Analysts See Metka IPO as Catalyst for Metlen, with Edison Flagging 60% Upside

Analysts at Edison and Bank of America said the planned listing of Metlen Energy & Metals’ (LSE:MTLN) infrastructure arm, Metka, should help investors recognise the value of the business, as Metlen moves ahead with plans to float the unit on Euronext Athens.

Metlen announced the news on Wednesday. While the share price move was subdued, the stock is up around 14.6% in the last six months.

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Metka brings together Metlen’s construction, public-private partnership and concession, and facility management businesses on one platform.

The offering is expected to raise around €250m in primary proceeds for Metka. Proceeds will mainly fund new public-private partnerships and concession investments.

“METKA’s intended IPO should be a positive catalyst for Metlen as 2026 continues to shape up well,” Edison wrote.

The research firm kept its €75.3 per share valuation on the stock, implying more than 60% upside, and made no changes to its estimates.

Edison noted that Metka generated revenue of €869 million and EBITDA of €158 million in the 12 months to June, an 18.2% margin. Its €2.1 billion construction backlog is about 2.7 times its annual construction revenue.

Edison also pointed to an €83 billion gap between Greece’s infrastructure investment and the European average, which it said positions Metka to benefit from a multi-year investment cycle in Greece and Southeastern Europe, backed by EU and EBRD funding.

BofA, which reiterated its Buy rating and €54 price target on Metlen, ran scenarios valuing Metka at €1.46 billion to €2.05 billion after the IPO.

That compares with Metlen’s market value of about €6.4 billion. The bank estimated that if Metlen sells some of its existing shares, it could raise €115 million to €265 million while keeping control of Metka.

Metlen first flagged the potential listing in its nine-month trading update earlier this month, when it reported record revenue of €6.2 billion.