Munters Group AB (SE:MTRS)
:MTRS
Top Page
Munters Group AB
(MTRS)
Select Model
Select Model
Rating:55Neutral
Price Target:
kr162.00
▼(-10.79% Downside)
Action:ReiteratedDate:01/31/26
The score is held back primarily by 2025 financial deterioration (margin and net income compression) alongside rising leverage, which increases risk if profitability does not rebound. Technicals are moderately positive with the price above key moving averages, while valuation is a major negative due to an extremely high P/E and low yield. The latest earnings call adds support via strong backlog/order visibility and guidance for improved 2026 margins, but near-term execution and tariff/transition headwinds remain.
Positive Factors
Record backlog and order intake
A materially expanded backlog provides durable revenue visibility and multi-quarter conversion potential. With backlog up 53% and management citing strong DCT orders, Munters can scale invoicing in 2026 without relying on near-term new bookings, supporting steadier revenue and margin recovery.
Negative Factors
Elevated leverage and weakened balance sheet flexibility
Rising leverage reduces financial flexibility and increases refinancing and interest-rate vulnerability. With equity declining and higher debt levels, durability of investment programs and ability to absorb shocks depends on a sustained profit and cash recovery to de-risk the balance sheet.
Read all positive and negative factors
Positive Factors
Negative Factors
Record backlog and order intake
A materially expanded backlog provides durable revenue visibility and multi-quarter conversion potential. With backlog up 53% and management citing strong DCT orders, Munters can scale invoicing in 2026 without relying on near-term new bookings, supporting steadier revenue and margin recovery.
Read all positive factors
Munters Group AB (MTRS) vs. iShares MSCI Sweden ETF (EWD)
Market Cap
kr29.19B
Dividend Yield0.93%
Average Volume (3M)482.02K
Price to Earnings (P/E)296.4
Beta (1Y)1.38
Revenue Growth4.97%
EPS Growth-65.71%
CountrySE
Employees4,999
SectorIndustrials
Sector Strength72
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)-0.06
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
kr203.33Price Target Upside11.97% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering3
EPS Forecast (FY)6.43
Revenue Forecast (FY)kr16.76B
Munters Group AB Business Overview & Revenue Model
Company Description
Munters Group AB (publ) provides climate solutions for customers in Sweden and internationally. It offers air intakes/air inlets, combined temperature and humidity control products, dehumidifiers, heat exchangers, mass transfer solutions and equip...
How the Company Makes Money
Munters makes money primarily by selling engineered climate-control equipment and related solutions, and by providing services and aftermarket support to customers that operate this equipment.
1) Equipment and systems sales (project and product r...
Munters Group AB Earnings Call Summary
Earnings Call Date:Jan 29, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 28, 2026
Earnings Call Sentiment Positive
The call presents a constructive long-term outlook driven by record order intake, a materially expanded backlog, significant capacity build-out (including U.S. production), strong cash flow and clear operational improvement programs. Short-term results were negatively affected by temporary factors — tariffs, AirTech underutilization, product transitions and acquisition-related one-offs — which depressed quarterly margins and net income. Management positions these as transitory impacts and expects margin recovery and materially higher invoicing in 2026, particularly in H2, supported by backlog and ramping U.S. production.Positive Updates
Record Order Intake and Backlog Growth
Order intake increased by +191% (organically ~200%) in the quarter, reaching SEK 9.2 billion in total orders (with SEK 5.7 billion announced pre-report); order backlog increased 53% (currency-adjusted ~80%), supporting strong future invoicing.
Negative Updates
Q4 Revenue Decline and Lower Quarterly Margin
Net sales in Q4 declined ~8% (flat currency-adjusted) and adjusted EBITA margin fell to 10% in the quarter (Q3 was 13.5%), reflecting near-term weakness.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Order Intake and Backlog Growth
Order intake increased by +191% (organically ~200%) in the quarter, reaching SEK 9.2 billion in total orders (with SEK 5.7 billion announced pre-report); order backlog increased 53% (currency-adjusted ~80%), supporting strong future invoicing.
Read all positive updates
Company Guidance
Munters guided to a positive net‑sales growth and a record invoicing year in 2026 with stronger margins in H2 (after Q1) as tariff headwinds in Data Center (≈4% hit in Q4) diminish and AirTech efficiency measures begin to take effect; the Data Center backlog supports at least a 30% uplift in invoicing (could be up to 40%), DCT book‑to‑bill in Q4 was ~7x and total Q4 orders were SEK 9.2bn (SEK 5.7bn pre‑announced), overall book‑to‑bill 1.6 and backlog up 53% (80% FX‑adj), Munters expects DCT margins to move into the high‑teens over time, chiller production and the Virginia test lab come fully online around Q2, overall capacity can handle ~50% more growth, AirTech programs target SEK 100m savings this year plus a SEK 250–300m run‑rate by year‑end, Q4 adj. EBITA was 10% (FY 2025 adj. EBITA 12.7%), operating working capital/net sales 7.3%, leverage ~2.9 (ambition 1.5–2.5), CapEx for 2026 broadly in line with 2025 (quarterly CapEx ratio 7%, FY 5.8%), FoodTech ARR growth guided at ~20–30% y/y with churn ~2% or below, and the Board proposes SEK 1.6 dividend per share.Munters Group AB Financial Statement Overview
Summary
Income Statement
58
Neutral
Balance Sheet
46
Neutral
Cash Flow
63
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 14.71B | 15.45B | 13.93B | 10.39B | 7.35B |
| Gross Profit | 4.62B | 5.32B | 4.42B | 3.02B | 2.35B |
| EBITDA | 1.98B | 2.50B | 2.08B | 1.24B | 1.03B |
| Net Income | 106.00M | 973.00M | 784.00M | 577.00M | 513.00M |
Balance Sheet | |||||
| Total Assets | 19.73B | 21.98B | 16.73B | 15.42B | 10.74B |
| Cash, Cash Equivalents and Short-Term Investments | 1.49B | 1.53B | 1.53B | 914.00M | 674.00M |
| Total Debt | 9.38B | 7.60B | 5.85B | 4.50B | 2.75B |
| Total Liabilities | 14.86B | 16.07B | 11.47B | 10.11B | 6.38B |
| Stockholders Equity | 4.86B | 5.89B | 5.26B | 5.30B | 4.36B |
Cash Flow | |||||
| Free Cash Flow | 988.00M | 1.31B | 396.00M | 233.00M | 177.00M |
| Operating Cash Flow | 1.58B | 2.37B | 1.07B | 772.00M | 519.00M |
| Investing Cash Flow | -1.01B | -2.87B | -1.42B | -1.33B | -341.00M |
| Financing Cash Flow | -471.00M | 467.00M | 1.01B | 743.00M | -503.00M |
Munters Group AB Technical Analysis
Negative
181.60
Price Trends
175.27
Negative
172.17
Negative
151.32
Positive
Market Momentum
-3.75
Negative
42.74
Neutral
47.74
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SE:MTRS, the sentiment is Negative. The current price of 181.6 is above the 20-day moving average (MA) of 164.41, above the 50-day MA of 175.27, and above the 200-day MA of 151.32, indicating a neutral trend. The MACD of -3.75 indicates Negative momentum. The RSI at 42.74 is Neutral, neither overbought nor oversold. The STOCH value of 47.74 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | kr19.81B | 31.81 | 15.97% | 1.03% | -1.37% | 14.78% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
61 Neutral | kr11.56B | 25.44 | 9.59% | 2.09% | -1.74% | 26.36% | |
58 Neutral | kr14.71B | 34.37 | 11.96% | 1.55% | 2.11% | 13.90% | |
57 Neutral | kr11.68B | 21.04 | 7.36% | 2.61% | -1.96% | -19.69% | |
55 Neutral | kr29.19B | 296.38 | 2.49% | 0.93% | 4.97% | -65.71% | |
54 Neutral | kr4.84B | 21.74 | ― | 2.41% | 2.05% | -11.66% |
* Industrials Sector Average
SE:MTRS
Munters Group AB
159.80
62.38
64.03%
SE:LIAB
Lindab International AB
152.70
-15.93
-9.45%
SE:SYSR
Systemair AB
70.70
2.37
3.46%
SE:ALIG
Alimak Group AB
107.80
-1.06
-0.97%
SE:BUFAB
Bufab AB
104.10
32.77
45.93%
SE:NMAN
Nederman Holding AB
138.00
-36.36
-20.85%
Munters Group AB Corporate Events
Munters taps data‑center chief Stefan Aspman as next CEO in 2026 succession plan
Mar 11, 2026
Munters Group AB has announced a planned CEO succession, with current President and CEO Klas Forsström set to step down in connection with the company’s third‑quarter 2026 interim report after seven years in the role, during which...
Munters Books Record Orders on Surging Data Center Demand but Margins Come Under Pressure
Jan 29, 2026
Munters reported a year of record order intake in 2025, driven primarily by explosive growth in its Data Center Technologies division and supported by solid demand in FoodTech, while AirTech saw weaker volumes amid a softer battery market and caut...
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.