Hello peeps, it's weekend again. Hope it'll be a silent weekend without any genocidal statements from our dear president. I started a position (150 pieces) today in €MTLN, who dumped after earnings on 9 april. MC: 4,5 billion. Share price on 10 april: 32.28
What is MTLN?
They are active in multiple markets:
In the Energy Sector, METLEN is the largest private integrated utility in Greece and one of the few European companies active across the full energy value chain, from the development of thermal and renewable assets to electricity supply, natural gas trading, and advanced customer solutions, including hydrogen and smart energy systems.
In the Metals Sector, METLEN operates the EU’s only vertically integrated bauxite, alumina and primary aluminium production unit, with annual capacities exceeding 865,000 tons of alumina and 190,000 tons of aluminium. Its landmark €295,5 million investment in gallium production – recognised as an EU strategic project – makes a significant contribution to strengthening Europe’s independence in critical raw materials. The company also leads in circular metallurgy, recovering critical raw materials through proprietary, sustainable technologies.
Furthermore, they are also active in the Defense sector with:
- METLEN has entered into a new industrial agreement with KNDS Deutschland through its M Technologies Sector, securing the production of 200 critical assemblies for the LEOPARD 2A8 main battle tank. Developed by KNDS, the LEOPARD 2A8 represents the latest evolution of the Leopard platform and is widely regarded as one of the most advanced armored vehicles currently deployed by European armed forces (https://news.europawire.eu/metlen-expands-industrial-defense-footprint-with-knds-agreement-for-next-generation-leopard-platform/eu-press-release/2025/12/18/17/57/36/167072/)
- On 19th March 2026, METLEN and Naval Group signed a Memorandum of Understanding (MoU) at M Technologies - METLEN’s defence arm - facilities in Volos, in the presence of the French Ambassador to Greece, Laurence Auer. The agreement aims to explore future collaboration in the field of submarine and surface ship projects.
Their financials on 9 april 2026:
Revenue rose to €7,107 million, up 25% from €5,683 million in 2024, reflecting METLEN's strong growth momentum.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to €753 million, compared to €1,080 million in 2024, primarily reflecting the impact of losses in the M Power Projects (MPP) sub-sector (now part of Renewables, Storage & Energy Transition – MRES ET)
Net profit after minorities stood at €314 million, compared to €615 million in 2024, with Earnings per Share (EPS) at €2.20 versus €4.46 in the prior year.
Proposed dividend of €1.00 per share
Why they dipped:
- Lowered dividend from 1.50 to 1.00
- Lowered net profit (-49% YoY)
- Lowered EBITDA (-30% YoY)
- Earnings per share declined to USD2.20 from USD4.46 in the prior year.
Why I think it is a winner:
I think the dump is an overreaction to one time project-related costs, and that Metlen has good potential to become important in multiple European markets in which the EU wants to become independent from foreign powers. I am primarily interested in their defence market, in which they make critical components for the Leopard tank.