Investment thesis
Mytilineos' cash flows are underpinned by its metallurgy assets, which has competitive cost on a global scale (in the first quartile of the global cash cost curve), and its most efficient CCGTs in Greece. The company’s growth outlook is driven by its new 826 MW CCGT which could contribute €60-70mn per year (FY19 Group EBITDA was €313m) starting from 2022 and its Storage Development Business Unit has started to gain from the substantial growth of photovoltaic (PV) and battery storage projects worldwide.
Company description
Mytilineos is one of Greece’s leading industrial companies with