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Edison Investment Research

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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.

Equity Bottom-Up

Mytilineos Holdings Sa / Equity Bottom-Up

<p>Mytilineos’s 9M results suggest that it is on track to reach our FY19 forecasts. While declining alumina/aluminium prices create earnings risks for FY20, the efficiency programme launched in Q319, the strength of the US dollar vs the euro and volume growth are potentially mitigating factors. We forecast an average FY20–22 free cash flow yield of 14% and our broadly unchanged valuation of €14.5/share offers significant upside.</p>

Mytilineos’s 9M results suggest that it is on track to reach our FY19 forecasts. While declining alumina/aluminium prices create earnings risks for FY20, the efficiency programme launched in Q319, the strength of the US dollar vs the euro and volume growth are potentially mitigating factors. We forecast an average FY20–22 free cash flow yield of 14% and our broadly unchanged valuation of €14.5/share offers significant upside.

Mytilineos - Growth on track, increased focus on cost cutting

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)

Mytilineos - Growth on track, increased focus on cost cutting

Mytilineos’s 9M results suggest that it is on track to reach our FY19 forecasts. While declining alumina/aluminium prices create earnings risks for...

Edison Investment Research

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