Mytilineos: stronger than ever (BUY - transfer of coverage)
We transfer coverage of Mytilineos, maintaining our BUY rating, while raising our 12M price target (PT) to EUR 26.0/share, offering an attractive 46% upside potential. In this report, we recalibrate our estimates for 2022E and 2023E, on the back of a stronger earnings outlook for the group, driven by power and gas, and renewable storage and development (RSD). Electricity production continues to outperform domestic producers, while the higher demand for RES transactions internationally in the RSD division is driving group revenues higher for 2022-23E, on our numbers. Metallurgy prospects remain encouraging, as sliding inventories and favourable FX trends are keeping prices and revenues well above the mid-cycle levels. On our numbers, Mytilineos trades at attractive 2023E multiples of 5.3x P/E and 5.0x EV/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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