Munters Group AB (MTRS) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Munters Group AB stock SEK 48.58, price SEK 129, that is 62.3% below the price, quality 50 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range kr 49.73 – kr 249.43 · fair‑value band kr 21.04 – kr 76.12 · the kr 128.95 price screens above the kr 48.58 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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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.
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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 AB (MTRS) currently trades at kr 128.95, while our model-based Fair Value estimate is kr 48.58, 62% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of kr 117.26 per share, and 4 of the 24 models we run sit above the kr 128.95 price.
Bear case: the Growth Earnings group reads lowest at kr 10.36, and 20 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 21.04 (bear) to kr 76.12 (bull), the price of kr 128.95 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 50/100 (solid quality), in the Industrials sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Munters Group AB 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 23.7B SEK (≈ $2.4B) Mid · P/E ratio 46.4 · P/S ratio 1.54 · EPS (TTM) kr 2.78 · Dividend yield 1.2% · Net margin 3.4% · Return on equity 9.8% · Return on assets (EBIT) 7.4% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 36 out of 100 (low confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 39% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at 3% fair-value upside, at −62%, MTRS screens richer than that median.
Fair Value models
Bearkr 21.04Fair Value kr 48.58Bullkr 76.12
Price kr 128.95 · Downside -62.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 1.01 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.Coverage ⓘCoverage = 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.
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.79/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
−4.8%
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%
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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.
+13.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+12.6%
Dividend (yield on the price)1.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−24.2% vs 2.3%, slowing
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.10% → 9%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes about as much growth as the company has delivered so far and less 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).
+13.8%
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.
+22.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (Sweden: IMF forecast 2.0% a year to 2030, 2.9% from 2016 to 2025) that is about +11.6% a year for the price and +20.3% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (53 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.
AI conclusion: Strong order intake from AI data center demand forms the main strength, while persistently low net margins and ROE remain the central weakness with thin supporting evidence.
Main risk: Component shortages in the US are delaying deliveries and blocking conversion of the backlog into profits, which would limit growth realization in cooling operations.
Munters faces strong order intake from AI-driven data center demand but component shortages in the US are delaying deliveries into 2027 and weighing on near-term forecasts. The planned sale of the FoodTech business should allow sharper focus on core cooling and air treatment operations. Will supply constraints resolve in time to convert the backlog into profits, or will they continue to limit growth realization?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Pollution & Treatment Controls · 86 stocks
P/B4.89× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (12 months)1.54× · Pricier than median
Price / free cash flow (fiscal year)24.0× · Pricier than median
EV/EBITDA16.9× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 12
FUTURE (revenue growth)89· sector 22
PAST (return on equity)39· sector 20
HEALTH (low debt)45· sector 95
DIVIDEND (yield)25· sector 37
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Munters Group AB Fair Value". https://www.fairvalue-calculator.com/stock/MTRS
Frequently asked questions
Is Munters Group AB (MTRS) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of kr 48.58 versus a price of kr 128.95, about 62% lower (overvalued).
What is the fair value of MTRS?
Our model-based fair value for Munters Group AB is kr 48.58 (as of Nov 8, 2026), built from audited fundamentals. The current price: kr 128.95.
What is the quality score of MTRS?
Munters Group AB has a Quality Score of 50/100. 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 AB (MTRS)?
Our model-based price target is the fair value of kr 48.58 (as of Nov 8, 2026) from 24 valuation models. Cautious scenario kr 21.04, optimistic scenario kr 76.12. It is a calculation from audited fundamentals, not an analyst target.
What is the Munters Group AB stock forecast for 2026?
Our models put fair value at kr 48.58, about 62% lower versus a price of kr 128.95 (overvalued). Cautious scenario kr 21.04, optimistic scenario kr 76.12. The calculation is refreshed regularly with new filings.
What is the revenue of Munters Group AB (MTRS)?
Munters Group AB reported trailing-twelve-month revenue of about 15.5B SEK (latest available figure, as of Nov 8, 2026).
Does Munters Group AB pay a dividend?
Munters Group AB currently shows a dividend yield of 1.24% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Munters Group AB (MTRS) and when is the ex-dividend date?
Munters Group AB pays a dividend of kr 1.60 per share a year, a dividend yield of 1.2%. The last ex-dividend date was Nov 4, 2026. A dividend has been paid every year since 2021. The payout ratio is 57.6% of earnings. Free cash flow covers the dividend 3.38 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Munters Group AB (MTRS)?
For today's price to be fair in a discounted-cash-flow model, Munters Group AB would have to grow free cash flow by +13.8 % per year for five years (discount rate 8.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +16.0 % per year. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of MTRS use?
Our models discount Munters Group AB at 8.9 %: a base by market capitalisation (mid), damped by beta 0.74, country premium for Sweden. 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 AB that is +13.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (8.9 %) and the same formula as our fair value.
How much growth has Munters Group AB (MTRS) delivered so far?
Over the past 5 years revenue at Munters Group AB grew +16.0 % a year. The price currently implies free-cash-flow growth of +13.8 % per 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 AB (MTRS) growing?
The median revenue growth in the sector is +7.8 % a year. That is the yardstick for the growth priced into Munters Group AB (+13.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Munters Group AB (MTRS)?
The free-cash-flow yield on the price is 4.20 %: that much free cash flow Munters Group AB produces per unit of market value. When it exceeds the discount rate of our models (8.9 %), 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 AB (MTRS)?
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 AB it is kr 48.58 per share (as of Nov 8, 2026), against a price of kr 128.95. It is the blended result of 24 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings).
Is Munters Group AB stock overvalued or undervalued in 2026?
As of Nov 8, 2026, MTRS trades above its calculated fair value: price kr 128.95, fair value kr 48.58, a gap of about −62% (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 MTRS?
No. The price is what the market pays today (kr 128.95); the fair value is what the company's own numbers justify (kr 48.58). For Munters Group AB the two are kr 80.37 per share apart. That gap is exactly why we show both numbers side by side.
How much is Munters Group AB worth?
The market values Munters Group AB at about 23.7B SEK (market capitalisation, as of Nov 8, 2026). Per share that is kr 128.95; our models calculate a fair value of kr 48.58 per share.
What do the bullish and bearish scenarios say about MTRS?
Our models span a range for Munters Group AB: cautious scenario kr 21.04, base kr 48.58, optimistic kr 76.12 per share (as of Nov 8, 2026, price kr 128.95). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MTRS?
Munters Group AB trades at a price-to-earnings ratio of 46.4 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 48.58 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2025), reported earnings: 35.4. Other multiples: P/B 4.9, P/S 1.5, EV/EBITDA 16.9.
How solid is the balance sheet of Munters Group AB (MTRS)?
Balance-sheet figures for Munters Group AB (as of Nov 8, 2026): return on equity 9.8%, debt of 1.10 per unit of equity. They feed the Quality Score of 50/100, which measures business quality independently of the share price.
How far is MTRS from its 52-week high?
Munters Group AB trades at kr 128.95, about 39% below its 52-week high of kr 210.60 and 2% above the low of kr 126.35 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of kr 48.58 is for.
Which stocks are comparable to Munters Group AB?
From the same area (Industrials) we also value Veralto Corporation, Zurn Elkay Water Solutions Corporation, Fujian Longking Co, Mega Union Technology Inc, 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 AB stock attractive at the current price?
The data as of Nov 8, 2026: price kr 128.95, calculated fair value kr 48.58 (−62%), Quality Score 50/100, from 24 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 MTRS calculated?
We run Munters Group AB through 24 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of kr 48.58 builds on their evidence-weighted average, 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 13.0% above its aggregate fair value. Munters Group AB 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 AB (MTRS)?
The closing price on Nov 6, 2026 was kr 128.95. Our model-based fair value is kr 48.58, about 62% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Munters Group AB right now?
The price sits above even our optimistic bull case (kr 76.12). The favourable scenario is already priced in. The model range is unusually wide (kr 21.04 to kr 76.12). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (50/100) and above fair value, neither a clear bargain nor a standout compounder.
Key figures of Munters Group AB
How large is the market capitalisation of Munters Group AB (MTRS)?
The market capitalisation of Munters Group AB is 23.7B SEK (≈ $2.4B). 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/S ratio of Munters Group AB (MTRS)?
The price-to-sales ratio of Munters Group AB is 1.54 (last twelve months). 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 AB (MTRS)?
Earnings per share at Munters Group AB are kr 2.78 (price ÷ EPS = P/E 46.4). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Munters Group AB (MTRS)?
The dividend yield of Munters Group AB is 1.2% (payout 57.6%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Munters Group AB (MTRS)?
The net margin of Munters Group AB is 3.4% (last twelve months). 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 AB (MTRS)?
The return on equity (ROE) of Munters Group AB is 9.8% (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 AB (MTRS)?
On an EBIT basis the return on assets of Munters Group AB is 7.4% (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.
What is the operating margin of Munters Group AB (MTRS)?
The operating margin of Munters Group AB is 8.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Munters Group AB (MTRS)?
Revenue at Munters Group AB is growing +17.8% 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 AB (MTRS)?
Earnings per share at Munters Group AB are growing +24.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Munters Group AB (MTRS) carry?
The net debt of Munters Group AB is 7.9B SEK (fiscal year 2025, ≈ 8.0 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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Broad data
Nov 8, 2026