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Metlen Energy & Metals (ASE: MYTIL)

Last close As at 22/11/2024

EUR31.40

▲ 0.12 (0.38%)

Market capitalisation

EUR4,487m

Metlen Energy & Metals (previously Mytilineos) is a leading industrial company with a global presence. The company is active in Energy and Metals (integrated aluminium smelting). Its renewable energy business is growing strongly organically, with a pipeline of 13GW in solar capacity.

Metlen has a portfolio of low-cost energy and metals assets. Its power business benefits from access to relatively low-cost natural gas and its generating and aluminium smelting assets are highly efficient. Metlen’s operating capacity in renewable energy sources exceeded 1GW for the first time in 9M24 (1.1GW). There has been no further update on Metlen’s potential listing on the LSE, but at H124 management stated that it is taking the necessary steps to achieve this.

Latest Insights

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Industrials | Flash note

Metlen Energy & Metals — Strengthening operating margin in H1

Industrials | Outlook

Metlen Energy & Metals — A new name for its next phase

Industrials | Flash note

Mytilineos — Strong Q1 and plans for potential London listing

Industrials | Update

Mytilineos — Synergies and solar delivering growth
Mytilineos_resized
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Sector

Industrials

Equity Analyst

Andrew Keen

MD - Head of Content, Energy & Resources, Industrials

Harry Kilby

Analyst

Key Management

  • Evangelos Mytilineos

    CEO and Chairman

  • Yiannis Kalafatas

    CFO

Balance Sheet

Forecast net debt (€m)

2246

Forecast gearing ratio (%)

N/A

Share Price Performance

Price Performance
% 1M 3M 12M
Actual (7.7) (8.5) (10.8)
Relative (3.8) (5.8) (19.6)
52 week high/low €39.5/€30.7

Financials

Metlen Energy & Metals is a leading industrial company with two core activities: Energy (renewables, generation and natural gas supply) and Metallurgy (aluminium smelting). It has an international presence in five continents. EBITDA increased by 6% to €763m in the first nine months of FY24 (9M24), compared to €722m in 9M23. Management guidance is for FY24 EBITDA of €1.0-1.2bn and net profit of €600-700m respectively. We maintain our forecasts and valuation of €49/share and believe earnings at the EBITDA level are sustainable above €1bn/year.

Y/E Dec Revenue (€m) EBITDA (€m) PBT (€m) EPS (fd) (c) P/E (x) P/CF (x)
2022A 6306.0 823.0 635.0 341.81 9.2 4.5
2023A 5492.0 1013.0 770.0 446.20 7.0 11.4
2024E 6354.0 1107.0 837.0 481.20 6.5 4.8
2025E 7180.0 1171.0 889.0 512.32 6.1 3.6

Research

Outlook

Industrials

Metlen Energy & Metals — A new name for its next phase

Flash note

Industrials

Mytilineos — Strong Q1 and plans for potential London listing

Industrials

Flash note

Metlen Energy & Metals — Strengthening operating margin in H1
Mytilineos_resized

Update

Industrials

Mytilineos — Synergies and solar delivering growth
Mytilineos_resized

Flash note

Industrials

Mytilineos — Benefiting from diversity and internationalisation
Mytilineos_resized

Update

Industrials

Mytilineos — Renewables to drive EBITDA above €1bn/year

Update

Industrials

Mytilineos — Reaping rewards from proactive management

Outlook

Industrials

Mytilineos — Profiting from energy transition

Flash note

Industrials

Mytilineos — Strong H122 and with continued momentum

Flash note

Industrials

Mytilineos — Added to MSCI Global Standard indices

Update

Industrials

Mytilineos — Well placed to benefit from renewables
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Thematics

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Industrials

Greece – Changing the narrative

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