Piraeus Securities’ target price for Mytilineos shares is set higher than current trading levels, reflecting the market’s confidence in the Group’s strong fundamentals, which have consistently generated significant shareholder value.
More specifically, Piraeus Securities set the target price at 48.50 euros, a price that indicates a 25% upside from current trading levels. It is worth noting that Piraeus Securities’ estimate comes in addition to similar analysis and estimates for a target price above 45 euros by Morgan Stanley, Citi, NBG, Eurobank, EUROXX, Optima, EDISON and Pantelakis.
The average target price of Mytilineos is now set by all analysts covering the company at 47 euros (between 46 and 50 euros).
For 2024 the Piraeus Sec analyst forecasts net profits of 671 million euros and EBITDA of 1.098 million euros, figures which he estimates will increase significantly to 787 million euros and 1.3 billion euros respectively in 2026, looking forward to a steady growth of the company’s profitability from now on, approximately 7% annually.
The main driving force of the company’s increased profitability will be RES. It is indicative that Piraeus Securities estimates the value of M Renewables’ portfolio at over 3.5 billion euros, following the agreement with PPC to develop 2 GW of photovoltaic power in various countries in Southeast Europe on behalf of the latter. Thanks to this deal, combined with upcoming corresponding agreements (Canada, Chile, Australia, etc.), Mytilineos offers high visibility (6-7 years at least) of the profitability of its Asset Rotation Model, according to which revenues from RES projects, which the company develops and either operates on its own behalf or sells to third parties finance the further development of its “green” portfolio.
