Edison Investment Research - MYTILINEOS S.A. (MYTIL) Mytilineos - Benefiting from diversity and internationalisation

Report

Edison Investment Research

Toby Thorrington

Mytilineos - Benefiting from diversity and internationalisation

Mytilineos released strong Q123 results on 4 May, despite scheduled maintenance in its power business and Q1 being a typically weaker quarter. The year 2023 is likely to be H2 weighted, because scheduled maintenance at Mytilineos’s Ag. Nikolas plant is now complete and its new highly efficient power plant is entering full commercial operation. This strong performance during a period of low energy and metal prices reinforces our view that our FY23 estimates are conservative. EBITDA of €225m was 24% of our FY23 estimate (€931m) and EPS of €1.04 was 27.5%. Net profit after minorities of €143m was up 113% year on year. These results reflect the underlying change to Mytilineos’s synergistic business model to focus on two key activities: Energy (renewables, electricity generation and natural gas supply) and Metallurgy. H223 will see the full operation of its gas plants and continued rollout of renewables – the latter a key focus of its >€2bn capex programme over the next three years.

05/05/2023 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

Provider

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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