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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

Flash note

Industrials

Mytilineos — Record-high profitability with strong momentum

Update

Industrials

Mytilineos — Funded energy transition activities drive profitability

Outlook

Industrials

Mytilineos — The future is bright

Flash note

Industrials

Mytilineos — A strong H2 provides a platform for 2021

Update

Industrials

Mytilineos — Resilient margins protect profitability

Update

Industrials

Mytilineos — Defensive in 2020 and with growth beyond

Update

Industrials

Mytilineos — A low high yield

Update

Industrials

Mytilineos — Growth on track, increased focus on cost cutting

Update

Industrials

Mytilineos — Short-term value, long-term growth

Update

Industrials

Mytilineos — Power & gas, the growth engine of Mytilineos

edison tv

Industrials

Bitesize briefing – Mytilineos

Update

Industrials

Mytilineos — Power growth

Initiation

Industrials

Mytilineos — Cash flow miner, growth generator