Mytilineos: Green is good (stays BUY)
We have updated our model on Mytilineos, to include the positive short-term triggers (higher aluminium prices and an uplift in the EPC backlog) and the ambitious plans to grow in green energy projects. We believe that the new focus on growing the renewable energy segment, with additional capacity of >2GW in the next three years, is a step in the right direction, providing steady and “green” cash flows. In the next three years, we expect a strong group EBITDA CAGR of 16%, with the contribution from RES at EUR 160m in 2024E, or 28% of the group’s EBITDA. We maintain our high long-term conviction on the stock (BUY) and increase our price target (PT) to EUR 17.3/share (from EUR 12/share).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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