A signal of investment confidence for Mytilineos comes from S&P, which with its report upgrades its outlook from stable to positive and confirms its rating at “BB-“.
According to the S&P report, “Greek industry has been successful in the unstable market conditions of the last 18 months. It is ready “, it continues,” to intensify its activities in 2022 with the completion of a large project that is in progress,” it notes referring to the CCGT gas power station in Agios Nikolaos, Boeotia.
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In addition, according to the financial house, the company has made significant progress in the field of renewable energy sources and storage development (RSD), securing and selling renewable energy projects, establishing it as an important pillar in its portfolio.
“As a result, we have revised our outlook for Mytilineos from positive to stable and reaffirmed our long-term rating for the company as ‘BB-,'” the report said, promising a new upgrade. 12 months, as the company moves to a much larger EBITDA base and lower leverage “.
According to S&P, “the company’s portfolio proved to be more resilient than expected during the 2020 pandemic and with the recent rise in energy prices. In each of the last two years, the diversification of the company into different industries has proven to be very beneficial. We expect that the company will complete in 2021 with an EBITDA of approximately 350 million euros. Based on the current market conditions and the progress of the company in its current projects, we have revised upwards the operating profit (EBITDA) for 2022 to 500 million-550 million euros”.
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