MYTILINEOS S.A. (MYTIL) is continuing to deliver on its transformation into a simpler structure based on two pillars, Energy and Metals. Its strategy is focused on realising synergies in the group and building its renewable energy sources (RES) business, with its existing industrial assets providing a solid platform for growth. According to Edison Group, €1bn/year in EBITDA looks achievable in FY23 and would reset earnings at a higher level. Edison increases their valuation from €36/share to €45/share, in part due to the growth of Mytilineos RES business, partly funded by its asset rotation strategy.
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