WOOD Flash – Mytilineos: 1H18 – aluminium segment leading the race
Mytilineos has reported 1H18 net profit of EUR 83m vs. our forecast of EUR 59m, with the beat driven mostly by the Metals and Metallurgy segment and the benefit from the increasing alumina prices in 1H18. The strong numbers from the aluminium segment more than offset the soft results from the Power and Gas segment (due to poor utilisation and the absence of capacity payments). Management reiterated its guidance for EBITDA in 2018E to be at or even above the 2017 level, with a clearly positive outlook for 2019E.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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