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Equity Bottom-Up

Mytilineos Holdings Sa / Equity Bottom-Up

<ul>
 <li>Mytilineos is a strategically positioned industrial and energy conglomerate, benefiting from a synergistic, 'naturally hedged' business model across its Energy and Metallurgy sectors.</li>
 <li>The company is at the forefront of the energy transition, with significant investments in renewable energy sources (RES) and a commitment to 'green' metallurgy, aiming for a 30% reduction in CO2 emissions by 2030 and net-zero by 2050.</li>
 <li>A recent corporate transformation and a planned primary listing in London are designed to enhance flexibility, international presence, and unlock further value, supported by a strong track record of growth and profitability.</li>
</ul>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.


  Mytilineos is a strategically positioned industrial and energy conglomerate, benefiting from a synergistic, 'naturally hedged' business model across its Energy and Metallurgy sectors.
  The company is at the forefront of the energy transition, with significant investments in renewable energy sources (RES) and a commitment to 'green' metallurgy, aiming for a 30% reduction in CO2 emissions by 2030 and net-zero by 2050.
  A recent corporate transformation and a planned primary listing in London are designed to enhance flexibility, international presence, and unlock further value, supported by a strong track record of growth and profitability.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Mytilineos Holdings Sa (MYTIL GA) - Aug 2026

Leading International Investment Research, Edison Investment Research

Edison Investment Research

Leading International Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

Metlen Energy & Metals’ 9M25 trading update reported turnover of €5,115m (+22% y-o-y), with all major divisions reporting gains: Energy €4,070m (+18%), Metals €690m (+9%) and Infrastructure & Concessions €356m (+171%). The update does not include EBITDA, however management stated the group is on track to meet its full-year EBITDA target (>€1bn). Today’s update also confirms progress on the April 2025 capital markets day (CMD) initiatives: Circular Metals has entered commissioning; Volos Plant 3 is slated for Q226; the 330MW/790MWh stand-alone storage unit targets Q226; and the bauxite, alumina and gallium investment continues to advance. We retain our forecasts and valuation.

Metlen Energy & Metals’ 9M25 trading update reported turnover of €5,115m (+22% y-o-y), with all major divisions reporting gains: Energy €4,070m (+18%), Metals €690m (+9%) and Infrastructure & Concessions €356m (+171%). The update does not include EBITDA, however management stated the group is on track to meet its full-year EBITDA target (>€1bn). Today’s update also confirms progress on the April 2025 capital markets day (CMD) initiatives: Circular Metals has entered commissioning; Volos Plant 3 is slated for Q226; the 330MW/790MWh stand-alone storage unit targets Q226; and the bauxite, alumina and gallium investment continues to advance. We retain our forecasts and valuation.

Metlen Energy & Metals — 9M25 trading update: Guidance intact

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>We remain near-term bullish since 4/22/25, we continue to believe SPX and ACWI-US likely bottomed at 4800-4820 and $101-$102 (May 13, 2025 report), and our intermediate-term outlook remains bullish also.</li>
<li>We'll maintain our bullish view as long as dynamics remain healthy and SPX and ACWI-US are above 5500 and $115, but we do not expect these levels to be tested.</li>
<li>We expect 5700-5785 on SPX and $120-$121 on ACWI-US to hold as support; considering the historic run up, don't be surprised to see another week or two of consolidation.</li>
</ul>


We remain near-term bullish since 4/22/25, we continue to believe SPX and ACWI-US likely bottomed at 4800-4820 and $101-$102 (May 13, 2025 report), and our intermediate-term outlook remains bullish also.
We'll maintain our bullish view as long as dynamics remain healthy and SPX and ACWI-US are above 5500 and $115, but we do not expect these levels to be tested.
We expect 5700-5785 on SPX and $120-$121 on ACWI-US to hold as support; considering the historic run up, don't be surprised to see another week or two of consolidation.


MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

<ul>
<li>Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we had been expecting an 8-10% pullback to provide a buying opportunity.</li>
<li>However, after getting the 10%+ pullback, we discussed in 4/1/25 and 4/3/25 reports how we no longer saw it as a buying opportunity, and we downgraded our outlook to bearish/cautious</li>
<li>While it is possible that the lows are in, we now are looking for the ACWI-US rally to fizzle, either here at $113.50-$115 or the 200-day MA (~$118).</li>
</ul>


Since late-February (2/25/25 Compass and 2/27/25 Int'l Compass) we had been expecting an 8-10% pullback to provide a buying opportunity.
However, after getting the 10%+ pullback, we discussed in 4/1/25 and 4/3/25 reports how we no longer saw it as a buying opportunity, and we downgraded our outlook to bearish/cautious
While it is possible that the lows are in, we now are looking for the ACWI-US rally to fizzle, either here at $113.50-$115 or the 200-day MA (~$118).


Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

Oil & Natural Gas Corporation / Technical Analysis

<ul>
<li>MSCI EM (EEM-US) continues to show signs of bottoming as it has held above our $37-$37.50 line-in-the-sand. </li>
<li>Major 1+ year resistance on the EEM-US is at $42, and a breakout would mean the bottom is in (and would be a buy signal).</li>
<li>Favor EM over EAFE due to 2.5-year downtrend reversal in the EAFE vs. EM ratio. Top Overweights: Taiwan, India, Greece; Attractive EM Sectors: Energy, Technology, Consumer Discretionary, Financials</li>
</ul>


MSCI EM (EEM-US) continues to show signs of bottoming as it has held above our $37-$37.50 line-in-the-sand. 
Major 1+ year resistance on the EEM-US is at $42, and a breakout would mean the bottom is in (and would be a buy signal).
Favor EM over EAFE due to 2.5-year downtrend reversal in the EAFE vs. EM ratio. Top Overweights: Taiwan, India, Greece; Attractive EM Sectors: Energy, Technology, Consumer Discretionary, Financials


MSCI Emerging Market Index Testing 1+ Year Resistance; Favor EM over EAFE; Top EM Buys Highlighted

Greece

Mytilineos Holdings S.A. is an industrial group and an independent energy producer. The Company's activities include aluminum and base metals production, energy and infrastructure projects construction, production of thermal power and supply and trade of natural gas.

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Mytilineos Holdings Sa (MYTIL GA)

Primer: Mytilineos Holdings Sa (MYTIL GA) - Aug 2026

Mytilineos is a strategically positioned industrial and energy conglomerate, benefiting from a synergistic, 'naturally hedged' business model...

αSK Primers

Metlen Energy & Metals — 9M25 trading update: Guidance intact

Metlen Energy & Metals’ 9M25 trading update reported turnover of €5,115m (+22% y-o-y), with all major divisions reporting gains: Energy €4,070m...

Edison Investment Research

MSCI ACWI Coiling Under All-Time Highs; Buying Korean Financials; Monitoring Europe for Downgrade

MSCI $ACWI Coiling Under All-Time Highs; Monitoring Europe for Downgrade; Buying Korean Financials $WF $SHG $KB and Hana. Still Bullish, expecting...

Vermilion Research

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities

Still Bearish/Cautious; Stick With Defensives; Emerging Market Opportunities. Looking for the $ACWI rally to fizzle, either here at $113.50-$115 or...

Vermilion Research

MSCI Emerging Market Index Testing 1+ Year Resistance; Favor EM over EAFE; Top EM Buys Highlighted

MSCI EM Index $EEM Testing 1+ Year Resistance; Favor EM over EAFE $EFA. Top EM Country Overweights: Taiwan, India, Greece; Attractive EM Sectors:...

Vermilion Research

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