CITI is proceeding with the purchase recommendation and revision of the target price of Mytilineos.
With a special report for the Greek listed company, the bank raises the target price to 22 euros per share, with the upside being close to 60%.
CITI sees more than doubling the profitability of the Greek company for 2022 with the following main axes:
1. a very favorable environment for metallurgy, with record prices for aluminum and premiums while costs remain locked at very low, for the season, levels
2. another very strong year for the Power & Gas sector, as, contrary to market estimates so far, CITI estimates that Mytilineos will be significantly strengthened in 2022, both by the addition of the new power plant and by the efficiency of existing plants that can boost their profitability even at high gas prices.
3. the further strengthening of the Renewable Sources Development & Energy Storage sector, which matures a portfolio of approximately 5GW of RES projects abroad, which in combination with the approximately 2GW of RES projects developed by the company in Greece, create a strong RES portfolio of 7GW.
CITI estimates that, for MYTILINEOS, growth has come to stay, as profitability is expected to increase steadily for the coming years. The analyst expects a threefold profitability in 2024 compared to 2021.
The above, in combination with the high dividend yield, which the CITI analyst places at 5% in 2022 and 8% in 2024, confirms the assessment of the president of the company Evangelos Mytilineos, that Mytilineos is the ideal combination of a Development company ( Growth stock) and Value stock.
Equally important is the analyst’s assessment that, despite the high investments, the leverage of the company remains low and will continue to decrease (from 2.2x in 2021 to 1.0x in 2024), due to the consistently strong operating cash flows of the company.
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