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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.
Given that the share price has fallen by roughly 35% since our last update, we believe the risk/reward has become more favorable, with the company now trading in the lower end of our fair value range.
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While Metacon delivered continued backlog execution in its Q2 report, the main takeaways in our view were the weak order intake and management's commentary on the slow market development.
We expect Metacon's Q2 report to show continued strong growth, while we anticipate earnings will remain negative due to the ongoing commercial scale-up.
In total, the rights issue is expected to reach approximately 71% of the maximum subscription, or ~77 MSEK before expenses, compared to the maximum amount of approximately 109 MSEK.
Metacon announced on Friday that it has received a 1.2 MEUR (~13.2 MSEK) customer payment from Motor Oil and that 0.99 MEUR in previously restricted bank funds have been released. The inflows relate to the ongoing 50 MW electrolysis project in Greece. In our view, the news is a positive confirmation that the project execution is progressing as planned and provides a welcome addition to the company's liquidity position. The announcement does not trigger any estimate changes.
