# Metlen Energy & Metals (MTLN.LSE)

Canonical: https://gigainvestors.com/s/MTLN.LSE

Analysis as of: 2026-10-16T07:36:28.737Z. Financial observations: FY2015–FY2025.

Listing currency: EUR. Reporting currency: EUR.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: fail; earnings resilience is evidence only). Published buy qualification: no.

Share price: EUR 48.24 per share; close as of 2026-10-15.

Estimated value: low EUR 54.22 per share, central EUR 65.89 per share, high EUR 74.25 per share. Buy at or below the central value EUR 65.89 per share. Valuation as of 2026-10-16T07:36:28.737Z; scenarios are not confidence intervals.

Expected annual return: 13.8% at the stated quote. About 13.8% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; GB 10-year bond 5.4% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.27×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.12×

- FY2017: 0.16×

- FY2018: 0.14×

- FY2019: 0.10×

- FY2020: 0.11×

- FY2021: 0.10×

- FY2022: 0.12×

- FY2023: 0.16×

- FY2024: 0.16×

- FY2025: 0.05×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 11.3pp below the typical margin (limit 4pp)

- ROIC, median of available years: 10.9%

- ROIC, second-lowest year: 7.9%

- Typical minus recent gross margin: 11.3 pp

- Typical gross margin (annual median): 17.8%

- Recent gross margin (lower of latest and 3-year median): 6.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.8%

- ROIC including acquisitions, ten-year median: 5.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 7.9%

- FY2017: 12.2%

- FY2018: 11.0%

- FY2019: 10.2%

- FY2020: 9.8%

- FY2021: 10.7%

- FY2022: 20.6%

- FY2023: 15.9%

- FY2024: 12.9%

- FY2025: 5.4%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.26×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: EUR 561M

- Net income, five-year total: EUR 2.2B

- Return on incremental invested capital: 2.4%

- Working capital / revenue, annual change: 0.4 pp

- Working capital / revenue, change between three-year averages: 0.7 pp

- Working capital / revenue, final three-year average: 39.4%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 1.00×

- FY2022: 0.97×

- FY2023: -0.56×

- FY2024: 0.04×

- FY2025: 0.86×

### management: pass

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 11.0% vs 12.9%

- Per-share earnings: 0.41 to 4.27 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 2.2%

- Ordinary dilution, 5-year annual growth: 0.9%

- Diluted shares, 10-year annual growth: 2.2%

- Diluted shares, 5-year annual growth: 0.9%

- Per-share value growth: 34.1%

- Per-share value change: EUR 3.86

- Per-share value, starting three-year median: EUR 0.41

- Per-share value, ending three-year median: EUR 4.27

- Average buyback yield: 0.1%

- Buyback history: 1 years

- Debt-funded buybacks: Yes

- Acquisition spending: EUR 314M

- Cumulative net income, 10 years: EUR 2.8B

- ROIC, first three-year median: 11.0%

- ROIC, last three-year median: 12.9%

Chart: Earnings per share; fiscal year observations.

- FY2016: EUR 0.29

- FY2017: EUR 1.08

- FY2018: EUR 0.99

- FY2019: EUR 1.01

- FY2020: EUR 0.92

- FY2021: EUR 1.20

- FY2022: EUR 3.40

- FY2023: EUR 4.42

- FY2024: EUR 4.27

- FY2025: EUR 2.15

### accounting: pass

- latest-year receivables to sales index (DSRI) exceeds 1.465

- Sloan accruals: -1.1%

- Receivables to sales index (DSRI): 1.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.42×

- Accounting red flags: 1

- Goodwill and intangibles / equity: 0.21×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -0.4%

- FY2017: -1.9%

- FY2018: -0.6%

- FY2019: -2.4%

- FY2020: -3.0%

- FY2021: -1.1%

- FY2022: -6.1%

- FY2023: 5.8%

- FY2024: 1.9%

- FY2025: -1.1%

## Holders

## Price story

Down 12% since Aug 2025 · sales +25.1%

Story as of 2026-10-16T10:00:07.545Z; price observation 2026-10-15.

Price needs cash profits to shrink 1.2% a year for ten years

### Sales · FY2024–2025

sales +25.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: EUR 1.2B 

- FY2017: EUR 1.5B 

- FY2018: EUR 1.5B 

- FY2019: EUR 2.3B 

- FY2020: EUR 1.9B 

- FY2021: EUR 2.7B 

- FY2022: EUR 6.3B 

- FY2023: EUR 5.5B 

- FY2024: EUR 5.7B 

- FY2025: EUR 7.1B 

### Gross margin · FY2025

gross margin 6.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 17.8% 

- FY2017: 21.4% 

- FY2018: 19.9% 

- FY2019: 15.1% 

- FY2020: 17.9% 

- FY2021: 13.7% 

- FY2022: 15.3% 

- FY2023: 17.8% 

- FY2024: 17.9% 

- FY2025: 6.5% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities diversified; annual sales are EUR 7.1 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2025: revenue 7106996000; grossProfit 464229000; margin = grossProfit / revenue.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTLN.LSE: Metlen Energy & Metals PLC operates as an industrial and energy company focusing on the metals and energy sectors worldwide. The company engages in the development, construction, and operation of thermal power plants; and design and construction of electricity infrastructure projects. It also develops RES and energy storage projects; manages power generation and energy plants; and retails electricity and natural gas supply. In addition, the company engages in the procurement and management of natural gas and other energy products for large B2B corporate clients; and develops large-scale energy projects for electricity production and energy transition. Further, it extracts, processes, and refines alumina, aluminium, bauxite, and various metals and minerals. Additionally, the company undertakes various infrastructure construction projects, such as roadworks, buildings, and railway and port projects, as well as solid and liquid waste management projects; and designs, constructs, operates, finances, and maintains infrastructure, building, environmental, hydraulic, and technology and energy projects. Metlen Energy & Metals PLC was founded in 1908 and is headquartered in Athens, Greece.

### Why customers stay

Margins ranged from 6.5% to 17.9% during 2023–25; it earns 10.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2023: grossProfit / revenue = 17.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2024: grossProfit / revenue = 17.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2025: grossProfit / revenue = 6.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); 10-year return on capital observations [[2016,0.07917626834264613],[2017,0.12172480648626302],[2018,0.11014240943004087],[2019,0.10221264260210347],[2020,0.09833214405437284],[2021,0.106903930560333],[2022,0.2064392613027072],[2023,0.15883272962032033],[2024,0.12897038017178697],[2025,0.053560378257571435]]; median 0.10852316999518694. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Earns 2.4% on new investment; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2016: growth capex 0; upkeep 82570423; owner earnings 27131621. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2017: growth capex 45814788; upkeep 75628000; owner earnings 154960424. Growth capex / owner earnings = 0.29565476666480983.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2018: growth capex 0; upkeep 75675760; owner earnings 146474212. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2019: growth capex 19527910; upkeep 97310000; owner earnings 144792987. Growth capex / owner earnings = 0.134867788866045.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2020: growth capex 0; upkeep 136612719; owner earnings 85765955. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2021: growth capex 282566884; upkeep 82539000; owner earnings 162151739. Growth capex / owner earnings = 1.7426077928155923.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2022: growth capex 623507000; upkeep 92200000; owner earnings 453263800. Growth capex / owner earnings = 1.3755940800919906.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2024: growth capex 90247950.63920164; upkeep 711009049.3607984; owner earnings 26314150.63920164. Growth capex / owner earnings = 3.429635707289533.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2025: growth capex 493367000; upkeep 194182000; owner earnings 270682200. Growth capex / owner earnings = 1.8226798806866502.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); Incremental return on capital 0.023767418002447582, from the economics test's unchanged annual inputs.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); Dividend observations: [[2016,3107547],[2017,5124480],[2018,45929074],[2019,52036775],[2020,49601181],[2021,51843161],[2022,57890000],[2023,165216000],[2024,206363000],[2025,214090000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); FY2025: cash repurchases 6324000 EUR.

### Are managers owners

Insiders own 22.3% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); MTLN.LSE SharesStats.PercentInsiders = 22.286 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 1.2% yearly over ten years; actual growth was 12.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:28.737Z); Ten-year compound average after fade. Initial solved rate -0.02981533285561727. Price 48.24; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.5801582674740839 → FY2025 1.85443222690371. Closing-price date 2026-10-15.

## Monthly share-price history (EUR per share)

- 2025-08: EUR 54.70 per share

- 2025-09: EUR 47.35 per share

- 2025-10: EUR 44.15 per share

- 2025-11: EUR 44.10 per share

- 2025-12: EUR 44.20 per share

- 2026-01: EUR 46.00 per share

- 2026-02: EUR 35.55 per share

- 2026-03: EUR 33.40 per share

- 2026-04: EUR 35.92 per share

- 2026-05: EUR 41.50 per share

- 2026-06: EUR 41.22 per share

- 2026-07: EUR 46.22 per share

- 2026-08: EUR 49.37 per share

- 2026-09: EUR 49.00 per share

- 2026-10: EUR 48.40 per share

## Annual estimated value (EUR per share)

- FY2019: low EUR 15.75 per share, central EUR 17.27 per share, high EUR 19.31 per share

- FY2020: low EUR 12.81 per share, central EUR 14.13 per share, high EUR 15.88 per share

- FY2021: low EUR 17.85 per share, central EUR 19.75 per share, high EUR 22.28 per share

- FY2022: low EUR 39.06 per share, central EUR 43.51 per share, high EUR 49.44 per share

- FY2023: low EUR 31.74 per share, central EUR 35.31 per share, high EUR 40.06 per share

- FY2024: low EUR 26.97 per share, central EUR 29.65 per share, high EUR 33.22 per share

- FY2025: low EUR 36.43 per share, central EUR 43.63 per share, high EUR 48.79 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:12.899Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations