Mytilineos - Short-term value, long-term growth
Mytilineos reported solid revenue and EBITDA growth in H1, boosted by the power & gas business. Mytilineos is trading on low short-term multiples (c 8x FY19 P/E and 5x EV/EBITDA), but we believe the stock is even more attractive for investors focused on the strong growth potential driven by long-term projects, which, in our view, the company can finance mostly with its robust cash flow generation. We forecast a 15% net income CAGR in FY19e–22e with the new gas-fired power plant as key driver.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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