Edison Investment Research - MYTILINEOS S.A. (MYTIL) Mytilineos - Strong H122 and with continued momentum

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Edison Investment Research

Toby Thorrington

Mytilineos - Strong H122 and with continued momentum

Mytilineos reported record-high H122 results. Net profit after minorities increased by 116% to €166m, versus H121 (€77m) and was higher than the previous record performance in H221 (€103m). In particular, Power & Gas and Metallurgy delivered results significantly above our expectations. Sustainable Engineering Solutions gained momentum in Q2 and the firm order backlog increased by 65%. We also expect Renewables & Storage Development to be stronger in H2 due to solar parks under construction nearing conclusion (potentially c 450MW). Mytilineos is on a strong growth trajectory and has been investing to benefit from the energy transition. On the earnings call, the chairman suggested that Mytilineos could potentially substantially exceed its previous informal FY22 net income guidance of €260m (with H2 notably better than H1). As a result of this, our forecasts and valuation are under review until the full H122 report is published.

01/08/2022 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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