WOOD Flash – Mytilineos: stronger-than-expected 1Q23 performance, solid outlook ahead
Mytilineos has posted a strong set of 1Q23 numbers, above both our and the market’s expectations, with profitability growth evident in all segments. The beat vs. our numbers, in a traditionally weaker quarter, is an indication of the company’s ability to deploy tactics and defend its profitability to tackle the normalisation of both electricity and LME prices, indicating upside risk for our EBITDA forecasts for the year, if we assume a continuation of the 1Q23 trends (management’s 2023E EBITDA guidance of EUR 1.0bn). On our numbers, the stock is trading at 2024E 6.4x P/E and 4.7x EV/EBITDA. 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.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.