Edison Investment Research - MYTILINEOS S.A. (MYTIL) Mytilineos - Reaping rewards from proactive management

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Edison Investment Research

Toby Thorrington

Mytilineos - Reaping rewards from proactive management

Mytilineos has reported record-high quarterly results for the fourth consecutive quarter. Net profit after minorities increased by 283% to €146m, versus Q321 (€38m). It was encouraging to see a strong performance across all four divisions, with record quarterly results in Renewables & Storage Development (RSD), Sustainable Engineering Solutions (SES) and Power & Gas (P&G). RSD benefited from a strong pipeline of solar parks under construction coming to fruition; we expect this to continue in Q4. An influx of higher-margin gas projects helped drive earnings growth in SES. We upgrade our forecasts in this division. The continued strength in P&G is a testament to Mytilineos’s integrated model, its ability to source gas at competitive prices and the high efficiency and flexibility of its power generation portfolio. We also upgrade our forecasts in this division. Our per share valuation increases to €28.0 (from €27.0 previously).

02/11/2022 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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Mytilineos - Reaping rewards from proactive management

The Rear-View Mirror – EME markets: all indices in the green in July

WOOD Daily: EME Macro/Strategy Weekly; EU macro; PKO PW; MYTIL GA; WPL PW

The Rear-View Mirror – EME markets: rebound in Türkiye

Manx Financial Group - Termination of coverage

musicMagpie - Termination of coverage

Topps Tiles - Accelerating growth through Q125

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