Munters Group AB "Capturing Data Centre Growth and Delivering Margin..."

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Munters Group AB "Capturing Data Centre Growth and Delivering Margin..."

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12/26E - 6.59 - 6.51

12/27E - 10.56 - 10.18

Margin tailwinds underestimated - UBSe 400bps of expansion over 2026-28E 12/28E - 12.74 - 11.78

We forecast 400bps cumulative adj. EBITA margin expansion over 2026–28E (vs. cons.

360bps), reaching 14.0% / 15.8% / 16.7% (vs. cons. 13.5% / 15.7% / 16.3%). Key Jingyi Zheng

Analystdrivers by division: 1/ AirTech: Reversal of dual-site costs, SEK250–300m savings (guided

jingyi.zheng@ubs.com

for FY26), and improved utilisation as demand recovers. 2/ DCT: Easing tariff headwinds

+44-20-7568 3962

and operating leverage as chiller and CDU volumes scale. 3/ FoodTech: Investment

benefits emerging from late 2027. Andre Kukhnin

Analyst

andre.kukhnin@ubs.com

AirTech orders to slightly pick up - UBS ESA Capex Revision Signal Analysis +44-20-7567 2162

We expect a modest pick-up in AirTech (c50%/25% of group sales/EBITA) organic order

Dini Magoon

growth over the coming quarters. This is supported by proprietary quantitative analysis

in collaboration with UBS ESA (Empirical Scientific Approaches), which tracks capex dini.magoon@ubs.com

revision signals across Battery, Commercial, and Food & Beverages end markets. +44-20-7567 4037

Attractive Valuation: DCF PT SEK 245

We use a DCF based valuation to derive our PT of SEK245 (WACC 8%). Munters trades

at 17.8x 1-year forward EV/EBIT vs. a 12–20x historical range (15.1x avg.). Relative to

peers, the stock trades at an 8% EV/EBIT discount (vs. historically in line), which we view

as attractive given its superior growth profile and margin expansion potential.

Highlights (SKrm) 12/23 12/24 12/25 12/26E 12/27E 12/28E 12/29E 12/30E

Revenues 13,930 13,587 14,712 17,449 21,049 23,120 24,662 26,286