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Munters Group (MMNNF) fair value: what the stock is really worth

As of Oct 1, 2026: fair value of Munters Group $6.90, price $11.83, upside -41.7%, quality 49 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Industrials · US · ISIN SE0009806607

MG Munters Group logo Broad data Sep 24, 2026

Munters Group

MMNNF · US

Weakest SetupStrongly overvalued and low quality.

!Fair value $6.90 · Strongly overvalued (−41.7%)
!Quality 49/100
!Mixed Growth (revenue 5y +16.0 %/yr)
!Thin margins · 2.6% net margin (TTM)
✓Moderate debt · generates free cash flow
!Narrow moat 35/100

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

$24.00 $0.0000 Fair Value $6.90 Oct 2017 Oct 2026

White line = price, green steps = our fair value per fiscal year. As of Sep 24, 2026.

How to read this chart

60‑month range $0.0000 – $24.00 · fair‑value band $4.05 – $9.75 · the $11.83 price screens above the $6.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Sep 24, 2026.

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Company profile

Munters Group AB (publ) provides climate solutions in the Americas, Europe, the Middle East, Africa, and Asia-pacific. The company operates through three segments: AirTech, Data Center Technologies, and FoodTech.

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Munters Group AB (publ) provides climate solutions in the Americas, Europe, the Middle East, Africa, and Asia-pacific. The company operates through three segments: AirTech, Data Center Technologies, and FoodTech. It offers industrial and commercial dehumidification and climate control products, such as air cleaning and inlet systems, air pollution control and VOC abatement solutions, controllers and automations, coolers and humidifiers, dehumidifiers, fans, heaters, heat exchangers, mass transfer equipment, and mist eliminators. The company also provides lifecycle solutions, including service agreements, installation, start-up, commissioning, maintenance and repairs, and retrofit and upgrade. In addition, it offers its products for cold storage, cooling, dehumidification, farm management, gas liquid separation, high temperature, humidification, mass transfer, preservation, spray drying, and volatile organic compound abatement solutions. The company serves automotive, battery, chemical and fertilizer, construction and infrastructure, data centers, defense and aerospace, electronics, food and agriculture, general industry, healthcare, ice rinks and sports, and marine; oil, gas, and refineries; pharmaceuticals; power; public buildings and offices; pulp, paper, and printing; steel and cement; storage, archives, and museums; and water and wastewater industries. Munters Group AB (publ) was founded in 1955 and is headquartered in Kista, Sweden.

Stock analysis

Munters Group (MMNNF) currently trades at $11.83, while our model-based Fair Value estimate is $6.90, 41.7% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of $9.31 per share, and 3 of the 23 models we run sit above the $11.83 price.

Bear case: the Growth Earnings group reads lowest at $1.05, and 20 of the 23 models stay below the price. Evidence for this calculation is high.

Scenario range: $4.05 (bear) to $9.75 (bull), the price of $11.83 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 49/100 (below-average quality), in the Industrials sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

Munters Group reported revenue of 14.7B SEK in FY2025 versus 7.3B SEK in FY2021, a compound +19.0%/yr. Reported net income was 106M SEK in FY2025, compounding −32.6%/yr from FY2021.

Key figures

Market cap $3.5B · P/E ratio 42.2 · P/S ratio 0.30 · EPS (TTM) $0.2800 · Net margin 0.7% · Return on equity 9.2% · Return on assets (EBIT) 7.8% · Revenue (TTM) 16.9B SEK.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 38 out of 100 (low confidence).

What moves the price

The share trades about 51% below its 52-week high and at its 52-week low.

For context, the median of 10 Industrials peers we cover trades at 7% fair-value upside, at −42%, MMNNF screens richer than that median.

Fair Value models

Bear $4.05 Fair Value $6.90 Bull $9.75
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then ($0.2117 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF $4.95 $10.06 $18.44 76
Residual Income $1.85 $1.75 $1.73 76
Growth DCF $4.90 $9.60 $17.04 75
All 23 models by family
DCF Models
FCF DCF $4.95 $10.06 $18.44 76
5Y Revenue Exit $4.52 $9.31 $15.74 70
5Y EBITDA Exit $6.94 $14.22 $23.28 73
5Y P/E Exit $0.8300 $1.82 $2.82 69
10Y Revenue Exit $4.39 $8.90 $15.64 64
10Y EBITDA Exit $6.16 $12.38 $21.71 65
10Y P/E Exit $2.22 $3.57 $5.23 63
Earnings-Based
Graham-Dodd $0.3900 $1.73 $2.36 64
Lynch FV $0.4500 $0.6400 $0.8300 61
PEG = 1.0 $0.4500 $0.6400 $0.8300 57
EPV $3.68 $4.59 $5.38 74
Multiples
P/E Multiple $0.9100 $1.21 $1.52 63
P/S Multiple $0.7400 $0.9800 $1.23 58
P/B Multiple $0.7400 $0.9800 $1.23 55
EV/EBIT $7.07 $10.13 $13.19 65
EV/EBITDA $8.91 $12.58 $16.25 67
EV/Revenue $4.44 $7.25 $10.06 52
Asset-Based
NCAV (Graham) $1.33 $1.78 $2.65 54
Growth DCF
Growth DCF $4.90 $9.60 $17.04 75
Rev-Margin DCF $4.52 $9.21 $15.17 70
Economic Profit
Residual Income $1.85 $1.75 $1.73 76
ROIC Compounder $4.09 $6.11 $8.85 70
Growth Earnings
Growth-Adj P/E $0.7400 $1.05 $1.37 67

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Quality Score breakdown

Overall quality 49/100

Of which business quality 46 · Market factors (momentum, volatility) 38

Profitability 31
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 49
Earnings quality: real cash, not paper profit
Fin. Strength 23
Balance sheet, leverage, solvency risk
Investment 78
Disciplined investing over empire-building
Low Volatility 41
Calm price path (market factor)
Momentum 0
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 81
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+8.3%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+16.0%
Start year 2020 (pandemic). Over 10 years: +10.5% a year
Revenue growth 11 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+12.0%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis.
+9.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+9.2%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.12% → 9%

Growth Forecast

A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+20.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+15.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in SEK, Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +17.7% a year for the price and +13.2% for the forecasts.
Forecast 2026 (sales)+15.6%
Forecast 2027 (sales)+18.5%
Projected 2028 (sales)+16.4%
Projected 2029 (sales)+14.4%
Projected 2030 (sales)+12.3%

MMNNF screens overvalued: fair value 42% below the price. Compare with Veralto Corporation →

Earlier news

News mood ⓘNews mood, the average tone of recent news (44 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation. Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.

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Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Cite: Fair Value Calculator (2026). "Munters Group Fair Value". https://www.fairvalue-calculator.com/stock/MMNNF

Frequently asked questions

Is Munters Group (MMNNF) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of $6.90 versus a price of $11.83, about −42% upside (overvalued).
What is the fair value of MMNNF?
Our model-based fair value for Munters Group is $6.90 (as of Sep 24, 2026), built from audited fundamentals. The current price: $11.83.
What is the quality score of MMNNF?
Munters Group has a Quality Score of 49/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Munters Group (MMNNF)?
Our model-based price target is the fair value of $6.90 (as of Sep 24, 2026) from 23 valuation models. Cautious scenario $4.05, optimistic scenario $9.75. It is a calculation from audited fundamentals, not an analyst target.
What is the Munters Group stock forecast for 2026?
Our models put fair value at $6.90, about −42% upside versus a price of $11.83 (overvalued). Cautious scenario $4.05, optimistic scenario $9.75. The calculation is refreshed regularly with new filings.
What is the revenue of Munters Group (MMNNF)?
Munters Group reported trailing-twelve-month revenue of about 16.9B SEK (latest available figure, as of Sep 24, 2026).
What growth is priced into Munters Group (MMNNF)?
For today's price to be fair in a discounted-cash-flow model, Munters Group would have to grow free cash flow by +20.0 % per year for five years (discount rate 9.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of MMNNF use?
Our models discount Munters Group at 9.1 %: a base by market capitalisation (mid), damped by beta 0.73, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Munters Group that is +20.0 % per year a year over ten years, using the same discount rate (9.1 %) and the same formula as our fair value.
How much growth has Munters Group (MMNNF) delivered so far?
Over the past 5 years revenue at Munters Group grew +16.0 % a year. The price currently implies +20.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Munters Group (MMNNF) growing?
The median revenue growth in the sector is +7.3 % a year. That is the yardstick for the growth priced into Munters Group (+20.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Munters Group (MMNNF)?
The free-cash-flow yield on the price is 3.33 %: that much free cash flow Munters Group produces per unit of market value. When it exceeds the discount rate of our models (9.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Munters Group (MMNNF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Munters Group it is $6.90 per share (as of Sep 24, 2026), against a price of $11.83. It is the blended result of 23 valuation models (cash flow, earnings, asset, dividend).
Is Munters Group stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MMNNF trades above its calculated fair value: price $11.83, fair value $6.90, a gap of about −42% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MMNNF?
No. The price is what the market pays today ($11.83); the fair value is what the company's own numbers justify ($6.90). For Munters Group the two are $4.93 per share apart. That gap is exactly why we show both numbers side by side.
How much is Munters Group worth?
The market values Munters Group at about $3.5B (market capitalisation, as of Sep 24, 2026). Per share that is $11.83; our models calculate a fair value of $6.90 per share.
What do the bullish and bearish scenarios say about MMNNF?
Our models span a range for Munters Group: cautious scenario $4.05, base $6.90, optimistic $9.75 per share (as of Sep 24, 2026, price $11.83). The range comes from different growth and margin assumptions, not from analyst opinions.
How far is MMNNF from its 52-week high?
Munters Group trades at $11.83, about 51% below its 52-week high of $24.00 and at the low of $11.83 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of $6.90 is for.
Which stocks are comparable to Munters Group?
From the same area (Industrials) we also value Veralto Corporation, Zurn Elkay Water Solutions Corporation, CECO Environmental Corp, Fujian Longking Co, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Munters Group stock attractive at the current price?
The data as of Sep 24, 2026: price $11.83, calculated fair value $6.90 (−42%), Quality Score 49/100, from 23 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MMNNF calculated?
We run Munters Group through 23 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $6.90, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Munters Group itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Munters Group (MMNNF)?
The closing price on Oct 1, 2026 was $11.83. Our model-based fair value is $6.90, about −42% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Munters Group right now?
The price sits above even our optimistic bull case ($9.75). The favourable scenario is already priced in. Solid but not exceptional quality (49/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($4.05 to $9.75) leaves room in how you read the outcome.

Key figures of Munters Group

How large is the market capitalisation of Munters Group (MMNNF)?
The market capitalisation of Munters Group is $3.5B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of Munters Group (MMNNF)?
The price-to-earnings ratio of Munters Group is 42.2. Price to earnings: how many years of current profit you pay for the stock. A P/E of 10 means ten years of profit.
What is the P/S ratio of Munters Group (MMNNF)?
The price-to-sales ratio of Munters Group is 0.30 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Munters Group (MMNNF)?
Earnings per share at Munters Group are $0.2800 (price ÷ EPS = P/E 42.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Munters Group (MMNNF)?
The net margin of Munters Group is 0.7% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Munters Group (MMNNF)?
The return on equity (ROE) of Munters Group is 9.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Munters Group (MMNNF)?
On an EBIT basis the return on assets of Munters Group is 7.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How fast is revenue growing at Munters Group (MMNNF)?
Revenue at Munters Group is growing −3.6% versus a year earlier (3y avg +12.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Munters Group (MMNNF)?
Earnings per share at Munters Group are growing −35.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Munters Group (MMNNF) carry?
The net debt of Munters Group is 4.7B SEK (fiscal year 2025, ≈ 6.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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