olivLaw · European equity research
Munters Group AB (publ) MTRS.ST
Sweden · Nasdaq Stockholm · ISIN SE0009806607 · Vertical: Listed companies from Sweden
Munters is a global provider of technologies for controlling humidity, climate and air quality, organised into three business areas: AirTech, Data Center Technologies and FoodTech. Its relevance is growing with demand for data center cooling and energy-efficient industrial solutions, although the battery market remains weak.
At the close of 06 Nov 2026, Munters Group AB (publ) (MTRS.ST) stock was 128.95 SEK (+0.19% on the day), with market capitalisation 23.6 bn SEK, P/E 222.3 on diluted EPS of 0.58 SEK over the last 12 months, dividend yield 1.24%, beta 1.43, 52-week range 126.35–210.60 SEK.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 42.1
- weak (30–45)
- Bollinger (20, 2)
- 122.92 – 144.20
- in the lower half of the band · %B 0.28 · band width 15.9%
- SMA 50 / 200
- 138.04 / 171.33
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.76 / -0.90
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.5% | −0.2% | −0.4 pp | — |
| 3 months | −28.3% | −5.4% | −22.9 pp | — |
| 6 months | −38.8% | +4.4% | −43.2 pp | — |
| Year to date | −25.0% | +6.5% | −31.4 pp | — |
| 1 year | −12.8% | +10.0% | −22.8 pp | −7.6% |
| 3 years | −8.5% | +48.6% | −57.1 pp | +12.3% |
| 5 years | +88.2% | +41.4% | +46.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 67 percentile of its own 3-quarter history (min 34.9, median 38.0, max 296.4; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 13.9 bn | 13.6 bn | 14.7 bn |
| Revenue YoY | unavailable | −2.5% | +8.3% |
| Net income | 784.0 m | 973.0 m | 106.0 m |
| Net income YoY | unavailable | +24.1% | −89.1% |
| Diluted EPS | 4.30 | 5.33 | 0.58 |
| Diluted EPS YoY | unavailable | +24.0% | −89.1% |
| net % | 5.6% | 7.2% | 0.7% |
| Free cash flow | 743.0 m | 1.6 bn | 988.0 m |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 1.5 bn SEK
- Financial debt
- 5.3 bn SEK
- Net debt
- 3.9 bn SEK
- Equity
- 4.9 bn SEK
- Total assets
- 19.7 bn SEK
- Debt / equity
- 1.10x
- Current ratio
- 1.01x
- ROE
- 2.0%
- ROA
- 0.5%
- FCF margin
- 6.7%
Financial statements (source on every figure)
Revenue and net income (SEK)
Margins
Income statement · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 13.9 bn | 13.6 bn | 14.7 bn | esef· 26 Oct 2026verified |
| Cost of revenue | 9.5 bn | 8.8 bn | 10.1 bn | esef· 26 Oct 2026verified |
| Gross profit | 4.4 bn | 4.8 bn | 4.6 bn | esef· 26 Oct 2026verified |
| Research & development | 360.0 m | 408.0 m | 487.0 m | esef· 26 Oct 2026verified |
| Operating income | 1.6 bn | 1.7 bn | 1.2 bn | esef· 26 Oct 2026verified |
| Interest expense | 357.0 m | 404.0 m | 454.0 m | esef· 26 Oct 2026verified |
| Pre-tax income | 1.3 bn | 1.4 bn | 815.0 m | esef· 26 Oct 2026verified |
| Income tax | 463.0 m | 434.0 m | 253.0 m | esef· 26 Oct 2026verified |
| Net income | 784.0 m | 973.0 m | 106.0 m | esef· 26 Oct 2026verified |
| Diluted EPS | 4.30 | 5.33 | 0.58 | esef· 26 Oct 2026verified |
| Dividend per share | 0.95 | 1.30 | 1.60 | esef· 26 Oct 2026verified |
Balance sheet · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 1.5 bn | 1.5 bn | 1.5 bn | esef· 26 Oct 2026verified |
| Inventories | 1.7 bn | 2.3 bn | 1.9 bn | esef· 26 Oct 2026verified |
| Current assets | 6.5 bn | 7.4 bn | 6.7 bn | esef· 26 Oct 2026verified |
| Property, plant & equipment, net | 1.1 bn | 1.8 bn | 1.8 bn | esef· 26 Oct 2026verified |
| Total assets | 16.7 bn | 22.0 bn | 19.7 bn | esef· 26 Oct 2026verified |
| Long-term debt | 4.2 bn | 3.8 bn | 5.3 bn | esef· 26 Oct 2026verified |
| Current liabilities | 5.3 bn | 9.7 bn | 6.7 bn | esef· 26 Oct 2026verified |
| Equity | 5.3 bn | 5.9 bn | 4.9 bn | esef· 26 Oct 2026verified |
| Shares outstanding at year end | 182.3 m | 182.6 m | 182.8 m | esef· 26 Oct 2026derived |
Cash flow · SEK
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Operating cash flow | 1.1 bn | 2.4 bn | 1.6 bn | esef· 26 Oct 2026verified |
| Capex | 323.0 m | 745.0 m | 592.0 m | esef· 26 Oct 2026verified |
| Free cash flow | 743.0 m ≈ | 1.6 bn ≈ | 988.0 m ≈ | esef· 26 Oct 2026derived |
| Investing cash flow | -1.4 bn | -2.9 bn | -1.0 bn | esef· 26 Oct 2026verified |
| Financing cash flow | 1.0 bn | 467.0 m | -471.0 m | esef· 26 Oct 2026verified |
| Dividends paid | 173.0 m | 237.0 m | — | esef· 08 May 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 38 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40 · (margin_of_safety <= -0.25 & agreement in ['high', 'medium'])
Closing price
06 Nov 2026Source: olivLaw, closing series
Market cap: 23.6 bn SEK
Key indicators
Coverage and freshness
Score by group
- Quality53
- Returns49
- Balance sheet18
- Valuation23
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Unattractive profile · Score 38/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.0% | 43 (vs peers) | 17% |
| Net margin · Quality | 0.7% | 22 (vs peers) | 10% |
| FCF conversion · Quality | 932.1% | 100 (on a fixed band) | 10% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.7x | 19 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.0x | 17 (on a fixed band) | 7% |
| P/E (TTM) · Valuation | 222.3x | 0 (vs peers) | 17% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.2% | 52 (on a fixed band) | 13% |
| Shareholder yield (distributions) · Returns | 1.0% | 14 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | 24.0% | 100 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet18/100 · 2/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality53/100 · 3/3 factors with a value
- Returns49/100 · 2/2 factors with a value
- Valuation23/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Munters Group AB (MTRS.ST). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 14.7 bn SEK in 2025; YoY growth 8.3%; net margin 0.7%; ROE 2.0%.
The estimated value range is 15.70–19.65 SEK per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 17.35 SEK, the price of 128.95 SEK leaves a potential of -86.5% (value / price − 1) and a margin of safety of -643.3% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 38/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- FCF conversion: 932.1%
- Payout ratio (FCF): 24.0%
What contradicts it
- Net margin: 0.7%
- Interest coverage: 2.7x
- Current ratio: 1.0x
- P/E (TTM): 222.3x
- Shareholder yield (distributions): 1.0%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, EV/EBITDA.
Versus the vertical median
Listed companies from Sweden · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ALFA.STAlfa Laval AB | 219.9 bn | 26.6 | 19.4% | 11.9% | +4.1% | +19% / +36% |
| BOL.STBoliden Ab | 141.8 bn | 15.1 | 13.3% | 10.1% | +4.8% | +11% / +80% |
| CAST.STCastellum Aktiebolag | 66.4 bn | 70.8 | 1.2% | 9.8% | −2.6% | +26% / +6% |
| AAK.STAak Ab (publ) | 47.4 bn | 13.9 | 17.2% | 7.5% | +2.2% | −31% / −14% |
| CAMX.STCamurus AB | 43.3 bn | 59.6 | 19.5% | 32.5% | +21.3% | +18% / +58% |
| ASKER.STAsker Healthcare Group AB | 30.0 bn | 60.9 | 9.8% | 2.9% | +11.7% | −17% / unavailable |
| BRAV.STBravida Holding AB | 29.3 bn | 23.8 | 13.7% | 4.4% | −4.9% | +79% / +118% |
| MTRS.STMunters Group AB | 23.6 bn | 222.3 | 2.0% | 0.7% | +8.3% | −20% / −12% |
| ALLEI.STAlleima AB | 22.7 bn | 33.9 | 4.1% | 3.6% | −5.4% | +11% / +20% |
| BURE.STBure Equity AB | 22.5 bn | — | -21.0% | — | unavailable | +19% / +19% |
| AQ.STAQ Group AB | 19.9 bn | 29.5 | 14.9% | 7.5% | +6.0% | +15% / +121% |
| ATT.STAttendo AB (publ) | 19.5 bn | 24.1 | 15.1% | 4.3% | +0.1% | +55% / +276% |
| ALTRA.STAltra Fastigheter AB | 18.4 bn | 33.9 | 3.0% | 15.1% | −2.2% | +9% / +19% |
| AFRY.STAfry Ab | 14.7 bn | 18.3 | 6.2% | 3.1% | −5.2% | −18% / +2% |
| ATRLJ-B.STAtrium Ljungberg AB | 13.9 bn | 16.9 | 2.9% | 23.9% | −2.0% | −34% / −45% |
| ALIG.STAlimak Group AB (publ) | 12.7 bn | 21.2 | 8.2% | 8.8% | −3.2% | −18% / +50% |
| ACAD.STAcadeMedia AB | 12.6 bn | 15.3 | 12.7% | 4.3% | +9.7% | +21% / +136% |
| APOTEA.STApotea AB (publ) | 10.8 bn | 47.4 | 31.3% | 3.2% | +10.1% | +16% / unavailable |
| BOOZT.STBoozt AB | 10.6 bn | 37.9 | 10.4% | 3.6% | +0.5% | +57% / +44% |
| BUFAB.STBufab AB (publ) | 5.0 bn | 9.0 | 15.1% | 6.9% | −7.4% | +34% / +107% |
| CEVI.STCellaVision AB | 4.7 bn | 31.0 | 18.0% | 20.2% | +4.9% | +21% / +12% |
| COOR.STCoor Service Management Holding AB | 4.7 bn | 18.1 | 13.0% | 2.2% | +16.7% | +1% / +24% |
| ACTI.STActive Biotech AB (publ) | 4.5 bn | — | -84.5% | — | unavailable | −38% / −79% |
| BHG.STBHG Group AB | 4.4 bn | 30.4 | 2.5% | 1.4% | +6.2% | −20% / +108% |
| CARA.STCarasent AB (publ) | 1.8 bn | 51.2 | 4.1% | 10.1% | +24.9% | −9% / +86% |
1- and 3-year price returns: for MTRS.ST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (SEK)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 79.12 Total return -38% · Per year -38% | 139.63 Total return 9% · Per year 9% | 209.98 Total return 63% · Per year 63% |
| 3 years | 82.73 Total return -35% · Per year -13% | 163.71 Total return 29% · Per year 9% | 269.46 Total return 111% · Per year 28% |
| 5 years | 86.51 Total return -31% · Per year -7% | 191.94 Total return 52% · Per year 9% | 345.78 Total return 172% · Per year 22% |
- Exit P/E± 40.93
- Net margin± 28.65
- Annual revenue growth± 22.69
- Annual dilution± 2.41
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Munters is a global provider of technologies for controlling humidity, climate and air quality, organised into three business areas: AirTech, Data Center Technologies and FoodTech. Its relevance is growing with demand for data center cooling and energy-efficient industrial solutions, although the battery market remains weak.
SWOT
Strengths
- The core technology, the absorption rotor, has a long history and is patented, supporting its market position 1.
- A large installed base and local service network bring recurring revenue from upgrades and optimisation 1.
- A diversified portfolio across three segments reduces dependence on any single sector 1.
Weaknesses
Opportunities
Risks
- Geopolitical risksmedium
Global operations can be quickly affected by geopolitical developments, either directly or through logistics 1.
- Climate risksmedium
Extreme weather could increase the risk of disruption at factories and in supply chains 1.
- IT and data risksmedium
Greater digitalisation brings vulnerability to cyberattacks and data errors, with effects on customers 1.
- Compliance and reportinglow
Regulatory and reporting requirements, including climate-related ones, are expanding, and non-compliance could affect customer confidence 1.
Investment thesis
What would need to be true (bull case)
- If demand for data centre cooling keeps growing, the Data Center Technologies segment could become the main revenue driver 1.
- Digital and energy-efficiency solutions could support better margins and stronger customer relationships 1.
- The installed base and local service network could generate stable recurring revenue 1.
What to watch
- Sales trend in the AirTech segment, especially for batteries and componentsQ1 2027
- Growth pace of Data Center Technologies and cooling orders2027
- Effect of AirTech cost-saving programmes on profitability2026
- Progress of the Capsol Technologies partnership and Airprotech integration within Clean Technologiesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Munters Group AB (publ), headquartered in Stockholm, operates in industrial climate control through three businesses: AirTech, Data Center Technologies and FoodTech. The company builds on the patented absorption rotor invented by Carl Munters in 1948 and on evaporative pads for humidification and cooling 1. Operations run through a global network of factories, software development centres and sales offices in more than 30 countries 1.
By segment, AirTech accounted for 48% of net sales in 2025, Data Center Technologies for 40% and FoodTech for 12% 1. AirTech's share fell from 60% in 2024, indicating diversification toward the other segments 1. The company describes itself as a leader in humidity and air quality control for mission-critical operations 1.
Munters combines products, components and services, and its large installed base supports revenue from service, upgrades and digital optimisation 1. The sales model includes direct sales and a network of distributors in selected markets 1.
Segments
AirTech
AirTech is an energy-efficient industrial air treatment business that also includes Clean Technologies for emissions reduction and CO2 capture 1. Besides system sales it has a strong component and service business, and the food and pharmaceutical sectors are among its growth areas 1. Demand for batteries has declined, which the company describes as a challenging global market 1.
Market context
The industrial climate control market is supported by stricter food safety requirements, growing pharmaceutical production and investment in infrastructure and data centres 1. The company notes that demand varies by region depending on investment levels 1. With 42% of employees in the Americas and 36% in EMEA, its geographic exposure is broad 1.
The battery market, relevant to dehumidification components, has been weak, with lower investment and higher competition linked to electric vehicles 1. The company expects a longer-term recovery, though the timing remains uncertain 1.
Trends
- Data centre growthtailwind
Growth in data centres has boosted sales of evaporative pads for temperature control and supported the Data Center Technologies segment 1. If investment in digital infrastructure continues, demand for cooling could remain high 1.
- Weakness in the battery marketheadwind
Lower investment in batteries has hit sales of dehumidification rotors and limited AirTech's growth 1. A recovery could come if global electrification accelerates 1.
- Energy efficiency and AItailwind
Customers want solutions that cut energy use, and digital control solutions such as AI Control are becoming more relevant 1. The company reports energy use reductions of up to 30% at a customer in full-scale operation 1.
- Climate and reporting regulationmixed
Climate-related regulation and industry standards, including CSRD reporting requirements, raise compliance complexity but may also stimulate demand for efficient solutions 1. The company adapts by tracking European legislation 1.
Competitive position
The analysed source does not name competitors, so the analysis is limited to the competitive factors the company cites: technology, local service and industrial applications 1. The company aims to remain among the three leaders in each defined niche 1.
- Industrial air conditioning and humidity control providers
The source names no competitors; the company is identified only as a general rival in industrial climate control.
- Data centre cooling system manufacturers
Competition in data centre cooling; the source does not name individual firms in this segment.
- Digital control solution providers for the food industry
Competition in FoodTech, where the source mentions only control technologies, sensors and analytics.
- Emissions reduction technology companies
Competition in Clean Technologies, including the carbon capture partnership described in the source.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202526 Oct 2026
- Annual report 202408 May 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Munters Group AB (publ) · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.