WOOD maintains the recommendation of “BUY” for the share of Mytilineos, repeating the target price of 21 euros.
A price, which, according to a report by the finance firm is 35% above current stock levels.
WOOD analysts maintain their forecast for further profit growth in 2022, expecting a boost in profitability by 44% compared to 2021, and specifically to 517 million euros. Equally important is the fact that the growth of Mytilineos is estimated to continue dynamically after 2022, as WOOD predicts a return to profitability of almost 10% per year from the new highs of 2022, with the estimate for EBITDA in 2023 and in 2024 to be at 561 million and 607 million euros, respectively.
The report predicts that Mytilineos will continue to grow at an average rate of close to 25% for the coming years, due to a number of comparative advantages of the company over the competition, such as:
1. The low cost of production of Aluminum and Alumina.
2. The favorable environment for Aluminum
3. The performance of Power & Gas
4. The new power plant that in addition to doubling electricity production, will further improve the efficiency of the company’s fleet.
5. The strengthening of the Renewable Sources & Energy Storage sector, which now has 2GW of mature projects and other 3GW projects at an early stage of development, increasing the total power of the company’s RSD BOT portfolio to 5GW.
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