue (stays BUY) • JSW: higher capex leaves further downside (stays SELL) • Fondul Proprietatea: EBRD intends to take a 5% stake in Hidro pre-listing • Enerjisa Enerji: 4Q19E results preview - strong underlying net income expected (due out tomorrow) • Novatek: 4Q19E preview - neutral results expected (due out tomorrow) NEUTRAL

Research Team

Focus: keeping our BUY on PZU, with lower PLN 49.9 PT; keeping our BUYs on Georgia Capital (PT GBp 1,547) and Georgia Healthcare Group (PT GBp 228); S Immo’s 3Q19 – on track to deliver another record year

HEADLINES: • PZU: good whatever the weather (stays BUY) • Georgia Capital / Georgia Healthcare Group: long-term value and near-term opportunity (GCAP and GHG stay BUY) • S Immo: 3Q19 - on track to deliver another record year, but ownership end-game remains unclear NEUTRAL • Athens Exchange Group: 3Q19 - higher due to one-off revenue • Bank of Cyprus: 3Q19 numbers solid at first glance • Polish banks: newsflow on CHF mortgage court verdicts continues, not fully supportive for clients NEUTRAL • Yapi Kredi: our three scenarios on UCG exit • Mobile TeleSystems: key takeaways from the invest...

Research Team

Focus: keeping our BUY on Petrol Group, with new EUR 404 PT; downgrading Echo Investment to HOLD, with new PLN 5.0 PT; Mytilineos’ 1H19 results in line, outlook for 2019E remains solid

HEADLINES: • Petrol Group: dividends? Growth? Get them both (stays BUY) • Echo Investment: hold for the yield, hope for a bid (downgraded to HOLD) • Mytilineos: 1H19 results in line, outlook for 2019E remains solid • Poland banks: EUCJ's ruling on refund of repaid consumer loans could cost sector up to PLN 4bn NEGATIVE • Turkey macro: CBT cuts aggressively again, and more is coming • Macro/Strategy: ECB - you got what you wanted • PKN Orlen: subsidiary signs contract for fertiliser plant construction • CD Projekt: Gwent on iPhone on 29 October NEUTRAL • Short News (GPW)

MYTILINEOS SA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of MYTILINEOS SA (GR), a company active in the Diversified Industrials industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date May 22, 2020, the closing price was EUR 7.03 and its potential was estimated at EUR 8.21.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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