Munters Group AB "Earnings Recovery Trajectory in Sight" (Buy) Zheng

Research evidence excerpt

Munters Group AB "Earnings Recovery Trajectory in Sight" (Buy) Zheng

Global Research

21 July 2026ab

Munters Group AB Equities

SwedenEarnings Recovery Trajectory in Sight

Industrial, Diversified

12-month rating Buy

Adjust estimates, Remain positive on earning delivery into FY27, Reiterate Buy

Post Q2 results, we reduce FY26E Group Adj EBITA forecast by 3% while increasing 12m price target SKr245.00

Orders and Sales forecasts by 10%/5% respectively. Our FY27/28E forecasts are broadly

unchanged. We continue to be positive on Munter's earnings delivery from late FY26

Price (17 Jul 2026) SKr181.20

and into FY27 driven by 1/ DCT volume ramp up and margin improvement (now

expected from Q4 26 onwards), 2/ Signs of demand improvement in AirTech with cost- RIC: MTRS.ST BBG: MTRS SS

saving programme on top (SEK 250-300m guided, H2-weighted), 3/ Sharper strategic

Trading data and key metrics

focus with the potential FoodTech divestment. We think valuation is attractive after

52-wk range SKr210.60-111.40

recent de-rating in June-July. Reiterate Buy.

Market cap. SKr33.3b/US$3.45b

Divisional drivers of estimates change Shares o/s 184m (ORD)

Free float 99%

DCT: We raise our order FY26E forecast by 5%, supported by channel checks and

management commentary pointing to a healthy demand environment, as well as strong Avg. daily volume ('000) 439

Q2 order intake, while not assuming a meaningful contribution from large orders. We Avg. daily value (m) SKr83

lower our 2026E revenue forecast by 5% after management indicated progress is Common s/h equity (12/26E) SKr5.57b

"delayed by one quarter", shifting the expected delivery ramp-up to Q4 from Q3 P/BV (12/26E) 5.9x

previously, while still reaching FY guidance of 30% growth. We expect margin recovery Net debt to EBITDA (12/26E) 1.8x