BofA sees the planned listing of METKA on the Athens Stock Exchange as a move to “unlock value”. As it notes, the listing would give the market a clearer view of the value of Metlen’s Infrastructure & Concessions business.
Under BofA’s scenarios, METKA’s post-money equity value is estimated at around €1.46bn–€2.06bn, a significant figure relative to Metlen’s market capitalisation of €6.4bn.
A potential secondary share sale could raise around €115m–€265m for Metlen, which is expected to retain control of METKA after its stock market listing.
The proposed offering is expected to raise around €250m in new capital for METKA. BofA describes it as a strong infrastructure platform: in the 2025 financial year, METKA recorded revenue of €689m and EBITDA of €110m, had net cash of €166m and a construction order backlog of around €2.1bn.
Its activities span construction, public-private partnerships (PPPs) and concessions, and facilities management, giving it a presence throughout the lifecycle of infrastructure projects.
For Metlen, BofA maintains its “Buy” recommendation and a €54 price target.