Metlen 9M/Q3 Results 1st glimpse: Solid Set, improved performance vs Q2:24, beat in bottom line by 8%

Metlen announced a strong set of Q3:24 results broadly in line with estimates in underlying profitability and better than expected in net profits. Figures constitute a new record level profitability for the 9M period and support management guidance for €1.1bn FY:24 EBITDA.

  • In a flash:

§  Turnover in the 9M period increased to €4,203 million, up +3% y-o-y on the back of strong Energy sector top line performance. Specifically Metlen market share to electricity generation in Greece reached 17.3% vs. 11.7% a year ago.

§  EBITDA increased by 6% reaching €763 million assisted by higher metallurgy division margin. Metallurgy has recorded the best 9M performance in the history of the Group.

§  Net Profit after minorities reached €482 million  up +4% Accordingly, Earnings per Share increased to €3.49 from €3.34 in the corresponding period of 2023.

§  Net Debt, on an adjusted basis, came in at €2,064 million, excluding non-recourse debt. Despite the intensive CAPEX program, the adjusted Net Debt to EBITDA remained at the levels of 2.05x

§  Power projects pipeline at € 1.4bn; Backlog of contracted projects at € 1.2bn

§  As a final note the management said that “With regards to the new, significant projects, which are close to Final Investment Decision (FID), these should be announced gradually over the coming months, elaborating further on the Company’s Chairman recent statements, about doubling the Company’s size within the next 3-5 years”.

The following table summarise results vs. our estimates:

Segment – Key P&L items (m euro’s)

 

 

 

 

 

 

 

Revenues

2024 9Μ

2023 9Μ

y-o-y

2024 Q3

2023 Q3

y-o-y

2024 Q3 Est.

vs Exp.

Energy

3,402

3,304

3.0%

1,414

1,310

7.9%

1,380

2.5%

Metals

630

715

-11.9%

218

235

-7.2%

221

-1.4%

Construction/Other

173

69

150.7%

89

27

229.6%

15

 

Total

4,205

4,088

2.9%

1,721

1,572

9.5%

1,616

6.5%

EBITDA

2024 9Μ

2023 9Μ

y-o-y

2024 Q3

2023 Q3

y-o-y

2024 Q3

vs Exp.

Energy

545

193

182.4%

223

229

-2.6%

220

1.4%

Metals

207

532

-61.1%

65

57

14.0%

57

14.0%

Construction/Other

11

-2

 

1

-1

200.0%

6

 

Total

763

723

5.5%

289

285

1.4%

283

2.1%

EBITDA mrgn (%)

 

 

 

 

 

 

 

 

Energy

16.0%

5.8%

+1,018 bps 

15.8%

17.5%

-171 bps 

15.9%

-17 bps 

Metals

32.9%

74.4%

-4,155 bps 

29.8%

24.3%

+556 bps 

25.8%

+402 bps 

Construction/Other

6.4%

-2.9%

+926 bps 

1.1%

-3.7%

+483 bps 

40.0%

 

Total

18.1%

17.7%

+46 bps 

16.8%

18.1%

-134 bps 

17.5%

-72 bps 

Net Profit After Minorities

482

462

4.3%

200

193

3.6%

185

8.1%

Kind regards,

Manos Chatzidakis

Head of research

29 Alexandras Avenue

11473 Athens,Greece

Tel: +30 210 6478988/754

Email: [email protected]

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