Mytilineos: one more upgrade (stays BUY)
Following its strong set of 1H22 results, we have updated our model and now expect the EBITDA to exceed EUR 600m in 2022E, with a growth rate of >20% in 2023E, driven by the new CCGT plant and the solar BOT projects. In our view, the outlook ahead remains very supportive, on the back of locked-in higher aluminium prices, the uplift in premia, a strong backlog of solar projects, high spark spreads and the new RES capacity coming onstream. We have increased our price target (PT) to EUR 24.0/share, from EUR 21.0/share, which offers c.60% upside from the current share price, as the stock is trading at very low multiples (a P/E of 5.8x and an EV/EBITDA of 5.2x, on our 2022E figures). We maintain our BUY 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.
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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