Edison Investment Research - MYTILINEOS S.A. (MYTIL) Mytilineos - Added to MSCI Global Standard indices

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Edison Investment Research

Toby Thorrington

Mytilineos - Added to MSCI Global Standard indices

It was announced on Friday that Mytilineos is one of just two Greek companies that were added to the MSCI Greece index, which forms part of the MSCI Global Standard indices. This should bring significant additional demand for Mytilineos’s shares. In this note, we also highlight Mytilineos’s strong Q122 results, reported on 4 May. They were roughly in line with our expectations. Net profit after minorities was €67m, an increase of 83% versus Q121 (€37m) and higher than the strong performance in Q421 (€65m). The strong performance extends across Power & Gas, Metallurgy and Renewable Storage Development, which have all delivered results in line with (or slightly above) our expectations. Sustainable Engineering Solutions is below expectations; however, we note that a number of projects are close to completion stage, which should imply a stronger performance in the coming quarters. Mytilineos is on a strong growth trajectory and has been investing to benefit from the energy transition. We maintain our forecasts and valuation of €27.0 per share.

16/05/2022 1 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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Analysts

Toby Thorrington

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