Edison Investment Research - MYTILINEOS S.A. (MYTIL) Mytilineos - Growth on track, increased focus on cost cutting

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Edison Investment Research

Mytilineos - Growth on track, increased focus on cost cutting

Mytilineosâ€™s 9M results suggest that it is on track to reach our FY19 forecasts. While declining alumina/aluminium prices create earnings risks for FY20, the efficiency programme launched in Q319, the strength of the US dollar vs the euro and volume growth are potentially mitigating factors. We forecast an average FY20â€“22 free cash flow yield of 14% and our broadly unchanged valuation of â‚¬14.5/share offers significant upside.

29/10/2019 4 EN

Underlying

MYTILINEOS S.A.

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.

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GRS393503008 Greece

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Mytilineos - Growth on track, increased focus on cost cutting

The Rear-View Mirror – EME markets: all indices in the green in July

WOOD Daily: EME Macro/Strategy Weekly; EU macro; PKO PW; MYTIL GA; WPL PW

The Rear-View Mirror – EME markets: rebound in Türkiye

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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