A “buy” recommendation with an increased target price is given by a Wood report for the Metlen share. The bar is now set at 65 with upside of about 45%.
Wood's analyst confirms the medium-term target that has been set. He estimates that the “Big Three” strategy significantly broadens growth prospects, with strengthening of Energy & Metals and growth in critical/circular metals, defence and Infrastructure & Concessions. He forecasts:
- M RESET: €116 million EBITDA in 1H26, with a forecast for €240 million in 2026 and €430 million in 2028.
- Aluminum: METLEN remains the only fully integrated bauxite-aluminum producer in Europe, with vertical integration strengthening cost competitiveness.
- Gallium: first production in 2H27, while already 25% of the planned production is covered by a long-term commercial agreement.
- Defense: the hub in Volos is expanding to 6 factories, with 4 already operating/inaugurated by 1H26 and partnerships with major international contractors.
METKA is emerging as a third pillar of profitability, with EBITDA from €18 million in 2023 to €100 million in 2025 and €82 million already in 1H26. Wood assigns a valuation of €1.178 billion to the company.
With a pipeline of about €2 billion in construction and concessions, METKA is expanding access to major infrastructure projects while M Concessions adds recurring revenues and long-term cash flows through concessions and PPPs.