METLEN ENERGY & METALS (MTLN) – Industrials
| Price: €41.90 +2.8% | P/E: 11.8x |
| Market Cap: €5.4bn | Yield: n/a |
Greek-based metals and energy group Metlen has surprised the market this morning with the news its M Technologies unit will deliver 200 specialist assemblies to Germany’s KNDS for the latest Leopard main battle tank.
It turns out Metlen and KNDS have worked together for 23 years, and the firms are in ‘advanced negotiations to deepen their cooperation in other types of defence systems’.
Our View
Metlen joined the market in September and due to its market cap went straight into the FTSE 100 index, yet few investors knew much about it, and there was certainly no mention of M Technologies, which doesn’t even feature on the firm’s website.
The IPO wasn’t a resounding success, with the shares losing around 20% of their value so far, but today’s news should lead to a reappraisal if, as it seems, Metlen is at the heart of efforts to increase Europe’s defence capabilities.
Read the press release here:
https://www.metlengroup.com/investor-relations
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