Mytilineos Group announced its 9M:17 trading update.
- Turnover stood at €1,120.5 million, (+23.9% y-o-y);
- EBITDA came at €226.1m vs €128.3m (+76.3% y-o-y);
Net profit rise at €123.1million against €16.6 million for the same period in 2016.
- Key highlights:
- 9M:17 results benefited from the amount of the compensation awarded by the International Court of Arbitration. EBITDA benefited by € 21.0 million, while Net profit benefited by €27.9 million.
- Moreover, EBITDA have been negatively affected by €13.9 million exchange rate differences in receivables valuation, related to the 250MW energy project of the Company in Ghana.
In Metallurgy trends in international markets remain favorable as prices increased 50% vs H1:16 exceeding $450/tn and driving LME aluminium prices to a 14% increase to $2,185/tn.
- In Energy sector Protergia ranked 1st among the private suppliers, with a market share of 3.86%, expanded by 30.8% relative to the same period in 2016. Generation of electricity by the Company’s thermal units for the nine months of 2017 grew by 17% to 3.45 TWhrs, corresponding to 10.1% of the domestic production.
In EPC company backlog is above €1bn fugure as the agreement between MYTILINEOS and the General Electricity Company of Libya (GECOL), announced in September, increases the signed backlog by $400 million
- Strong 9M performance across the board sets FY:17 figures above initial guidance (i.e Turnover €1.5 – 1.7bn, EBITDA €300 – 330m, PBT €200m)
- On our estimates the Group trades at 8.9x 2017 earnings and 7.9x its 2018 profitability.
- The following table summarize 9M/Q3:17 results:
|EBITDA Mrg||14.2%||20.2%||+599 bps||10.2%||22.7%||+1,250 bps|
|Net Mrg||1.8%||11.0%||+915 bps||1.5%||13.7%||+1,218 bps|
Head of research
Beta Securities S.A.
GR – 11473