Μυτιληναίος – ΜΕΤΚΑ ανακοινώνουν αύριο το 6μηνο, εκτιμήσεις από ΒETA SEC.

04.08.2015 11:27

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
EUR thous. H1 H1 (%) 2Q 2Q (%)
Sales 656.405 617.000 -6,0%  311.825  295.020  -5,4% 
EBITDA 120.579 120.600 0,0%  53.328  46.467   -12,9% 
EBITDA Mrg 18,4%  19,5%  +118 bps  17,1%  15,8%  -135 bps 
Net Income 23.366 30.000 28,4%  8.156  7.237  -11,3% 
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
EUR thous. H1 H1 (%) 2Q 2Q (%)
Sales 361.867 245.000 -32,3%  172.807  119.271  -31,0% 
EBITDA 57.645 48.000 -16,7%  24.925  15.113  -39,4% 
EBITDA Mrg 15,9%  19,6%  +366 bps  14,4%  12,7%  -175 bps 
Net Income 54.496 33.000 -39,4%  29.056  9.971  -65,7% 
Net Mrg 15,1%  13,5%  -159 bps  16,8%  8,4%  -845 bps 

 





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