Mytilineos - Cash flow miner, growth generator

Mytilineos leverages its low-cost structure and strong competitive positioning to generate robust cash flow (FCF yield of 14-16% in 2019-22e), supporting both dividends (3.7% FY18 yield with 13% CAGR) and large growth investments with potentially double-digit returns, which could boost current EBITDA by c 50% (in addition to our current forecasts). The stock trades at more than a 40% discount to other European diversified industrial companies on P/E and EV/EBITDA and at more than a 40% discount to a SOTP based on international peers' multiples.

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