Munters Group AB "Q2 26 Preview - DCT Supply Chain & Tariff Impacts in Focus"

Research evidence excerpt

Munters Group AB "Q2 26 Preview - DCT Supply Chain & Tariff Impacts in Focus"

Global Research

18 June 2026ab

Munters Group AB Equities

SwedenQ2 26 Preview - DCT Supply Chain & Tariff

Impacts in Focus Industrial, Diversified

12-month rating Buy

12m price target SKr245.00Bottom line

We revise down our Q2 and full-year 2026 Adj EBITA estimate based on challenging

supply chain developments in the DCT division over the last few weeks, while broader Price (17 Jun 2026) SKr188.55

channel checks point to a continuous, positive Data Centre demand environment. The RIC: MTRS.ST BBG: MTRS SS

focus of the Q2 results release will likely continue to be on DCT, increasingly on margin

and execution given recent developments on supply-chain bottlenecks and prolonged Trading data and key metrics

tariff impacts. Our new Q2 Adj EBITA estimate for DCT is c8% below current consensus, 52-wk range SKr210.60-111.40

and hence we expect some downward revisions over the coming weeks to reflect supply Market cap. SKr34.6b/US$3.66b

chain and tariffs headwinds. While we acknowledge the near-term risk, our full-year Shares o/s 184m (ORD)

group Adj EBITA estimate remains ahead of consensus and we continue to view the Free float 99%

headwinds as temporary. We therefore see the fundamental long-term equity story as Avg. daily volume ('000) 433

intact and would view any related overreaction in share prices as a further entry point Avg. daily value (m) SKr82.7

opportunity. Common s/h equity (12/26E) SKr5.59b

P/BV (12/26E) 6.2x

DCT component shortage and tariff impacts Net debt to EBITDA (12/26E) 1.9x

While we see near-term risks from component shortages and prolonged tariff effects,

we do not expect these to extend into 2027. As such, they do not alter our long-term EPS (UBS, diluted) (SEK)