Mytilineos: More than meets the eye (stays BUY)
We have updated our model on Mytilineos, and maintain our high long-term conviction on the stock. We believe that the market views the company as a volatile commodity play, and does not take into account the: 1) strong improvement in profitability from the power and gas segment due to higher spark spreads, improving RES and retail supply; 2) solid uplift in earnings post-2022E, with the kicking in of the new CCGT plant, with IRRs, on our estimates, of c.15%; 3) efficient and vertically-integrated aluminium business, with solid profitability, even in a low pricing environment; and 4) stable operating cash flows and low net debt to EBITDA (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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