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Munters Group AB
(MTRS)
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Rating:64Neutral
Price Target:
kr194.00
▲(13.58% Upside)
Action:Reiterated
Date:07/18/26
The score is driven mainly by solid operating performance and strong cash generation, supported by a constructive earnings-call setup (reaffirmed guidance and exceptional order/backlog momentum). Offsetting factors are elevated leverage and earnings volatility, weak-to-mixed technical momentum (negative MACD, RSI ~40), and a demanding valuation (P/E ~83 with a low dividend yield).
Positive Factors
Strong free cash flow
Sustained high free cash flow (TTM ~SEK1.19bn; FCF >2x net income) provides durable funding for debt reduction, capex to scale DCT production, and share of cost-savings targets. This cash conversion underpins balance-sheet repair and funds investments without relying on volatile earnings.
Negative Factors
Elevated leverage and reduced flexibility
Material increase in leverage (debt-to-equity ~1.53; net leverage reported above target) constrains strategic optionality and raises sensitivity to cash-flow swings. In a cyclical industrial market, higher leverage increases refinancing and interest risk and limits ability to fund opportunistic investments or absorb shocks.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong free cash flow
Sustained high free cash flow (TTM ~SEK1.19bn; FCF >2x net income) provides durable funding for debt reduction, capex to scale DCT production, and share of cost-savings targets. This cash conversion underpins balance-sheet repair and funds investments without relying on volatile earnings.
Read all positive factors
Munters Group AB (MTRS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr33.92B
Dividend Yield0.86%
Average Volume (3M)482.02K
Price to Earnings (P/E)66.2
Beta (1Y)1.41
Revenue Growth-4.33%
EPS Growth38.59%
CountrySE
Employees5,305
SectorIndustrials
Sector Strength72
IndustryIndustrial - Machinery
Share Statistics
EPS (TTM)2.80
Shares Outstanding184,457,810
10 Day Avg. Volume374,483
30 Day Avg. Volume482,025
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
kr236.67Price Target Upside38.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)5.79
Revenue Forecast (FY)kr17.23B
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 systems, and by providing associated lifecycle services and spare parts. Revenue is generated through (1) product and system sales: customers purchase dehumidificati...
Munters Group AB Earnings Call Summary
Earnings Call Date:Jul 17, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Oct 23, 2026
Earnings Call Sentiment Positive
The call conveyed strong commercial momentum (very large organic order intake, improved backlog, high book-to-bill ratios, robust cash flow and material AirTech strength) and confirmed key growth guidance (DCT ~30% full-year). However, near-term execution is challenged by DCT component shortages, tariff impacts (~3 percentage points) and a one-quarter delay to the profitability inflection, which trimmed sales and margins this quarter (management estimates ~SEK 300m lost sales). Cost-savings, ongoing investments, a healthy order backlog and reaffirmed guidance underpin confidence for H2 and 2027, with management expecting margins to recover as supply issues are resolved.Positive Updates
Exceptional Order Intake and Backlog
Organic order intake increased by >140% year-over-year; order backlog improved to +151%; overall book-to-bill of 2.3x, with Data Center Technology (DCT) book-to-bill at 3.6x, AirTech at 1.7x and FoodTech at 1.1x. Management highlighted a SEK 2 billion DCT order announced early in the quarter.
Negative Updates
Data Center Technology Ramp-Up and Supply Chain Disruption
DCT net sales declined in Q2 due to planned production ramp-up and component shortages; management estimates roughly SEK 300 million in lost net sales this quarter attributable to supply chain constraints and noted they are ~one quarter behind their expected profitability inflection point.
Read all updates
Q2-2026 Updates
Positive
Negative
Exceptional Order Intake and Backlog
Organic order intake increased by >140% year-over-year; order backlog improved to +151%; overall book-to-bill of 2.3x, with Data Center Technology (DCT) book-to-bill at 3.6x, AirTech at 1.7x and FoodTech at 1.1x. Management highlighted a SEK 2 billion DCT order announced early in the quarter.
Read all positive updates
Company Guidance
Management reiterated an unchanged 2026 outlook and reaffirmed Data Center Technology (DCT) sales guidance of 30% for the year (management noted a 30–40% frame), while noting the DCT ramp‑up is roughly one quarter behind plan—Q2 net sales were ~SEK 300m lower due to supply‑chain constraints—with DCT book‑to‑bill 3.6 and tariff/headwind ~3 percentage points (tariff impact ~3% this quarter). Group metrics: organic order intake >140%, order backlog +151%, overall book‑to‑bill 2.3x (AirTech 1.7x, FoodTech 1.1x), geographic split ~76% Americas / <20% EMEA / <10% APAC. They expect net‑sales growth to accelerate through H2 and adjusted EBITA margin to improve in H2 (group target ~14% over a business cycle; DCT mid‑term “high teens”; AirTech to reach ~13% once SEK 2bn+ quarterly order intake is sustained). Operational and financial metrics: operating working capital 5.2% (well below target range), leverage 3.2 (ambition 1.5–2.5), CapEx 7.2% of sales in Q2 (rolling 5.9%) with full‑year CapEx expected in line with prior year, strong operating cash flow (driven by DCT customer advances), >SEK100m delivered YTD from 2026 cost‑savings (≥SEK250m targeted by year‑end), green bonds SEK2.0bn outstanding with SEK1.4bn allocated, and FoodTech ARR expected to return to ~20–30% growth as the business is prepared for a potential divestment.Munters Group AB Financial Statement Overview
Summary
Income Statement
74
Positive
Balance Sheet
61
Positive
Cash Flow
70
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 14.78B | 14.71B | 15.45B | 13.93B | 10.39B | 7.35B |
| Gross Profit | 4.38B | 4.62B | 5.32B | 4.42B | 3.02B | 2.35B |
| EBITDA | 1.98B | 1.98B | 2.50B | 2.08B | 1.24B | 1.03B |
| Net Income | 510.00M | 106.00M | 973.00M | 784.00M | 577.00M | 513.00M |
Balance Sheet | ||||||
| Total Assets | 22.11B | 19.73B | 21.98B | 16.73B | 15.20B | 10.74B |
| Cash, Cash Equivalents and Short-Term Investments | 1.43B | 1.49B | 1.53B | 1.53B | 914.00M | 674.00M |
| Total Debt | 7.82B | 7.92B | 7.60B | 5.85B | 4.50B | 2.75B |
| Total Liabilities | 16.84B | 14.86B | 16.07B | 11.47B | 9.90B | 6.38B |
| Stockholders Equity | 5.26B | 4.86B | 5.89B | 5.26B | 5.30B | 4.36B |
Cash Flow | ||||||
| Free Cash Flow | 1.19B | 988.00M | 1.62B | 396.00M | 233.00M | 177.00M |
| Operating Cash Flow | 1.94B | 1.58B | 2.37B | 1.07B | 772.00M | 519.00M |
| Investing Cash Flow | -1.36B | -1.01B | -2.87B | -1.42B | -1.33B | -341.00M |
| Financing Cash Flow | -861.00M | -471.00M | 467.00M | 1.01B | 743.00M | -503.00M |
Munters Group AB Technical Analysis
Positive
170.80
Price Trends
177.63
Positive
184.99
Positive
178.03
Positive
Market Momentum
2.31
Negative
58.06
Neutral
76.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MTRS, the sentiment is Positive. The current price of 170.8 is below the 20-day moving average (MA) of 177.78, below the 50-day MA of 177.63, and below the 200-day MA of 178.03, indicating a bullish trend. The MACD of 2.31 indicates Negative momentum. The RSI at 58.06 is Neutral, neither overbought nor oversold. The STOCH value of 76.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 | kr971.95B | 38.06 | 23.93% | 2.03% | -1.80% | -5.25% | |
72 Outperform | kr230.31B | 28.18 | 18.42% | 1.57% | 3.87% | 2.11% | |
69 Neutral | kr16.87B | 21.85 | 12.85% | 1.61% | 1.64% | 12.06% | |
68 Neutral | kr13.35B | 18.80 | 12.51% | 2.03% | -6.37% | -13.45% | |
64 Neutral | kr33.92B | 66.16 | 10.02% | 0.92% | -4.33% | 38.59% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | kr4.60B | 18.60 | ― | 3.14% | -5.51% | -14.52% |
* Industrials Sector Average
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Munters Group AB Corporate Events
Munters Balances Surging Data Center Demand With Margin Pressure in Q2
Jul 17, 2026
Munters reported exceptionally strong second-quarter order intake, up 137% year-on-year, driven by robust demand in Data Center Technologies and AirTech, while FoodTech softened. Net sales rose 6%, but the adjusted EBITA margin fell to 11% as plan...
Munters Weighs FoodTech Divestment to Refocus on Core Climate-Control Businesses
Jun 16, 2026
Munters Group AB plans to explore a potential divestment of its FoodTech business area, operated under the Speria brand, to sharpen its strategic focus on high-growth Data Center Technologies and AirTech segments. Management argues that separating...
Munters AGM Backs Dividend, Board Continuity and Expanded Share Issue Mandate
Apr 30, 2026
Munters Group AB’s annual general meeting approved the income statement and balance sheet for 2025 and resolved to pay a dividend of SEK 1.60 per share in two equal instalments, reinforcing the company’s capital return to shareholders....
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.