Mytilineos - Power growth
Mytilineos reported solid Q1 results with EBITDA growing 20% y-o-y sustained by strong performances in the Power & Gas business and EPC & Infrastructure activities. We see Mytilineos as well positioned to reach our full year forecasts, on which basis the stock is trading on less than 7x FY19 P/E, less than 5x EV/EBITDA and offers an annual free cash flow yield of over 14% in the period FY19–22e.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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