WOOD Flash – Mytilineos: strong second quarter, 2H22E should be even better
Mytilineos has announced 2Q22 EBITDA of EUR 163m, above our forecast of EUR 132m, with strong numbers from both the Metallurgy and Power & Gas segments. The 1H22 EBITDA reached EUR 293m and management has guided for a better 2H22E performance vs. 1H22. As a result, the EBITDA for 2022E seems set to exceed EUR 600m, implying an EV/EBITDA close to 5.5x. The stock is down c.2% ytd and c.20% below the recent highs. We believe that this share price weakness provides attractive entry points for investors, in view of the positive outlook ahead. We remain BUYers.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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