WOOD Flash – Mytilineos: 1H20 results – Power and Gas unit leading the way
Mytilineos has reported 1H20 net profit of EUR 69m, ahead of our EUR 58m forecast. The group’s EBITDA stood at EUR 145m vs. our estimate of EUR 135m. The beat came from the strong Power and Gas segment, driven by the improving clean spark spreads at the CCGT plants, the new investments in renewable energy and the growth in retail supply. We believe that the company is fully on track to meet our year-end 2020E EBITDA and net profit forecasts of EUR 275m and EUR 106m, respectively, and we reiterate our BUY rating on the stock.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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