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Research

Q4 revenues disappoint amid shift towards larger projects

By Inderes
Metacon
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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

0.16SEK02.04.2024, 18.00
0.17SEKTarget price
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Recommendation updated:02.04.2024

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 was founded in 2011 and has patented technology for the production of hydrogen gas from biogas or other hydrocarbons. The range consists, for example, of gas stations and larger CHP systems. The company has its headquarters in Örebro.

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Key Estimate Figures02.04.2024

202324e25e
Revenue60.1115.4236.5
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
Dividend0.000.000.00
Dividend %
P/E (adj.)neg.neg.neg.
EV/EBITDAneg.neg.neg.
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