Analysts’ initial assessment of Metlen’s nine-month results is broadly positive, with a focus on strong revenue growth and, above all, the reaffirmation of profitability targets.
Analysts believe the main medium-term growth drivers remain on track, while the key area of focus continues to be the completion of legacy MPP projects and the trajectory of cash flows. Investment ratings remain positive, with target prices ranging from €52 to €65.
In addition:
- Energy remains the main growth driver.
- Analysts see the medium-term growth plan remaining on track.
- METKA and the possibility of a separate stock market listing are beginning to emerge as an additional catalyst.
- Ratings remain broadly strong: Morgan Stanley €59, J.P. Morgan €64, Citi €52 and WOOD €65, all with positive ratings.
In more detail, Morgan Stanley highlights strong sales growth in the third quarter, driven mainly by Energy and Infrastructure. It attaches particular importance to METLEN’s decision to leave its 2026 EBITDA forecast unchanged.
It believes positive free cash flow for the year as a whole and keeping net debt below 2x EBITDA could be significant factors in further supporting the valuation. It has an overweight rating and a target price of €59.