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Metacon: Providing 'picks and shovels' for the green hydrogen industry

By Anton DamsténAnalyst
Metacon
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Green hydrogen equipment provider Metacon has grown its revenues significantly by securing several electrolyzer orders. With the strong demand outlook for green hydrogen, we see potential for continued robust revenue growth. Due to still negative cash flow, Metacon has depended on share issues to finance its operations. Large orders could quickly take the company to cash flow positivity, but visibility into future orders and profitability improvements is currently low, and further equity issues are possible. Hence, we currently see the stock’s short-term drivers and risk-to-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.

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Key Estimate Figures15.03.2024

202223e24e
Revenue63.881.9148.1
growth-%526.6 %28.3 %80.9 %
EBIT (adj.)-62.9-64.0-79.8
EBIT-% (adj.)-98.6 %-78.2 %-53.9 %
EPS (adj.)-0.22-0.19-0.12
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDAneg.neg.neg.
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