Metlen Energy & Metals: the art of continued growth (BUY - reinitiation of coverage)
We reinitiate coverage of Metlen Energy & Metals (Metlen), with a BUY and a SOTP-derived, DCF-based price target (PT) of EUR 45.5/share, implying 25% upside from current levels. We firmly believe that the upcoming 1H24E earnings release will demonstrate, once again, that the group’s many moving parts, while difficult to monitor, arguably, are a blessing in disguise, as they offset separate weaknesses in difficult industry conditions and, seemingly, work in lockstep to accentuate a rebound in the market backdrop, as seen since 2Q and onwards. At our PT, the stock would trade at just 8.9x/7.4x EPS/EBITDA for FY25E.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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