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Edison issues report on Metlen Energy & Metals (MYTIL)
Edison Investment Research Limited Edison issues report on Metlen Energy & Metals (MYTIL) 25-Jun-2024 / 09:09 GMT/BST The issuer is solely responsible for the content of this announcement. London, UK, 25 Juni 2024 Edison issues report on Metlen Energy & Metals (MYTIL) to view the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the . Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any secu...
- Toby Thorrington
Metlen Energy & Metals - A new name for its next phase
Mytilineos recently announced a company name change to Metlen Energy & Metals. The decision to rebrand is in line with its strategy of establishing a strong international identity. It also confirmed its intention to examine an international listing, including on the London Stock Exchange. We profile Metlen and examine how it could look in the context of an LSE listing. It would rank c 90th in the LSE’s largest index firms on market capitalisation and c 50th based on earnings, indicating potentia...
- Research Team
WOOD Daily: FROTO TI; CZ Macro; HU Macro; RICHT HB; BELA GA; SNP RO
HEADLINES: • Ford Otosan: getting ready to fire on all cylinders (upgraded to BUY) • Czech Republic macro: May inflation moderates, to hit the low point soon • Hungary macro: May inflation up, but in line with expectations • Richter: acquires Mithra assets for an EV of EUR 175m NEUTRAL • Jumbo: turnover +10%/+8% in May/5M24 POSITIVE • OMV Petrom: to invest EUR 750m in renewable fuels at Petrobrasi refinery NEUTRAL • Short News (ALR, PKO)
- Andreas Souvleros
- CFA
GREEK BANKS | Banking on dividends again
ECB approval and EPS upgrades likely to catalyze a re-rating – The ECB has approved Greek banks' requests to pay the proposed dividends out of 2023 profits, signaling a return to normality after 16 years. The announced payouts correspond to shareholder remuneration of €0.063 for Piraeus (1.7% DY), €0.052 for Alpha Bank, equally split between a cash dividend of €0.026 (1.6% DY) and a buyback (3.2% total yield), €0.0933 for Eurobank (4.6% DY), and €0.36 for NBG (4.6% DY). Following a period of >15...
- Andreas Souvleros
- CFA
GREEK BANKS | Banking on dividends again
ECB approval and EPS upgrades likely to catalyze a re-rating – The ECB has approved Greek banks' requests to pay the proposed dividends out of 2023 profits, signaling a return to normality after 16 years. The announced payouts correspond to shareholder remuneration of €0.063 for Piraeus (1.7% DY), €0.052 for Alpha Bank, equally split between a cash dividend of €0.026 (1.6% DY) and a buyback (3.2% total yield), €0.0933 for Eurobank (4.6% DY), and €0.36 for NBG (4.6% DY). Following a period of >15...
Mytilineos S.A.: 1 director
A director at Mytilineos S.A. bought 1,000 shares at 37.200EUR and the significance rating of the trade was 54/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearl...
Piraeus Financial Holdings S.A.: 1 director
A director at Piraeus Financial Holdings S.A. sold 4,867 shares at 3.907EUR and the significance rating of the trade was 51/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two...
- Nikos Athanasoulias CFA
TITAN CEMENT | Cementing value through US IPO
As the listing of the local business in the US approaches, we expect the market to gradually adopt a SOTP approach in valuing Titan, something which on our estimates could help crystallise value >€700mn or €9/share, given the lower risk premia attached on US assets. This should eventually move the valuation debate to the €40 area. We have reflected this in our model early on, now basing our valuation on a SOTP (US vs rest) lifting our PT to €40.5 (from €31), placing the stock at 6.3x 1-yr fwd EV...
- Nikos Athanasoulias CFA
TITAN CEMENT | Cementing value through US IPO
As the listing of the local business in the US approaches, we expect the market to gradually adopt a SOTP approach in valuing Titan, something which on our estimates could help crystallise value >€700mn or €9/share, given the lower risk premia attached on US assets. This should eventually move the valuation debate to the €40 area. We have reflected this in our model early on, now basing our valuation on a SOTP (US vs rest) lifting our PT to €40.5 (from €31), placing the stock at 6.3x 1-yr fwd EV...
- Andreas Souvleros
- CFA
GREEK BANKS | Solid Q1 leaves upside skew to FY24e; Buy
Q1 Results Beat Estimates – Greek banks kicked off the year with strong Q1 results, with adj. net profit remaining flat qoq at €1.26bn and soaring 45% yoy exceeding both our and consensus estimates by >10%, as a result of resilient NII and lower-than-expected underlying CoR (at 64bps vs EEe of 77bps). In more detail, sector-wide NII surged 15.5% yoy in Q1 (NIM +42bps), slipping just 2.6% qoq (NIM down by 8bps) after a record-breaking Q4’23, in line with our estimates, with Eurobank showing the m...
- Andreas Souvleros
- CFA
GREEK BANKS | Solid Q1 leaves upside skew to FY24e; Buy
Q1 Results Beat Estimates – Greek banks kicked off the year with strong Q1 results, with adj. net profit remaining flat qoq at €1.26bn and soaring 45% yoy exceeding both our and consensus estimates by >10%, as a result of resilient NII and lower-than-expected underlying CoR (at 64bps vs EEe of 77bps). In more detail, sector-wide NII surged 15.5% yoy in Q1 (NIM +42bps), slipping just 2.6% qoq (NIM down by 8bps) after a record-breaking Q4’23, in line with our estimates, with Eurobank showing the m...
Jumbo SA: 1 director
A director at Jumbo SA sold 4,000,000 shares at 0.000EUR and the significance rating of the trade was 72/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly show...
- Andreas Souvleros
- CFA
GREEK BANKS | Valuation remains out of sync with sustainable RoTEs
March underperformance sparked repositioning opportunity; risk-reward compelling – Greek bank shares had a strong start to 2024 (until Feb) closing the valuation gap vs EU periphery peers buoyed by the stellar 2023 profits (adj. RoTE of c16%), successful B/S de-risking (NPE ratio c4%) and improved market liquidity post HFSF’s placements. However, in March they suffered a bout of underperformance (>15%), with the relative 2024e P/TBV discount widening to c20% (and the P/E discount even higher) on...
- Andreas Souvleros
- CFA
GREEK BANKS | Valuation remains out of sync with sustainable RoTEs
March underperformance sparked repositioning opportunity; risk-reward compelling – Greek bank shares had a strong start to 2024 (until Feb) closing the valuation gap vs EU periphery peers buoyed by the stellar 2023 profits (adj. RoTE of c16%), successful B/S de-risking (NPE ratio c4%) and improved market liquidity post HFSF’s placements. However, in March they suffered a bout of underperformance (>15%), with the relative 2024e P/TBV discount widening to c20% (and the P/E discount even higher) on...
- Toby Thorrington
Mytilineos - Strong Q1 and plans for potential London listing
On April 25, Mytilineos (MYTIL) announced, as part of its strategic review, that it is considering a potential international listing on the London Stock Exchange (LSE) within the next 12–18 months. Listing on the LSE would demonstrate a strong vote of confidence by MYTIL in the UK market and aligns with its international growth ambitions, allowing the company to leverage its geographically diverse portfolio of operations. It would provide greater liquidity for investors and enable MYTIL to conti...
- Stamatios Draziotis CFA
JUMBO | Patience you must have
Another record year; on track for c10% EBIT growth in 2024 – Jumbo delivered 20% EBIT growth in FY23 thanks to 14% higher sales, resilient gross margins (-15bps yoy, albeit >3pps higher than 2019 levels) and opex savings (opex just +6% yoy). Coupled with net financial income given the debt-free balance sheet, Jumbo grew net profits by a whopping 22%, eclipsing the +20% embedded in our estimates a year ago. Mgt proposed another generous €1 DPS following the €0.6 paid in March, adding up to c6% yi...
- Stamatios Draziotis CFA
JUMBO | Patience you must have
Another record year; on track for c10% EBIT growth in 2024 – Jumbo delivered 20% EBIT growth in FY23 thanks to 14% higher sales, resilient gross margins (-15bps yoy, albeit >3pps higher than 2019 levels) and opex savings (opex just +6% yoy). Coupled with net financial income given the debt-free balance sheet, Jumbo grew net profits by a whopping 22%, eclipsing the +20% embedded in our estimates a year ago. Mgt proposed another generous €1 DPS following the €0.6 paid in March, adding up to c6% yi...
- Nikos Athanasoulias CFA
MYTILINEOS Energy & Metals | More than just a deal, more than 10% grow...
Stellar delivery, bulletproof growth, and more catalysts ahead… – Over the past two years Mytilineos has reported impressive results, leveraging synergies arising from the vertically integrated model. Following outstanding delivery to the ambitious FY’23 EBITDA target of €1bn (+23% yoy), we still see ample room for growth, now estimating FY’24 EBITDA of €1.14bn (+13% yoy) and a 3-year EBITDA CAGR of 10%, driven by a step-up in Renewables and solid growth Metals. Moreover, we view the value-accre...
- Nikos Athanasoulias CFA
MYTILINEOS Energy & Metals | More than just a deal, more than 10% grow...
Stellar delivery, bulletproof growth, and more catalysts ahead… – Over the past two years Mytilineos has reported impressive results, leveraging synergies arising from the vertically integrated model. Following outstanding delivery to the ambitious FY’23 EBITDA target of €1bn (+23% yoy), we still see ample room for growth, now estimating FY’24 EBITDA of €1.14bn (+13% yoy) and a 3-year EBITDA CAGR of 10%, driven by a step-up in Renewables and solid growth Metals. Moreover, we view the value-accre...
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