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.
Vi har uppdaterat vår analys på Metacon efter deras Q3 rapport som var under vår förväntning men bolaget är bra placerat för att fortsätta växa. Se analytikerintervjun där vi går igenom tidsplanen på Motor Oil projektet, har man kapacitet att ta en ny storskalig order och vad ligger bakom vår rekommendation.
Metacon’s Q3 figures were below our expectations, mainly due to lower revenue recognition in the Motor Oil project than we had expected. However, we view this primarily as a timing effect and we believe that the company continues to progress in the right direction with significantly increased order intake, revenue and decreased operating loss. While we have taken a more cautious stance in our short- to mid-term estimates, given that the company has not yet secured a new large-scale order as we had anticipated, we still believe the current valuation offers an attractive risk/reward profile. As a result, we reiterate our Accumulate recommendation but lower our target price to SEK 0.60 (was SEK 0.70), reflecting the lower estimates.
Metacon släppte sin Q3-rapport i dag och nettoomsättningen landade på 40,9 miljoner kronor. Men var det här faktiskt i linje med förväntningarna, eller borde vi ha sett mer? Samtidigt fortsätter leveransen av Motor Oil-ordern enligt tidsplan. Men vad innebär den tidsplanen egentligen?
Och som alltid tar vi upp era tittarfrågor direkt till Christer och Mattias!
Metacon announced on Tuesday that it had acquired significant parts of Hynion Sverige AB's bankruptcy estate for a modest purchase price of 3.5 MSEK. The acquired assets include new, high-quality components intended for hydrogen refueling stations previously under construction in Sweden. We view this news positively, as these components can be utilized in potential customer projects to increase margins and in internal projects to reduce CAPEX. Given the small scale of the transaction, we are not making any immediate changes to our estimates.
Metacon has assembled a complementary product portfolio and secured significant electrolyzer orders, thereby increasing revenue and acquiring valuable reference customers. While securing a few large orders enhances the likelihood of a commercial breakthrough, it does not guarantee a consistent order pipeline. However, given the strong long-term demand outlook for green hydrogen and Metacon’s increasing market position, we foresee potential for continued strong revenue growth. Supported by these drivers, we assess the stock's risk/reward profile as attractive. We are revising our target price to SEK 0.70 per share (previously SEK 0.30) and reiterating our Accumulate recommendation.
Metacon announced on Thursday that it has been selected as a supplier for the delivery of a 7.5 MW electrolyzer plant to Elektra Power SRL in Romania. The value of the deal is around 7.1 MEUR (approximately 77.8 MSEK). The transaction still necessitates the signing of a definitive project agreement. While we view the news as positive and supporting our current estimates, it does not trigger immediate changes.
I denna analytikerintervju går vi igenom analyserna av NIBE, Metacon och Björn Borg efter Q2-rapportperioden. Vi diskuterar marknadsläget, efterfrågan och våra förväntningar på resten av 2025.
