Citi after Mytilineos Roadshow: Stable in estimates for profit doubling and dynamic growth

Citi remains stable in its forecast for more than doubling Mytilineos’ profits in 2022 and for a dynamic growth course of the company beyond this year, as noted in its note, following the Roadshow organized last week by Citi for MYTILINEOS, headed by the company CFO

As Citi points out:

-The company is maturing a large pipeline of projects that will fuel its organic growth in the coming years. Thus MYTILINEOS offers an ideal combination of growth and value.

-The “Green” development, through the production of recycled aluminum and the rapid maturation of RES projects inside and outside Greece, establishes MYTILINEOS as a player with strong performance in ESG

-The Greek portfolio of 1.5GW photovoltaics, which is under construction, in combination with the almost 0.3GW wind farms, will lead both Metallurgy and the Energy department of MYTILINEOS to the new era. At the same time, the portfolio of 5GW RES projects abroad is a key pillar of development for the company.

-MYTILINEOS, due to its position and size, has developed a significant portfolio of natural gas with significant differentiation in its supply so that it is prepared to meet any challenge. For example, the company today has managed to operate with significantly reduced Russian gas in its mixture, replacing it almost entirely with cheaper LNG.

Therefore, the Citi analyst states that he feels comfortable with his forecast, which is the highest of the consensus, for more than doubling the company’s profits in 2022 (EBITDA: € 550m, net profit: € 297m, earnings per share € 2.2 / share, 4.5% dividend yield), while it considers that MYTILINEOS has all those important catalysts that will contribute to the dynamic growth of the company beyond 2022.