Metlen Energy & Metals

Overview
Price performance
Financials
Research
Thematics

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. H124 has seen the continued roll-out of renewables, with 2,000MW of solar projects, worth up to €2bn, to be developed and constructed over the next three years and the announcement of a potential listing on the LSE.

Latest Insights

Industrials |
Outlook

25.06.24

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

Industrials |
Flash note

29.04.24

Mytilineos — Strong Q1 and plans for potential London listing

Industrials |
Update

15.11.23

Mytilineos — Synergies and solar delivering growth

Industrials |
Flash note

05.05.23

Mytilineos — Benefiting from diversity and internationalisation

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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	1.6	(2.9)	0.8
Relative	(1.1)	(7.7)	(8.4)
52 week high/low	€39.5/€31.0

Financials

Metlen (formerly Mytilineos) is a leading industrial company with two core activities: Energy (renewables, generation and natural gas supply) and Metallurgy (aluminium smelting) and an international presence in five continents. 2023 proved that the recent acceleration in earnings was not just cyclical, but helped by synergies and organic growth, with FY23 EBITDA reported at €1.014bn, broadly in line with our estimates. We believe earnings at the EBITDA level are sustainable above €1bn/year and recently raised our valuation of Metlen from €36/share to €45/share.