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.

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.

Lucas’s comments on how Metacon became the majority shareholder of Botnia Hydrogen.  Metacon recently announced that it has increased its ownership in Botnia Hydrogen AB and has become the majority shareholder. The transaction was carried out through a set-off issue and does not affect the company’s current cash position. We view the arrangement positively, as it supports Metacon’s expansion into the growing hydrogen-based road transport sector, although the immediate financial impact is likely to be limited.                   Inderes              Metaconista Botnia Hydrogenin enemmistöosakas - Inderes    Metacon tiedotti äskettäin, että se on kasvattanut omistustaan Botnia Hydrogen AB:ssa ja siitä on tullut enemmistöosakas. Transaktio toteutettiin kuittausannilla, eikä se vaikuta yhtiön nykyiseen kassatilanteeseen.

A question for the experts regarding data center construction. Could fuel cells be used to improve their electricity production? As I understand it, Finland is attractive precisely because of its good and apparently cheap electricity. But is there enough energy for those needs? Building fuel cells, of course, costs money, but what about in the long run? Predictably, money is the deciding factor in these cases too. So, who pays? Currently, I have a strong feeling that they are just crowding in here because of cheap electricity, without caring whether the grid can handle it.

Renato has given his comments on Metacon’s received advance payment.  Metacon has received an advance payment of EUR 2.1 million for the previously announced 7.5 MW electrolyzer contract in Romania, which confirms the project is moving into the implementation phase and supports short-term cash sufficiency. As the order was already included in our order book and revenue assumptions, the payment does not change our forecasts but strengthens our positive view of the company’s ability to execute projects.                   Inderes              Metacon: Ennakkomaksu pienentää tilauskannan riskiä, ennusteet ennallaan -...    2,1 MEUR:n ennakkomaksu vahvistaa likviditeettiä ja varmistaa tilauskannan konversion etenevän hyvin.

Here is the new company report from Lucas after the Q3 releases.  Metacon’s Q3 figures fell short of our expectations, mainly due to lower-than-expected revenue recognition from the Motor Oil project. However, we consider this primarily a timing effect and believe the company continues to move in the right direction with significantly increased order backlog, revenue, and reduced operating loss. Although we have taken a more cautious view on our short- and medium-term forecasts, as the company has not yet secured a new major order as per our expectations, we still believe that the current valuation offers an attractive risk-reward ratio. Thus, we reiterate our Add recommendation but lower our target price to SEK 0.60 (previously SEK 0.70) to reflect the lower forecasts.                   Inderes              Metacon Q3'25: Seuraavan suuren tilauksen metsästys jatkuu - Inderes    Metaconin Q3-luvut olivat alle odotuksemme johtuen pääasiassa Motor Oil -projektin odotettua alhaisemmasta liikevaihdon kirjaamisesta. Pidämme tätä kuitenkin ensisijaisesti ajoitukseen liittyvänä vaikutuksena ja uskomme yhtiön jatkavan oikeaan...

Hi! We will also conduct an interview with the company in connection with their Q3 report. If you have any questions, please feel free to ask them here by replying to the post. I will try to collect as many questions as possible for the interview. Lucas Mattsson  Analyst

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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