Bank of America (BofA) maintained its buy recommendation for METLEN at a price target of €63, citing the Greek energy company’s positive results in Q3 2025.
Explaining its reasoning, BofA highlights the significant upside potential of METLEN, currently trading at an EV/EBITDA multiple of around 6x. The bank, taking into account the company’s value creation capacity, expects a fair multiple closer to 9x.
BofA confirms the company’s guidance while forecasting full-year EBITDA of €1.036 billion. It also reiterates the strong synergies between the Energy and Metals divisions, which it describes as particularly attractive, and expects an upward trend in aluminum prices in the near term.
BofA notes that third-quarter revenues reached €1.5 billion, marking a 12% year-on-year decline (due to a strong comparison base). Year-to-date revenues stood at €5.1 billion, representing 74% of BofA’s full-year estimate.
It is worth noting that the energy company clarified that third-quarter revenues did not include transactions related to the restructuring of its asset portfolio, which makes the figure appear relatively low (the transaction was completed in October).
The company’s guidance for annual EBITDA remains above €1 billion, with BofA’s own forecast standing at €1.036 billion.
Following the transfer of METLEN’s stock to the main market of the London Stock Exchange (LSE), the share price experienced volatility, which BofA attributes partly to technical flows linked to index rebalancing.
Nonetheless, since BofA initiated coverage of the Greek company earlier this year, it has been impressed by the company’s unique business model combining energy and metals.
The energy company leverages its aluminum operations as an “energy reservoir” around which it trades clean energy, electricity, and natural gas.
This flexible model challenges the traditional approach of powering aluminum production units with energy sourced externally.
