Standard & Poor’s: Upgrades Mytilineos’ outlook to positive

Standard and Poor’s upgraded its outlook from stable to positive. In fact, the house in its report recognizes the development course of the company despite the fluid international environment and the challenges of the energy and health crisis. In addition, it gives a perspective for further upgrade based on the performance, mainly in RES, confirming all the recent reports of analysts that upgrade the target price for the company to prices well above 20 euros.

S&P also sees a profit surge, as well as the continuation of good performance while it believes that the Renewable Energy Development and Energy Storage Sector will be reduced to a key pillar of the company.

According to the report, Mytilineos has successfully managed the liquid market conditions for the last 18 months and is ready to proceed with the development of its activities in 2022, with the completion of the large investment that is in progress. According to the house, Mytilineos has secured its position and is ready to further enhance its profitability in 2022.

According to the S&P report, the company is expected to close the fiscal year 2021 with EBITDA close to 350 million euros, of which 150 million euros will come from the metallurgy sector and 130 million euros from the energy sector. At the same time, the house revises upwards its estimate for the EBITDA of 2022 to 500-550 million euros (from 340 – 360 million euros previously) with a further upward margin for 2023.

Finally, as the house notes, Mytilineos has made significant progress in RES and energy storage, securing and launching renewable energy projects and establishing the industry as a key pillar of its portfolio.