Mutares SE & Co. KGaA (DE:MUX)
XETRA:MUX
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Mutares SE & Co. KGaA
(XETRA:MUX)
Select Model
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Rating:54Neutral
Price Target:
€28.00
▲(11.55% Upside)
Action:Reiterated
Date:05/31/26
The score is held back primarily by elevated leverage and consistently negative free cash flow, which increase financial risk despite a recent profitability rebound. Technicals are moderately supportive with improving short-term trend but look stretched. Valuation is a key positive given the very low P/E and high dividend yield.
Positive Factors
Specialist turnaround investment model
Mutares’s specialist model targets distressed carve-outs and turnarounds, giving access to assets at lower entry prices and clear operational levers (cost, procurement, management changes). Over 2–6 months this strategy supports sustainable value creation via operational improvement and eventual exits or distributions.
Negative Factors
Materially elevated leverage
Leverage near 3.25x materially raises refinancing and solvency risk and reduces financial flexibility. High debt amplifies downside in economic stress, constrains capital allocation for bolt-ons or investments, and increases sensitivity to interest costs over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Specialist turnaround investment model
Mutares’s specialist model targets distressed carve-outs and turnarounds, giving access to assets at lower entry prices and clear operational levers (cost, procurement, management changes). Over 2–6 months this strategy supports sustainable value creation via operational improvement and eventual exits or distributions.
Read all positive factors
Mutares SE & Co. KGaA (MUX) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€736.51M
Dividend Yield6.77%
Average Volume (3M)29.01K
Price to Earnings (P/E)2.0
Beta (1Y)0.70
Revenue Growth23.23%
EPS Growth96.31%
CountryDE
Employees27,000
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)14.39
Shares Outstanding25,617,907
10 Day Avg. Volume28,010
30 Day Avg. Volume29,012
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
€46.00Price Target Upside83.27% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)6.58
Revenue Forecast (FY)€7.98B
Mutares SE & Co. KGaA Business Overview & Revenue Model
Company Description
Mutares SE & Co. KGaA is a private equity firm that deploys its own capital to invest in small and medium-sized enterprises (SMEs). The firm specializes in complex investment scenarios such as secondary direct transactions, special situations, bri...
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 | Dec 2025 | Dec 2024 | Mar 2024 | Mar 2023 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 4.81B | 5.26B | 4.69B | 3.77B | 2.50B |
| Gross Profit | 1.43B | 189.70M | 779.50M | 1.30B | 157.10M |
| EBITDA | -259.10M | 38.10M | 686.00M | 97.60M | 568.40M |
| Net Income | 307.60M | -406.30M | 397.10M | -6.70M | 449.00M |
Balance Sheet | |||||
| Total Assets | 5.18B | 4.37B | 4.35B | 3.03B | 2.56B |
| Cash, Cash Equivalents and Short-Term Investments | 407.10M | 500.60M | 520.20M | 246.40M | 255.10M |
| Total Debt | 1.96B | 1.32B | 931.40M | 681.00M | 526.90M |
| Total Liabilities | 4.62B | 3.70B | 3.23B | 2.32B | 1.82B |
| Stockholders Equity | 601.40M | 679.00M | 1.07B | 712.70M | 721.20M |
Cash Flow | |||||
| Free Cash Flow | -297.20M | -449.90M | -165.70M | -123.70M | -175.80M |
| Operating Cash Flow | 7.80M | -286.90M | -27.50M | -20.80M | -116.10M |
| Investing Cash Flow | 190.70M | 123.60M | 454.50M | 84.10M | 170.70M |
| Financing Cash Flow | -91.60M | 55.70M | -144.60M | -55.80M | 47.90M |
Mutares SE & Co. KGaA Technical Analysis
Positive
25.10
Price Trends
26.35
Positive
28.36
Negative
28.52
Negative
Market Momentum
0.40
Positive
56.04
Neutral
55.93
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:MUX, the sentiment is Positive. The current price of 25.1 is below the 20-day moving average (MA) of 27.65, below the 50-day MA of 26.35, and below the 200-day MA of 28.52, indicating a neutral trend. The MACD of 0.40 indicates Positive momentum. The RSI at 56.04 is Neutral, neither overbought nor oversold. The STOCH value of 55.93 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | €192.46M | 8.45 | 15.86% | 5.53% | 0.49% | 38.41% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
67 Neutral | €85.69M | 3.65 | 20.85% | 3.71% | -34.04% | 77.23% | |
58 Neutral | €442.86M | -82.98 | -0.80% | 4.99% | -41.23% | -108.85% | |
54 Neutral | €736.51M | 1.99 | 39.55% | 6.77% | 23.23% | 96.31% |
* Financial Sector Average
DE:MUX
Mutares SE & Co. KGaA
28.10
-3.48
-11.03%
DE:DBAN
Deutsche Beteiligungs
23.65
0.57
2.46%
DE:MPCK
MPC Munchmeyer Petersen Capital AG
5.24
-0.06
-1.13%
DE:B7E
Blue Cap AG
19.10
2.02
11.83%
DE:IPOK
Heidelberger Beteiligungsholding AG
167.00
57.00
51.82%
DE:B8A
BAVARIA Industries Group AG
99.00
21.00
26.92%
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.