WOOD Flash – Mytilineos: FY18 – solid underlying trends, promising 2019E outlook
Mytilineos has reported its full-year numbers, which are broadly in line with our estimates. The EBITDA stood at EUR 284m in 2018 vs. our expectation of EUR 293m. The reported EBITDA includes a EUR 6.4m one-off loss (related to a claim from DEPA for 2012 and 2013). On an adjusted basis, the EBITDA was EUR 290m, broadly in line with our numbers. On a segmental basis, the results were slightly weaker in the Metallurgy segment (adjusted EBITDA at EUR 169m vs. our forecast of EUR 176m), but stronger in the Power & Gas division. EPC was soft in 2018, with the full-year EBITDA coming in at EUR 55m, due mainly to delays in the power plant projects in Africa.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.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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