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.
Metacon har meddelt, at de har indgået en tillægsaftale med Motor Oil om levering af et iltrensningssystem til en værdi af ca. 10,4 MSEK (0,98 MEUR). Vi ser ordren som et positivt signal, da den demonstrerer Metacons evne til at generere yderligere salg fra sine eksisterende projekter. Selvom kontraktværdien er lille, understøtter den vores nuværende estimater, men giver ikke anledning til ændringer i vores estimater eller anbefaling.
Metacons Q4-tal overgik vores forventninger markant og markerede det stærkeste kvartal i selskabets historie. Selskabet har dog ikke meddelt nye ordrer siden september 2025, og vi havde forventet endnu en stor ordre nu. Som et resultat heraf, og da vi anser ordreindgang som den vigtigste drivkraft for omsætningsvisibilitet, har vi indtaget et mere forsigtigt standpunkt i vores kortsigtede estimater. På trods af disse nedjusteringer mener vi, at den nuværende værdiansættelse tilbyder en attraktiv risiko/afkast-profil. Som følge heraf hæver vi vores anbefaling til Køb (tidligere Akkumulér), men sænker vores kursmål til 0,40 SEK per aktie (tidl. 0,60 SEK), primært på grund af lavere estimater.
Metacon offentliggør sin Q4-delårsrapport onsdag den 11. februar 2026. Vi forventer, at rapporten vil vise en betydelig stigning i omsætningen år-til-år drevet af den fortsatte udførelse af det store Motor Oil-projekt, og vi forventer, at rentabiliteten vil forblive negativ, da selskabet fortsætter sin kommercielle opskaleringsfase. Vores fokus vil være på fremdriften i den nuværende ordrepipeline, at få yderligere indsigt i selskabets finansielle situation og at spore tegn på nye store projektsejre.
Metacon recently announced that it has increased its ownership in Botnia Hydrogen AB, becoming the majority shareholder. The transaction was executed through a set-off issue and will not affect the company's current cash position.
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 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.
