Q2 Preview: Margin Concerns Overshadow a Still-Healthy DCT Story

研报英文原文证据摘录

Q2 Preview: Margin Concerns Overshadow a Still-Healthy DCT Story

EUROPE | European Midcaps

Munters EquityJuneResearch23, 2026

ESTIMATE CHANGEQ2 Preview: Margin Concerns Overshadow a

RATING BUYStill-Healthy DCT Story

PRICE SEK181.65^

Amid margin uncertainty, component-shortage concerns and growing

dispersion in analyst expectations ahead of Q2, Munters' shares have been PRICE TARGET | % TO PT SEK235.00 | +29%

materially de-rated. We believe the factors weighing on DCT margins are 52W HIGH-LOW SEK212.40 - SEK109.80

well understood and temporary in nature. Consequently, near-term profitability FLOAT (%) | ADV MM (USD) 99.8% | 7.76

concerns continue to overshadow healthy demand, strong order momentum MARKET CAP SEK33.2B | $3.5B

and a credible path to a stronger H2. We make minor estimate revisions and TICKER MTRS SS ^Prior trading day's closing price unless otherwise

reiterate Buy. noted.

Margin pressure overshadows strong DCT demand. We expect Munters' Q2 to highlight a FY (Dec) CHANGE TO JEFe JEF vs CONS

clear disconnect between healthy underlying demand and near-term profitability. While sentiment 2026 2027 2026 2027

remains focused on margins, we continue to see little evidence of weakening customer activity, REV <1% NM -1% -2%

softer orders or slower investment. Instead, concerns have shifted towards earnings conversion, as

EPS -2% -1% -9% -6%

tariffs, ramp-up inefficiencies and component shortages combine to delay the expected profitability

recovery. We therefore lower our Q2 DCT EBITA margin estimate by 1pp to 12.8% (cons: 14.3%),

2026 (SEK) Q1A Q2 Q3 Q4 FY

but continue to view a return to 17.3% in H2 as achievable as localization progresses, production

EPS 0.84 0.89 1.84 2.19 5.75

utilization improves and supply-chain bottlenecks normalize.

PREV 5.87