Q4 revenues disappoint amid shift towards larger projects
Inderes
Metacon’s Q4 revenues came in markedly lower than expected. According to Metacon, the decrease in revenue was primarily due to changes in the company’s sales focus that were implemented during the period. We had hoped to receive an update regarding previously announced projects to gain better visibility into the timing and likelihood of these projects materializing, as these projects underpin our near-term estimates. However, no such update was provided and the continued low visibility into these projects and future projects creates further downward pressure on our estimates. Hence, we continue to see the stock’s short-term drivers and risk/reward ratio as insufficient.
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.
Read more on company pageKey Estimate Figures2024-04-02
| 2023 | 24e | 25e | |
|---|---|---|---|
| Revenue | 60.1 | 115.4 | 236.5 |
| growth-% | -5.8 % | 91.9 % | 105.0 % |
| EBIT (adj.) | -62.7 | -62.1 | -45.2 |
| EBIT-% (adj.) | -104.3 % | -53.9 % | -19.1 % |
| EPS (adj.) | -0.20 | -0.10 | -0.07 |
| Dividend | 0.00 | 0.00 | 0.00 |
| Dividend % | |||
| P/E (adj.) | neg. | neg. | neg. |
| EV/EBITDA | neg. | neg. | neg. |
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