contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


metacon-q324-approaching-a-new-era-of-larger-deliveries

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Lucas Mattsson

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.

Lucas’s comments on how Metacon’s subsidiary Botnia Hydrogen has received a 10 million SEK final payment from the Klimatklivet support program  Metacon announced on Monday that its majority-owned subsidiary Botnia Hydrogen AB has received a decision regarding a 10 MSEK final payment from the Klimatklivet investment support program. Although the amount is relatively small compared to the company’s larger electrolysis order book, we consider the news positive as it clears outstanding receivables and provides additional support for Metacon’s liquidity. The announcement does not lead to changes in our forecasts or recommendation.                   Inderes              Metacon: 10 MSEK:n loppumaksu vahvistaa likviditeettiä - Inderes    Metacon tiedotti maanantaina, että sen enemmistöomistuksessa oleva tytäryhtiö Botnia Hydrogen AB on saanut päätöksen 10 MSEK:n lopullisesta maksatuksesta Klimatklivet-investointitukiohjelmasta. Vaikka summa on suhteellisen pieni verrattuna yhtiön...

Here are Lucas’s comments on the “milestone payment” received by Metacon  Metacon announced on Friday that it has received a 2.6 MEUR (approx. 28 MSEK) milestone payment from Motor Oil Hellas for the ongoing 50 MW electrolysis project in Greece. While the payment supports short-term liquidity, it was already factored into our cash sufficiency assumptions. Therefore, it does not change our forecasts, but it reinforces our positive view of the company’s ability to execute projects.                   Inderes              Metacon: ~28 MSEK:n välipaalumaksu vahvistaa likviditeettiä - Inderes    Metacon tiedotti perjantaina, että se on saanut 2,6 MEUR:n (noin 28 MSEK) etappimaksun Motor Oil Hellasilta meneillään olevasta 50 MW:n elektrolyysiprojektista Kreikassa. Vaikka maksu tukee lähiajan likviditeettiä, se oli jo sisällytetty oletuksiimme...

Here are Lucas’s comments regarding the small additional order Metacon received from Motor Oil.  Metacon announced an additional agreement with Motor Oil for the delivery of an oxygen purification system worth approximately 10.4 MSEK (0.98 MEUR). We consider the order a positive signal, as it demonstrates Metacon’s ability to generate additional sales from its existing projects. Although the value of the agreement is small, it supports our current forecasts, but does not cause changes to our estimates or recommendation.                   Inderes              Metacon: Pieni lisätilaus Motor Oililta - Inderes    Metacon tiedotti lisäsopimuksesta Motor Oilin kanssa hapenpuhdistusjärjestelmän toimittamisesta noin 10,4 MSEK:n (0,98 MEUR) arvosta. Näemme tilauksen positiivisena signaalina, sillä se osoittaa Metaconin kyvyn luoda lisämyyntiä olemassa olevista...

Here is Lucas’s company report on Metacon following the release of the Q4 results.  Metacon’s Q4 figures significantly exceeded our expectations, and the quarter became the strongest in the company’s history. However, the company has not announced new orders since September 2025, and we had expected another major order by this time. As we consider order intake to be the most important driver for revenue visibility, we have taken a more cautious view of our near-term forecasts. Despite these forecast cuts, we believe the current valuation offers an attractive risk-reward ratio. As a result, we upgrade our recommendation to Buy (prev. Accumulate), but lower our target price to SEK 0.40 per share (prev. SEK 0.60) mainly due to the lower forecasts.                   Inderes              Metacon Q4'25: Ennätyskvartaali, katseet seuraavassa suuressa tilauksessa -...    Metaconin Q4-luvut ylittivät odotuksemme merkittävästi, ja vuosineljänneksestä tuli yhtiön historian vahvin. Yhtiö ei kuitenkaan ole tiedottanut uusista tilauksista syyskuun 2025 jälkeen, ja olimme odottaneet toista suurta tilausta jo tähän mennessä....

Lucas’s pre-comments as Metacon publishes its Q4 report on Wednesday, Feb 11.  We expect the report to show significant year-on-year revenue growth, driven by the ongoing execution of the large-scale Motor Oil project, and we forecast profitability to remain negative as the company continues its commercial scaling phase. We focus on the progress of the current order backlog, gaining a deeper understanding of the company’s financial position, and looking for signs of new major project wins.                   Inderes              Metacon Q4’25 -ennakko: Projektien toteutus ja tilaukset fokuksessa - Inderes    Metacon julkaisee Q4-osavuosikatsauksensa keskiviikkona 11.2.2026. Odotamme raportin osoittavan liikevaihdon merkittävää kasvu edellisvuodesta, johtuen Motor Oil -suurhankkeen jatkuvasta toteutuksesta, ja ennustamme kannattavuuden pysyvän...

Here are Inderes’ forecasts:  It feels like even massive revenue growth doesn’t really get EBIT growing. Is the upcoming jump in revenue sustainable or just more sporadic project sales? The valuation compared to the forecasted revenue isn’t impossible, of course, but if EBIT doesn’t improve even with strong growth, then what will? The market cap is around 500 MSEK, which is slightly over the '26 revenue forecast.

Renato Rios has written some comments now that Metacon has secured temporary project financing from Fenja Capital.  Metacon announced on Tuesday that it has secured 50 MSEK in temporary project financing from Fenja Capital. The terms are clearly expensive, but the arrangement serves as bridge financing for working capital until expected milestone payments. We are revising our financing cost assumptions, but the news does not change our view on the company’s operational direction.                   Inderes              Metacon maksaa käyttöpääomasta turvatakseen toimitukset - Inderes    Likviditeetin turvaaminen projektien vauhdin ylläpitämiseksi.

Metacon

Metacon’s Q3 results were mixed, with revenue aligning with our expectations while costs were significantly higher, reflecting the company’s preparations for larger-scale deliveries. With short-term funding soon in check, Metacon can focus on fulfilling the large-scale order from Motor Oil, with clear signs of progress expected to be visible next year. However, given the uncertainty of whether the company will continue to receive larger orders regularly and at what profitability level, the forecast risks remain high. 


<p>Metacon&#x2019;s Q3 results were mixed, with revenue aligning with our expectations while costs were significantly higher, reflecting the company&#x2019;s preparations for larger-scale deliveries. With short-term funding soon in check, Metacon can focus on fulfilling the large-scale order from Motor Oil, with clear signs of progress expected to be visible next year. However, given the uncertainty of whether the company will continue to receive larger orders regularly and at what profitability level, the forecast risks remain high.</p>

	2023	24e	25e
Revenue	60.1	56.6	274.4
growth-%	-5.8 %	-5.8 %	385.0 %
EBIT (adj.)	-62.7	-106.6	-44.7
EBIT-% (adj.)	-104.3 %	-188.4 %	-16.3 %
EPS (adj.)	-0.20	-0.08	-0.04
Dividend	0.00	0.00	0.00
Dividend %
P/E (adj.)	neg.	neg.	neg.
EV/EBITDA	neg.	neg.	neg.

Metacon Q3'24: Approaching a new era of larger deliveries

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Key Estimate Figures20.11.2024

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