Under förra veckan släppte NIBE, Björn Borg och Metacon sina delårsrapporter för det första kvartalet 2025. Vi har därefter publicerat nya analyser av samtliga bolag. I denna intervju går vi igenom deras prestationer under kvartalet, diskuterar det rådande marknadsklimatet och ger en inblick i framtidsutsikterna.

Overall, Metacon’s Q1 report was better than expected, and the company has continued to grow its order intake since the end of the quarter, supporting our estimates for sustained growth. That said, we acknowledge the significant risks and uncertainties regarding the company’s ability to consistently secure large orders and maintain sufficient working capital to fulfill them. While liquidity is expected to remain tight until June/July 2025, when we anticipate the release of a significant portion of restricted cash tied to previously announced orders, we believe Metacon is well-positioned to secure short-term project financing on reasonable terms, if needed. With improved near-term revenue visibility, where our 2025 revenue estimates are largely “secured” by the existing order book, we believe the current valuation offers an attractive risk/reward profile. As a result, we reiterate our Accumulate recommendation with an increased target price of SEK 0.23 (was SEK 0.16), mainly due to an upward revision of our estimates.

Metacons rapport för det första kvartalet publicerades i morse. Nettoomsättningen landade på 50 MSEK, vilket överträffade våra förväntningar med god marginal.