A few days before Mytilineos announced (January 27) the flash note with the annual financial results of 2021, CITI estimates that the listed company will record a profit record for the last quarter of last year.
According to the “Preview Note” of the financial firm for the Greek company entitled “The Profit Dynamics of 2021 and Growth lay a solid foundation for a stronger 2022”, EBITDA in the fourth and last quarter of 2021 will reach 109 million. euro. The year closes, according to the report at 355 million euros, above analysts’ forecasts.
The recommendation to buy as well as the Target Price of 21.5 euros / share are maintained, with the upside now standing close to 40%, based on current share price levels.
According to CITI, the main pillars for high profitability are both the Aluminum sector and the Electricity and Gas sector. The latter, against the forecasts of many analysts, is expected to maintain the dynamics of 2020, despite the environment of high gas prices, proving the operational resilience of Mytilineos.
Equally important, for the CITI analyst, is the fact that in a year with historically high investments, the company’s net debt is limited to 841 million euros, thus maintaining a fairly low leverage ratio of 2.4x. The leverage ratio is projected to fall below 2.0x in 2022 mainly due to the launch of EBITDA at levels close to € 500 million by 2022, guided by CITI, both the dynamics of the 4th quarter and the “Green Development”.
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