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Mutares SE & Co. KGaA
(XETRA:MUX)
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Rating:53Neutral
Price Target:
€26.00
▲(1.76% Upside)
Action:Reiterated
Date:09/06/26
The score is held back primarily by weak financial quality—especially consistently negative free cash flow and sharply higher leverage—which increases funding and balance-sheet risk. Technicals also reflect a weak trend with bearish momentum. These negatives are partially offset by attractive valuation (low P/E and high dividend yield), which lifts the overall score despite the financial and trend concerns.
Positive Factors
Turnaround-focused business model
Mutares operates a differentiated special-situations model that can create value through acquisitions, restructuring and operational improvement. Its portfolio approach and internal support capabilities provide multiple routes to improve underperforming businesses and generate future distributions or exit proceeds.
Negative Factors
Persistently negative free cash flow
Sustained negative free cash flow and minimal operating cash generation relative to net income weaken the company’s ability to fund investment, debt service and distributions internally. This increases reliance on financing or portfolio actions and leaves less resilience if operating conditions deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Turnaround-focused business model
Mutares operates a differentiated special-situations model that can create value through acquisitions, restructuring and operational improvement. Its portfolio approach and internal support capabilities provide multiple routes to improve underperforming businesses and generate future distributions or exit proceeds.
Read all positive factors
Mutares SE & Co. KGaA (MUX) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€648.13M
Dividend Yield7.91%
Average Volume (3M)31.79K
Price to Earnings (P/E)4.8
Beta (1Y)0.67
Revenue Growth17.43%
EPS Growth-637.30%
CountryDE
Employees35,000
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)5.32
Shares Outstanding25,617,907
10 Day Avg. Volume31,908
30 Day Avg. Volume31,794
Financial Highlights & Ratios
PEG Ratio-0.01
Price to Book (P/B)1.01
Price to Sales (P/S)0.13
P/FCF Ratio-2.05
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€41.00Price Target Upside60.47% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)11.44
Revenue Forecast (FY)€8.02B
Mutares SE & Co. KGaA Business Overview & Revenue Model
Company Description
Mutares SE & Co. KGaA is a private equity firm specializing in investments in secondary direct, special situations, bridge financing, recapitalization, distressed/vulture, management succession, reorganization, carve-outs, turnarounds, spin-offs a...
How the Company Makes Money
Mutares makes money primarily through (1) dividends and other profit distributions from its portfolio companies to the holding company, funded by the operating earnings and cash flows generated within those subsidiaries; (2) gains on exits, where ...
Mutares SE & Co. KGaA Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
38
Negative
Cash Flow
22
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Mar 2024 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 5.06B | 4.81B | 5.26B | 4.69B | 3.77B | 2.50B |
| Gross Profit | 407.20M | 1.43B | 189.70M | 779.50M | 1.30B | 157.10M |
| EBITDA | -67.30M | -259.10M | 38.10M | 686.00M | 97.60M | 568.40M |
| Net Income | -199.10M | 307.60M | -406.30M | 397.10M | -6.70M | 449.00M |
Balance Sheet | ||||||
| Total Assets | 5.66B | 5.18B | 4.37B | 4.35B | 3.03B | 2.56B |
| Cash, Cash Equivalents and Short-Term Investments | 626.50M | 407.10M | 500.60M | 520.20M | 246.40M | 255.10M |
| Total Debt | 1.98B | 1.73B | 1.32B | 931.40M | 681.00M | 526.90M |
| Total Liabilities | 4.92B | 4.62B | 3.70B | 3.23B | 2.32B | 1.82B |
| Stockholders Equity | 809.80M | 601.40M | 679.00M | 1.07B | 712.70M | 721.20M |
Cash Flow | ||||||
| Free Cash Flow | -363.90M | -297.20M | -449.90M | -165.70M | -123.70M | -175.80M |
| Operating Cash Flow | -54.60M | 7.80M | -286.90M | -27.50M | -20.80M | -116.10M |
| Investing Cash Flow | 272.80M | 190.70M | 123.60M | 454.50M | 84.10M | 170.70M |
| Financing Cash Flow | 46.50M | -91.60M | 55.70M | -144.60M | -55.80M | 47.90M |
Mutares SE & Co. KGaA Technical Analysis
Negative
25.55
Price Trends
26.69
Negative
25.86
Negative
26.64
Negative
Market Momentum
-0.43
Positive
33.89
Neutral
15.51
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:MUX, the sentiment is Negative. The current price of 25.55 is below the 20-day moving average (MA) of 26.27, below the 50-day MA of 26.69, and below the 200-day MA of 26.64, indicating a bearish trend. The MACD of -0.43 indicates Positive momentum. The RSI at 33.89 is Neutral, neither overbought nor oversold. The STOCH value of 15.51 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:MUX.
Mutares SE & Co. KGaA Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | €73.35M | 3.12 | 22.19% | 3.98% | -34.04% | 77.23% | |
64 Neutral | €186.11M | 7.29 | 16.99% | 5.11% | 3.29% | 38.24% | |
53 Neutral | €648.13M | 4.76 | -28.22% | 7.91% | 17.43% | -637.30% | |
48 Neutral | €390.20M | -20.34 | -2.85% | 4.82% | 5.19% | -161.11% |
* Financial Sector Average
DE:MUX
Mutares SE & Co. KGaA
25.30
-2.78
-9.90%
DE:DBAN
Deutsche Beteiligungs
20.75
-2.33
-10.10%
DE:MPCK
MPC Munchmeyer Petersen Capital AG
5.28
0.57
12.01%
DE:B7E
Blue Cap AG
16.35
-2.23
-12.02%
DE:IPOK
Heidelberger Beteiligungsholding AG
124.00
24.00
24.00%
DE:B8A
BAVARIA Industries Group AG
103.00
26.50
34.64%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.