Mytilineos - Resilient margins protect profitability
Mytilineos’s H120 results proved that despite the challenging environment the metallurgy, power and gas industries are facing, the company’s strategy is resilient and capable of withstanding current headwinds. While H120 EBITDA fell by 17% versus H119 to €145m, the power and gas business EBITDA increased by 41% to €71m. This business segment was a key driver in offsetting the impacts of COVID-19 on results. Net debt was also reduced to €477m, despite Mytilineos's ongoing investment programme, which is in full deployment, and the company keeping its dividend distribution. Beyond 2020, growth of the renewable and supply businesses as well as the commissioning of a new CCGT plant should provide a boost to profits. Our updated blended valuation is €13.0/share.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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