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Munters Group AB
(MTRS)
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Rating:60Neutral
Price Target:
kr138.00
▼(-20.42% Downside)
Action:Reiterated
Date:10/24/26
The score is anchored by moderate fundamentals: decent operating profitability and continued growth, but constrained by elevated leverage and weakening free-cash-flow momentum. Technicals are a headwind with the stock below key moving averages and a negative MACD. Valuation is also a drag given the high P/E and modest yield, partially offset by a positive earnings-call backdrop driven by strong order intake and backlog growth despite ongoing DCT ramp and cash-flow pressures.
Positive Factors
Order and backlog growth
Exceptional order intake and backlog growth provide substantial forward revenue visibility across the business. The expansion, combined with strong sales growth, suggests improving market position and customer demand that can support utilization, investment and earnings over the next several quarters.
Negative Factors
Elevated leverage
Leverage has risen materially faster than equity, reducing financial flexibility in a cyclical industrial business. Higher debt and lease obligations can constrain investment choices, increase sensitivity to weaker earnings, and make deleveraging more dependent on sustained operational recovery.
Read all positive and negative factors
Positive Factors
Negative Factors
Order and backlog growth
Exceptional order intake and backlog growth provide substantial forward revenue visibility across the business. The expansion, combined with strong sales growth, suggests improving market position and customer demand that can support utilization, investment and earnings over the next several quarters.
Read all positive factors
Munters Group AB (MTRS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr24.91B
Dividend Yield1.17%
Average Volume (3M)948.03K
Price to Earnings (P/E)46.9
Beta (1Y)1.37
Revenue Growth-0.19%
EPS Growth78.46%
CountrySE
Employees5,305
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)2.91
Shares Outstanding184,457,810
10 Day Avg. Volume894,445
30 Day Avg. Volume948,031
Financial Highlights & Ratios
PEG Ratio-3.33
Price to Book (P/B)6.47
Price to Sales (P/S)2.14
P/FCF Ratio31.80
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
kr190.00Price Target Upside9.57% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)5.13
Revenue Forecast (FY)kr17.06B
Munters Group AB Business Overview & Revenue Model
Company Description
Munters Group AB (publ) provides climate solutions in the Americas, Europe, the Middle East, Africa, and Asia-pacific. The company operates through three segments: AirTech, Data Center Technologies, and FoodTech. It offers industrial and commercia...
How the Company Makes Money
Munters makes money primarily by selling engineered climate-control equipment and integrated solutions, along with related aftermarket services, to business customers. A major revenue stream comes from project- and product-based sales where custom...
Munters Group AB Earnings Call Summary
Earnings Call Date:Oct 23, 2026
(Q3-2026)
| % Change Since: |
Next Earnings Date:Jan 28, 2027
Earnings Call Sentiment Positive
The call was broadly positive, led by 70% order-intake growth, a 178% backlog increase to SEK 28 billion, 18% group sales growth, strong AirTech profitability, more than doubled DCT data-center orders, and continued FoodTech ARR growth. However, profitability and cash conversion remained pressured by DCT's delayed ramp-up, component shortages, inventory buildup, tariffs, lower product mix, and higher leverage. Management maintained its outlook and expressed confidence in improving operations, so the positive commercial momentum significantly outweighed the stated challenges.Positive Updates
Exceptional Commercial Performance
Group order intake increased by 70%, book-to-bill was 1.6, and backlog increased by 178% to SEK 28 billion. Group net sales grew 18%.
Negative Updates
DCT Profitability Decline
DCT profitability declined due to changed product mix, component shortages, ramp-up inefficiencies, and the challenge of starting a new factory during unprecedented data-center growth. DCT margins were also affected by tariffs.
Read all updates
Q3-2026 Updates
Positive
Negative
Exceptional Commercial Performance
Group order intake increased by 70%, book-to-bill was 1.6, and backlog increased by 178% to SEK 28 billion. Group net sales grew 18%.
Read all positive updates
Company Guidance
The company is not changing the outlook for this year, the market outlook, or the business outlook; for DCT, the delay is still “roughly a quarter,” “30% overall” remains “highly reasonable” to hit, with “some caveats” because of external matters, and Q4 deliveries are expected to be “2.5 billion” versus “1.9 billion” in Q3; DCT’s high teens margins are described as “more of a midterm play,” with no exact timing, while the full potential is expected to be “in that range”; AirTech had previously targeted double digits toward the end of the year and reached 12.9%; CapEx is expected to remain “in the same range as 2025,” leverage is expected to “gradually improve,” with a long-term ambition of 1.5 to 2.5, and the FoodTech divestiture is progressing “according to plan,” with the company expecting to be where it should be “end of the year.”Munters Group AB Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
58
Neutral
Cash Flow
55
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.45B | 14.71B | 15.45B | 13.93B | 10.39B | 7.35B |
| Gross Profit | 4.43B | 4.62B | 5.32B | 4.42B | 3.02B | 2.35B |
| EBITDA | 2.11B | 1.98B | 2.42B | 2.08B | 1.24B | 1.03B |
| Net Income | 530.00M | 106.00M | 973.00M | 784.00M | 577.00M | 513.00M |
Balance Sheet | ||||||
| Total Assets | 24.02B | 19.73B | 21.98B | 16.73B | 15.20B | 10.74B |
| Cash, Cash Equivalents and Short-Term Investments | 1.37B | 1.49B | 1.53B | 1.53B | 914.00M | 674.00M |
| Total Debt | 8.52B | 7.92B | 7.60B | 5.85B | 4.50B | 2.75B |
| Total Liabilities | 18.35B | 14.86B | 16.07B | 11.47B | 9.90B | 6.38B |
| Stockholders Equity | 5.66B | 4.86B | 5.89B | 5.26B | 5.30B | 4.36B |
Cash Flow | ||||||
| Free Cash Flow | 557.00M | 988.00M | 1.62B | 396.00M | 233.00M | 177.00M |
| Operating Cash Flow | 1.34B | 1.58B | 2.37B | 1.07B | 772.00M | 519.00M |
| Investing Cash Flow | -1.33B | -1.01B | -2.87B | -1.42B | -1.33B | -341.00M |
| Financing Cash Flow | -1.14B | -471.00M | 467.00M | 1.01B | 743.00M | -503.00M |
Munters Group AB Technical Analysis
Neutral
173.40
Price Trends
144.72
Negative
161.17
Negative
172.59
Negative
Market Momentum
-3.44
Negative
45.01
Neutral
35.17
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MTRS, the sentiment is Neutral. The current price of 173.4 is above the 20-day moving average (MA) of 130.57, above the 50-day MA of 144.72, and above the 200-day MA of 172.59, indicating a neutral trend. The MACD of -3.44 indicates Negative momentum. The RSI at 45.01 is Neutral, neither overbought nor oversold. The STOCH value of 35.17 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for SE:MTRS.
Munters Group AB Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | kr17.80B | 22.27 | 13.24% | 1.70% | 3.31% | 20.40% | |
70 Outperform | kr13.83B | 20.12 | 12.51% | 1.92% | -6.37% | -13.45% | |
69 Neutral | kr872.87B | 32.93 | 24.21% | 1.88% | 2.72% | 0.11% | |
67 Neutral | kr228.82B | 27.92 | 18.42% | 1.63% | 3.87% | 2.11% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | kr4.81B | 21.47 | ― | 2.92% | -6.05% | -24.08% | |
60 Neutral | kr24.91B | 46.93 | 10.12% | 1.17% | -0.19% | 78.46% |
* Industrials Sector Average
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Munters Group AB Corporate Events
Munters Rides Data Center Demand but Ramp-Up Pressures Margins
Oct 23, 2026
Munters Group AB reported robust third-quarter order intake, up 70 percent year-on-year, driven by strong demand in Data Center Technologies and AirTech, while net sales rose 18 percent on broad-based growth across all business areas. The company&...
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.