Munters Group AB: Earnings Recovery Trajectory in Sight

研报英文原文证据摘录

Munters Group AB: Earnings Recovery Trajectory in Sight

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