WOOD Flash – Mytilineos: strong 4Q20, with a positive outlook for 2021E
Mytilineos has reported FY20 EBITDA of EUR 315m, above our forecast of EUR 275m, driven by the strong spark spreads at the thermal plants, the uplift in LME prices during 4Q20, and the recovery of the SES/RSD unit after the weak 9M20 period. Following the recent share price re-rating (+60% in the past six months), the stock is trading at an EV/EBITDA of c.7.5x on our 2021E and close to our price target (PT). However, we remain BUYers of the stock, in view of the upside risk, on our forecasts, driven by stronger LME prices, high spark spreads, increasing presence in RES (via wind and solar), and a solid pipeline in the SES/RSD segment.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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