Metacon

0.32 SEK

-6.11 %

Less than 1K followers
Corporate customer

META

First North Stockholm

Industrial Goods & Services

Industrials

-6.11 %
+9.95 %
+11.90 %
-21.35 %
-33.40 %
+62.37 %
-62.17 %
-92.35 %
+36.36 %

Metacon is an energy technology company that develops and sells small and large energy systems for the production of hydrogen, electricity and heat. The company's offering includes electrolysis, reforming and combined energy systems, with customers in industry, transport and real estate. Metacon operates internationally. The company was founded in 2011 and is headquartered in Örebro.

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Market cap
429.53M SEK
Turnover
6.91M SEK
P/E (adj.) (26e)
-6.12
EV/EBIT (adj.) (26e)
-8.25
P/B (26e)
63.64
EV/S (26e)
1.78
Dividend yield-% (26e)
-
Coverage
Recommendation
Accumulate
Target price
0.40 SEK
Updated
2026-05-08
Disclaimer
Lucas Mattsson
Lucas Mattsson

Analyst

Latest research

Latest analysis report

Released: 2026-05-08

Latest extensive report

Released: 2025-10-06

Revenue and EBIT-%

Revenue M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Financial calendar
19/5
2026

General meeting '26

12/8
2026

Interim report Q2'26

4/11
2026

Interim report Q3'26

Risk
Business risk
Valuation risk
Low
High
ShowingAll content types
Metacon Q1'26: Solid start to the year, but order intake remains critical
Research by
Lucas Mattsson

Metacon Q1'26: Solid start to the year, but order intake remains critical

We believe Metacon started the year on a solid footing, driven by increased execution of its order backlog and an improved operating loss. While we view these developments as clear positives for the quarter, we continue to place significant emphasis on order intake, as a steady flow of new contracts is essential for the company to ultimately achieve self-funded growth. Although the company provided improved visibility into its sales pipeline in connection with the Q1 report, indicating that activity levels remain strong, we have yet to see these discussions translate into concrete orders. As a result, we believe forecast risk remains elevated and have therefore adopted a more cautious stance in our near-term estimates. Nevertheless, this has a modest impact on our long-term estimates, and we therefore maintain our target price at SEK 0.40 per share. However, given the recent surge in the share price, we lower our recommendation to Accumulate (previously Buy). Overall, we still see an attractive risk/reward profile at current valuation levels, with expected returns exceeding our required return.

Metacon

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Metacon Q1'26 preview: Execution drives revenue, focus on order intake
Analyst Comment by
Lucas Mattsson

Metacon Q1'26 preview: Execution drives revenue, focus on order intake

Metacon will publish its Q1 report on Thursday, 7 May. We expect the report to show continued strong year-on-year revenue growth as the company executes its electrolysis project backlog, though we anticipate that earnings will remain negative. Our focus will be primarily on the company’s order intake, as we believe this is a critical driver for future revenue visibility, and on the progress of ongoing projects in Greece and Romania.

Metacon
Metacon: 10 MSEK final payment strengthens liquidity
Analyst Comment by
Lucas Mattsson

Metacon: 10 MSEK final payment strengthens liquidity

Metacon announced on Monday that its majority-owned subsidiary, Botnia Hydrogen AB, has received a decision for the final disbursement of 10 MSEK from the Klimatklivet investment support program. While the amount is relatively small compared to the company's larger electrolysis backlog, we view the news positively as it settles outstanding receivables and provides additional support to Metacon's liquidity position. The announcement does not lead to changes in our estimates or recommendation.

Metacon
Metacon: Milestone payment of ~28 MSEK strengthens liquidity
Analyst Comment by
Lucas Mattsson

Metacon: Milestone payment of ~28 MSEK strengthens liquidity

Metacon announced on Friday that it has received a milestone payment of 2.6 MEUR (approx. 28 MSEK) from Motor Oil Hellas regarding the ongoing 50 MW electrolysis project in Greece. While the payment supports near-term liquidity, it was already included in our cash runway assumptions. Therefore, it does not change our estimates but reinforces our positive view of the company's ability to execute on projects.

Metacon
Forum discussions
Here are Lucas’s pre-game thoughts, as Metacon reports its Q1 results this Thursday. We expect the report to show continued strong year-on-year revenue growth as the company executes its electrolysis project backlog, although we expect the result to remain negative. Our primary focus...
5/4/2026, 5:36 AM
by Sijoittaja-alokas
2
Lucas Mattsson has authored a company report on Metacon following Q1. In our view, Metacon started the year strongly, driven by increased execution of the order backlog and an improved operating loss. While we consider these developments clear positives in Q1, we continue to place...
yesterday
by Sijoittaja-alokas
1
Here are Lucas’s comments on the “milestone payment” received by Metacon Metacon announced on Friday that it has received a 2.6 MEUR (approx. 28 MSEK) milestone payment from Motor Oil Hellas for the ongoing 50 MW electrolysis project in Greece. While the payment supports short-term...
3/2/2026, 6:31 AM
by Sijoittaja-alokas
1
Here are Inderes’ forecasts: It feels like even massive revenue growth doesn’t really get EBIT growing. Is the upcoming jump in revenue sustainable or just more sporadic project sales? The valuation compared to the forecasted revenue isn’t impossible, of course, but if EBIT doesn...
1/21/2026, 9:46 AM
by Expaco_b
1
Lucas’s comments on how Metacon became the majority shareholder of Botnia Hydrogen. Metacon recently announced that it has increased its ownership in Botnia Hydrogen AB and has become the majority shareholder. The transaction was carried out through a set-off issue and does not affect...
1/7/2026, 6:45 PM
by Sijoittaja-alokas
1
A question for the experts regarding data center construction. Could fuel cells be used to improve their electricity production? As I understand it, Finland is attractive precisely because of its good and apparently cheap electricity. But is there enough energy for those needs? Building...
12/14/2025, 10:03 AM
by Cezeta
1
Lucas’s comments on how Metacon’s subsidiary Botnia Hydrogen has received a 10 million krona final payment from the Klimatklivet support program Metacon announced on Monday that its majority-owned subsidiary Botnia Hydrogen AB has received a decision regarding the final payment of...
3/3/2026, 6:57 AM
by Sijoittaja-alokas
0
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