Mytilineos/METKA (Q1/H1 Results preview): Mytilineos is set to announce its Q1 results tomorrow before the opening of the market while a conference call will follow after market hours.
We expect a soft set of Q2 results as Aluminium decent performance in Q1 was followed by lower LME prices and delivery premiums in Q2. Eurodollar currency, energy cost and cost cutting initiatives will keep AoG profitability at the same levels of Q1 (€20,1m) while Sales momentum remain strong (+30%) in H1.
As for METKA (EPC Sector) the absence of new projects will keep turnover low (-32% at €245m) while net earnings are seen at €33m. We remind that in Q1 METKA booked one off gain of €15m while in Q2 paid dividend of €0.5 per share affecting net cash position by €25m.
Energy sector will remain in red by €4m as the Group will not account the capacity certificates (est. €18m in H1) since the new regulatory framework is not yet shaped. Group EBITDA is expected at 66m (-0.6%) while net earnings are expected in the area of €30m. Other key issues to focus in H1 conference call: EPC backlog additions, LME outlook, domestic energy market new regulation.
|Mytilineos||2014||2015 E||Y-o-Y||2014||2015 E||Y-o-Y|
|EBITDA Mrg||18,4%||19,5%||+118 bps||17,1%||15,8%||-135 bps|
|Net Mrg||3,6%||4,9%||+130 bps||2,6%||2,5%||-16 bps|
|ΜΕΤΚΑ||2014||2015 E||Y-o-Y||2014||2015 E||Y-o-Y|
|EBITDA Mrg||15,9%||19,6%||+366 bps||14,4%||12,7%||-175 bps|
|Net Mrg||15,1%||13,5%||-159 bps||16,8%||8,4%||-845 bps|