Recent Insider Transactions • Aug 17
Group Vice President People recently bought €34k worth of stock On the 10th of August, Grete Stoltz bought around 2k shares on-market at roughly €16.38 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €41k. Insiders have collectively bought €167k more in shares than they have sold in the last 12 months. New Risk • Aug 14
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 7.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (88% net debt to equity). Share price has been volatile over the past 3 months (7.6% average weekly change). Profit margins are more than 30% lower than last year (3.4% net profit margin). Recent Insider Transactions • Aug 12
Group Vice President People recently bought €34k worth of stock On the 10th of August, Grete Stoltz bought around 2k shares on-market at roughly €16.38 per share. This transaction amounted to 26% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth €41k. Insiders have collectively bought €167k more in shares than they have sold in the last 12 months. Reported Earnings • Jul 19
Second quarter 2026 earnings released: EPS: kr1.11 (vs kr0.96 in 2Q 2025) Second quarter 2026 results: EPS: kr1.11 (up from kr0.96 in 2Q 2025). Revenue: kr3.81b (up 5.5% from 2Q 2025). Net income: kr202.0m (up 15% from 2Q 2025). Profit margin: 5.3% (up from 4.9% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 5.7% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. New Risk • Jun 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 8.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks High level of debt (92% net debt to equity). Share price has been volatile over the past 3 months (8.2% average weekly change). Profit margins are more than 30% lower than last year (3.3% net profit margin). Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to €15.18, the stock trades at a forward P/E ratio of 26x. Average forward P/E is 17x in the Building industry in Europe. Total returns to shareholders of 54% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €17.86 per share. Aankondiging • Jun 04
Munters Group AB (publ) (OM:MTRS) acquired OPTIfarm Ltd. Munters Group AB (publ) (OM:MTRS) acquired OPTIfarm Ltd. on June 3, 2026. The acquisition strengthens the offering of operational intelligence solutions from Speria, the commercial brand for Munters FoodTech business area.
Munters Group AB (publ) (OM:MTRS) completed the acquisition of OPTIfarm Ltd. on June 3, 2026. Aankondiging • May 22
Munters Group AB (Publ) Announces Executive Changes, Effective October 24, 2026 Munters Group AB (publ) appointed Frank Pellegrino as Group Vice President and President of business area Data Center Technologies (DCT), and member of Munters Group Executive Management, effective October 24, 2026. He succeeds Stefan Aspman, who on the same date will assume the position as President and CEO of Munters Group, as previously announced. Frank Pellegrino has been with Munters for more than 13 years and has played a central role in building the data center business since its inception in 2016. He has been part of the DCT management team since the business area was introduced in 2022 and has held several senior leadership positions, including VP Finance & Strategy and most recently Global Head of Sales & Strategy. Frank has been instrumental in scaling DCT into a global business -- expanding its geographic footprint, strengthening its offering, and driving a customer-centric approach with strong deployment discipline in portfolio and commercial execution. Over the past four years, DCT has delivered a remarkable step-change in performance across revenue growth, delivery capability, profitability, and capital efficiency, built on clear strategic priorities and close customer proximity. Frank Pellegrino, born in 1980, is an American citizen. He holds a Master of Science from Bryant University, with a focus on business and finance. Frank has worked closely with Stefan Aspman for the past four years, ensuring strong continuity in both leadership and strategic direction as the business continues to scale. In addition to his operational responsibilities, Frank serves on several boards across Munters international operations, spanning Europe, Asia, North and South America. Declared Dividend • May 21
Dividend of kr0.80 announced Shareholders will receive a dividend of kr0.80. Ex-date: 4th November 2026 Payment date: 10th November 2026 Dividend yield will be 4.8%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (61% earnings payout ratio) and cash flows (47% cash payout ratio). The dividend has increased by an average of 23% per year over the past 8 years. However, payments have been volatile during that time. EPS is expected to grow by 199% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Aankondiging • May 09
Munters Group AB Launches Speria as Commercial Brand for FoodTech Business Munters Group AB launched Speria, a new commercial brand for its FoodTech business area. Speria brings together FoodTech's technologies, software, and services into one connected offering, strengthening its capabilities as a global end-to-end technology and services partner across the food supply chain. Speria delivers operational intelligence solutions for food systems, helping producers and integrators run more efficient, predictable, and productive operations. Speria builds on Munters' role inside mission-critical operations, where controllers, sensors, and gateways run and monitor farm-level operations, capturing real-time data directly from operations. This data is sent to optimization software and expert services that plan and coordinate operations across the supply chain. Together, these capabilities connect planning, execution, and performance, turning fragmented data into clear, prioritized guidance and impact. FoodTech currently operates through five brands: MTech Systems for supply chain optimization software, and four differentiated controller brands, Hotraco, Rotem, InoBram and AEI. With the launch of Speria, FoodTech's products and brands will be brought closer together to enable a more connected and unified offering. Over time, MTech Systems will transition into Speria. Speria will also serve as the commercial brand for integrated offerings, meaning solutions that combine products and services from more than one brand. The four controller brands will continue to operate as product brands under the Speria umbrella. What customers buy and the teams they work with in Munters FoodTech does not change. There are no changes to the legal structure, governance, or customer agreements as part of this launch. Aankondiging • Apr 29
Munters Group AB (publ) to Report Q4, 2026 Results on Jan 28, 2027 Munters Group AB (publ) announced that they will report Q4, 2026 results on Jan 28, 2027 Aankondiging • Jan 30
Munters Group AB (publ), Annual General Meeting, Apr 30, 2026 Munters Group AB (publ), Annual General Meeting, Apr 30, 2026. Aankondiging • May 31
Grain & Protein Technologies completed the acquisition of FoodTech Equipment offering from Munters Group AB (publ) (OM:MTRS). Grain & Protein Technologies signed an agreement to acquire FoodTech Equipment offering from Munters Group AB (publ) (OM:MTRS) for SEK 1.1 billion on February 9, 2025. A cash consideration of for SEK 1.1 billion will be paid by Grain & Protein Technologies. As part of consideration, for SEK 1.1 billion is paid towards assets of FoodTech Equipment offering of Munters Group AB. The divestment includes production facilities across Italy, Germany, China and US, one assembly hub in South Africa and three sales offices.
For the period ending December 31, 2024, FoodTech Equipment offering of Munters Group AB reported total revenue of SEK 1.93 billion.
The divestment is anticipated to close during the first half of 2025, subject to regulatory approvals and other customary closing conditions.
Sidley Austin LLP acted as legal advisor and Santander US Capital Markets LLC acted as financial advisor to Grain & Protein Technologies. Mannheimer Swartling Advokatbyrå Aktiebolag acted as legal advisor and Reinier Henneman, Hans Pronk, Federico Lovison, Nuno Cruz of Rabobank acted as financial advisor to Munters Group.
Grain & Protein Technologies completed the acquisition of FoodTech Equipment offering from Munters Group AB (publ) (OM:MTRS) on May 30, 2025. Aankondiging • May 15
Munters Group AB (Publ) Approves Dividend, Payable on 21 May 2025 and 20 November 2025, Respectively Munters Group AB (publ) at its AGM to held on May 14, 2025 approved dividend is to be distributed with SEK 1.60 per share, to be paid in two equal instalments of SEK 0.80, and that the record dates for payment of the dividend should be 16 May 2025 and 17 November 2025. If the annual general meeting resolves in accordance with the proposal, the dividend is expected to be distributed by Euroclear Sweden AB on 21 May 2025 and 20 November 2025. Aankondiging • Apr 15
Munters Group AB (publ) to Report Q1, 2025 Results on Apr 29, 2025 Munters Group AB (publ) announced that they will report Q1, 2025 results at 7:30 AM, Central European Standard Time on Apr 29, 2025 Aankondiging • Feb 11
Grain & Protein Technologies signed an agreement to acquire FoodTech Equipment offering from Munters Group AB (publ) (OM:MTRS) for SEK 1.1 billion. Grain & Protein Technologies signed an agreement to acquire FoodTech Equipment offering from Munters Group AB (publ) (OM:MTRS) for SEK 1.1 billion on February 9, 2025. A cash consideration of for SEK 1.1 billion will be paid by Grain & Protein Technologies. As part of consideration, for SEK 1.1 billion is paid towards assets of FoodTech Equipment offering of Munters Group AB. The divestment includes ?ve production facilities across Italy, Germany, China and US, one assembly hub in South Africa and three sales offices.
For the period ending December 31, 2024, FoodTech Equipment offering of Munters Group AB reported total revenue of SEK 1.93 billion.
The divestment is anticipated to close during the first half of 2025, subject to regulatory approvals and other customary closing conditions. Aankondiging • Feb 06
Munters Group AB (publ), Annual General Meeting, May 14, 2025 Munters Group AB (publ), Annual General Meeting, May 14, 2025. Aankondiging • Nov 29
Munters Group AB Announces Executive Changes Munters Group AB has appointed Line Dovärn as Head of Investor Relations (IR), she will take on her new position as of December 1, 2024. Line Dovärn has been appointed Head of IR for Munters. Line joined Munters in September 2021 as Director of Investor Relations and has over the years been a part of developing and driving the investor relations agenda for the group. She has many years of extensive experience from the financial sector, particularly in investor relations, credit analysis, and treasury management from Swedbank and Nordax Bank. Line will assume her position as of December 1, 2024 and report to the CFO. Line will succeed Ann-Sofi Jönsson who will leave the company in February 2025 for the position as Head of IR & Sustainability reporting at Electrolux Group. Reported Earnings • Oct 22
Third quarter 2024 earnings released: EPS: kr1.44 (vs kr1.43 in 3Q 2023) Third quarter 2024 results: EPS: kr1.44 (up from kr1.43 in 3Q 2023). Revenue: kr3.76b (up 5.6% from 3Q 2023). Net income: kr263.0m (up 1.2% from 3Q 2023). Profit margin: 7.0% (down from 7.3% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Oct 21
Munters Group AB (publ) (OM:MTRS) agreed to acquire Hotraco Group B.V. Munters Group AB (publ) (OM:MTRS) agreed to acquire Hotraco Group B.V. on October 21, 2024. he acquisition will be financed through existing credit facilities and is expected to be completed during the fourth quarter 2024. For the year ended 2023 Hotraco reported revenue of SEK 465 million. Aankondiging • Oct 04
Munters Group AB (Publ) Announces Retirement of Stefan Måhl as Group Vice President Business Excellence, Effective January 15, 2025 Munters announced that Stefan Måhl, Group Vice President Business Excellence, has decided to leave the company. Stefan Måhl has held his current position since 2020 and has worked at Munters for nearly 20 years in various leadership positions. He will leave Munters to retire on January 15, 2025. Valuation Update With 7 Day Price Move • Sep 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to €20.20, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 16x in the Building industry in Europe. Total returns to shareholders of 187% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €18.03 per share. Upcoming Dividend • Sep 17
Upcoming dividend of kr0.65 per share Eligible shareholders must have bought the stock before 24 September 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (4.9%). Lower than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to €21.26, the stock trades at a forward P/E ratio of 32x. Average forward P/E is 17x in the Building industry in Europe. Total returns to shareholders of 183% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €15.50 per share. Buy Or Sell Opportunity • Jul 19
Now 33% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to €16.95. The fair value is estimated to be €12.70, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 19%. Revenue is forecast to grow by 27% in 2 years. Earnings are forecast to grow by 102% in the next 2 years. Reported Earnings • Jul 18
Second quarter 2024 earnings released: EPS: kr1.81 (vs kr1.41 in 2Q 2023) Second quarter 2024 results: EPS: kr1.81 (up from kr1.41 in 2Q 2023). Revenue: kr3.79b (up 7.2% from 2Q 2023). Net income: kr330.0m (up 29% from 2Q 2023). Profit margin: 8.7% (up from 7.2% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 4.5% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Jul 17
Munters Group AB (publ) (OM:MTRS) signed an agreement to acquire Geoclima S.r.l. Munters Group AB (publ) (OM:MTRS) signed an agreement to acquire Geoclima S.r.l. on July 17, 2024. The proposed acquisition will be fully financed through existing credit facilities. For the period ending December 31, 2023, Geoclima S.r.l. reported total revenue of approximately SEK 460 million. The closing of the acquisition will occur after a restructuring of the legal entities of the Geoclima group is completed and is subject to customary closing conditions applicable in Italy and is expected to be completed in the second half of 2024. Aankondiging • Jun 19
Munters Group AB (Publ) Announces Changes in Group Executive Management Team Munters Group AB (publ) expands and strengthens its Group Executive Management Team with two new members. Kaspar Kirchmann is appointed GVP Legal and Group Counsel and a new member of the Group Executive Management Team as of July 1, 2024. Kaspar joined Munters in 2017 and has held the position of General Counsel, VP Group Tax and Legal since 2023. Additionally, he is the secretary of the board since 2023. Prior to Munters, Kaspar was with PwC where he specialized in international transactions. Susann Johnsson is appointed GVP Communications and Brand and a new member of the Group Executive Management Team as of July 1, 2024. Susann has been VP Communications and Brand at Munters since she joined in 2021. Prior to Munters, Susann was VP Head of Group Brand at Telia Company and brings profound international experience within brand, communications and marketing. Kaspar and Susann have until now been members of the Extended Group Executive Management Team. Aankondiging • May 23
Munters Group AB (publ) to Report Fiscal Year 2024 Results on Feb 05, 2025 Munters Group AB (publ) announced that they will report fiscal year 2024 results on Feb 05, 2025 Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to €18.15, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 16x in the Building industry in Europe. Total returns to shareholders of 123% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €14.62 per share. Buy Or Sell Opportunity • Apr 25
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to €18.15. The fair value is estimated to be €14.62, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 28% over the last 3 years. Earnings per share has grown by 18%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 101% in the next 2 years. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: kr1.19 (vs kr1.18 in 1Q 2023) First quarter 2024 results: EPS: kr1.19 (up from kr1.18 in 1Q 2023). Revenue: kr3.54b (up 11% from 1Q 2023). Net income: kr218.0m (up 1.9% from 1Q 2023). Profit margin: 6.2% (down from 6.7% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Mar 26
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 28% to €17.45. The fair value is estimated to be €14.33, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 19%. For the next 3 years, revenue is forecast to grow by 8.9% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Upcoming Dividend • Mar 15
Upcoming dividend of kr0.65 per share Eligible shareholders must have bought the stock before 22 March 2024. Payment date: 28 March 2024. Payout ratio is a comfortable 30% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (5.4%). Aankondiging • Feb 12
Munters Group AB (publ) Announces Anna Westerberg Declines Re-Election from the Board Munters Group AB (publ) announced that Anna Westerberg has declined re-election from the board. Reported Earnings • Feb 04
Full year 2023 earnings released: EPS: kr4.30 (vs kr3.18 in FY 2022) Full year 2023 results: EPS: kr4.30 (up from kr3.18 in FY 2022). Revenue: kr13.9b (up 34% from FY 2022). Net income: kr784.0m (up 36% from FY 2022). Profit margin: 5.6% (in line with FY 2022). Revenue is forecast to grow 9.4% p.a. on average during the next 3 years, compared to a 3.6% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 24% per year. Aankondiging • Feb 02
Munters Group AB (publ) to Report Q3, 2024 Results on Oct 22, 2024 Munters Group AB (publ) announced that they will report Q3, 2024 results on Oct 22, 2024 Aankondiging • Feb 01
Munters Group AB (Publ) Proposes Dividend The Board of Directors pf proposed a dividend of SEK 1.30 (SEK 0.95) per share totaling a dividend of SEK 237 million (SEK 173 million) to be paid in two equal installments. This represents 30% (30%) of net income in 2023. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €11.30, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 13x in the Building industry in Europe. Total returns to shareholders of 85% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €11.67 per share. Reported Earnings • Oct 25
Third quarter 2023 earnings released: EPS: kr1.43 (vs kr0.97 in 3Q 2022) Third quarter 2023 results: EPS: kr1.43 (up from kr0.97 in 3Q 2022). Revenue: kr3.56b (up 35% from 3Q 2022). Net income: kr260.0m (up 48% from 3Q 2022). Profit margin: 7.3% (up from 6.7% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 17% per year. Buying Opportunity • Oct 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be €12.12, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 23%. Revenue is forecast to grow by 35% in 2 years. Earnings is forecast to grow by 97% in the next 2 years. Aankondiging • Sep 20
Munters Group AB (publ), Annual General Meeting, Mar 21, 2024 Munters Group AB (publ), Annual General Meeting, Mar 21, 2024. Aankondiging • Sep 06
Munters Group AB (publ) (OM:MTRS) signed an agreement to acquire ZECO Aircon Ltd. for an enterprise value of SEK 790 million. Munters Group AB (publ) (OM:MTRS) signed an agreement to acquire ZECO Aircon Ltd. for an enterprise value of SEK 790 million on September 4, 2023. The proposed acquisition will be fully financed through existing credit facilities. ZECO reported net sales of about SEK 510 million for FY 2022/2023, ending on the March 31, 2023. Closing of the acquisition is subject to customary closing conditions applicable in India. The deal is expected to be completed before year-end closing. The reported EBITA-margin of ZECO is accretive to the Munters Group. Recent Insider Transactions • Jul 27
Group VP & President of FoodTech recently sold €249k worth of stock On the 21st of July, Pia Linder sold around 22k shares on-market at roughly €11.50 per share. This transaction amounted to 86% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €780k more than they bought in the last 12 months. Reported Earnings • Jul 19
Second quarter 2023 earnings released: EPS: kr1.41 (vs kr0.93 in 2Q 2022) Second quarter 2023 results: EPS: kr1.41 (up from kr0.93 in 2Q 2022). Revenue: kr3.54b (up 36% from 2Q 2022). Net income: kr256.0m (up 52% from 2Q 2022). Profit margin: 7.2% (up from 6.5% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 4.8% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 23% per year and the company’s share price has also increased by 23% per year. Aankondiging • Jun 15
Munters Group AB (publ) (OM:MTRS) acquired Ste D'installations Frigorifiques Et Thermiques Du Nord Le Froid Maritime SA SIFT from Olivier Maes. Munters Group AB (publ) (OM:MTRS) acquired Ste D'installations Frigorifiques Et Thermiques Du Nord Le Froid Maritime SA SIFT from Olivier Maes on June 14, 2023. SIFT will remain a separate legal entity, while still operating under the SIFT name. Following the acquisition, Jean-Luc Breton, Regional Manager South Europe / Managing Director Munters France, will take on the role as Managing Director of SIFT. The owner Olivier Maes, will remain in the business to facilitate the transition to becoming a Munters business.Munters Group AB (publ) (OM:MTRS) completed the acquisition of Ste D'installations Frigorifiques Et Thermiques Du Nord Le Froid Maritime SA SIFT from Olivier Maes on June 14, 2023. Aankondiging • May 18
Munters Group AB (Publ) Approves Dividend, Payable on 25 May 2023 Munters Group AB (publ) announced that at its Annual general meeting held on May 17, 2023, resolved in accordance with the board of directors’ proposal that dividend is to be distributed with SEK 0.95 per share, and that the record date for payment of the dividend should be 22 May 2023. The dividend is expected to be distributed by Euroclear Sweden AB on 25 May 2023. Upcoming Dividend • May 12
Upcoming dividend of kr0.95 per share at 0.8% yield Eligible shareholders must have bought the stock before 19 May 2023. Payment date: 25 May 2023. Payout ratio is a comfortable 25% but the company is paying out more than the cash it is generating. Trailing yield: 0.8%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.2%). Reported Earnings • Mar 20
Full year 2022 earnings released: EPS: kr3.18 (vs kr2.82 in FY 2021) Full year 2022 results: EPS: kr3.18 (up from kr2.82 in FY 2021). Revenue: kr10.4b (up 41% from FY 2021). Net income: kr577.0m (up 13% from FY 2021). Profit margin: 5.6% (down from 7.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 60% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Feb 12
Full year 2022 earnings released: EPS: kr3.18 (vs kr2.82 in FY 2021) Full year 2022 results: EPS: kr3.18 (up from kr2.82 in FY 2021). Revenue: kr10.4b (up 41% from FY 2021). Net income: kr577.0m (up 13% from FY 2021). Profit margin: 5.6% (down from 7.0% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.1% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 20% per year. Recent Insider Transactions • Feb 12
President & CEO recently bought €64k worth of stock On the 9th of February, Klas Forsstrom bought around 8k shares on-market at roughly €8.04 per share. This transaction amounted to 6.5% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Klas has been a net seller over the last 12 months, reducing personal holdings by €335k. Aankondiging • Feb 10
Munters Group AB (publ) to Report Nine Months, 2023 Results on Oct 24, 2023 Munters Group AB (publ) announced that they will report nine months, 2023 results on Oct 24, 2023 Aankondiging • Feb 09
Munters Group AB (Publ) Proposes Dividend The Board of Directors of Munters Group AB (publ) proposed a dividend of SEK 0.95 (0.85) per share totaling a dividend of SEK 175 million (157). Aankondiging • Dec 09
Munters Group AB (publ) to Report First Half, 2023 Results on Jul 18, 2023 Munters Group AB (publ) announced that they will report first half, 2023 results on Jul 18, 2023 Board Change • Nov 16
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 6 non-independent directors. Independent Director Anders Lindqvist was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Aankondiging • Nov 10
CFO Annette Kumlien Leaves Munters Group AB (Publ) for New Assignment Annette Kumlien CFO of Munters Group AB (publ) has announced that she has decided to leave the company for a new assignment. Annette will remain in her current role during her notice period, but for a maximum of six months. The process of recruiting a new CFO will be initiated immediately. Aankondiging • Nov 03
Munters Group AB (publ), Annual General Meeting, May 17, 2023 Munters Group AB (publ), Annual General Meeting, May 17, 2023. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: kr0.97 (vs kr0.76 in 3Q 2021) Third quarter 2022 results: EPS: kr0.97 (up from kr0.76 in 3Q 2021). Revenue: kr2.64b (up 42% from 3Q 2021). Net income: kr176.0m (up 28% from 3Q 2021). Profit margin: 6.7% (down from 7.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Building industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 19% per year. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improved over the past week After last week's 18% share price gain to €6.52, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 14x in the Building industry in Europe. Total returns to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €7.85 per share. Reported Earnings • Jul 16
Second quarter 2022 earnings released: EPS: kr0.93 (vs kr0.46 in 2Q 2021) Second quarter 2022 results: EPS: kr0.93 (up from kr0.46 in 2Q 2021). Revenue: kr2.61b (up 43% from 2Q 2021). Net income: kr169.0m (up 104% from 2Q 2021). Profit margin: 6.5% (up from 4.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 15%, compared to a 13% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Board Change • May 31
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 4 non-independent directors. Independent Director Anna Westerberg was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Aankondiging • May 26
Munters Appoints Stefan Aspman as President of Business Area Data Center Technologies Munters is doing an organizational change where Data Center Technologies becomes a new business area from July 1, 2022. Stefan Aspman, currently Group Vice President and Head of Commercial Excellence and Strategic Marketing at Munters, has been appointed President of business area Data Center Technologies. Initially, Stefan will combine this new role with his current assignment. Upcoming Dividend • May 12
Upcoming dividend of kr0.85 per share Eligible shareholders must have bought the stock before 19 May 2022. Payment date: 25 May 2022. Payout ratio is a comfortable 34% but the company is paying out more than the cash it is generating. Trailing yield: 1.5%. Lower than top quartile of German dividend payers (4.2%). Lower than average of industry peers (3.1%). Aankondiging • May 12
Munters Group AB (Publ) Appoints Henrik Teiwik as Group Vice President and President Business Area Airtech Munters Group AB (publ) announced that Henrik Teiwik has been appointed Group Vice President and President for business area AirTech and will join Munters’ management team. Henrik has extensive leadership experience as CEO of Handicare Group and before that as Vice President at Alimak Group. Those roles included an IPO process, M&A processes, board assignments as well as other areas. He has previously held a number of highly qualified positions such as Associate Principal at McKinsey & Company, mainly focused on the industrial sector, with broad international experience. Henrik has lived in the US, Germany and Australia and has worked globally. Henrik will assume his position on 15 August 2022. Klas Forsström, who has held the position as interim President AirTech, will continue in his role as President and CEO at Munters. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: kr0.57 (vs kr0.88 in 1Q 2021) First quarter 2022 results: EPS: kr0.57 (down from kr0.88 in 1Q 2021). Revenue: kr2.12b (up 32% from 1Q 2021). Net income: kr104.0m (down 35% from 1Q 2021). Profit margin: 4.9% (down from 9.9% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 21%, compared to a 11% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improved over the past week After last week's 15% share price gain to €5.66, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 17x in the Building industry in Europe. Total returns to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €9.10 per share. Recent Insider Transactions • Feb 11
President recently bought €68k worth of stock On the 8th of February, Klas Forsstrom bought around 11k shares on-market at roughly €6.50 per share. This was the largest purchase by an insider in the last 3 months. Klas has been a buyer over the last 12 months, purchasing a net total of €146k worth in shares. Aankondiging • Feb 04
Munters Group AB (Publ) Proposes Dividend Munters Group AB (publ) announced board of directors proposed a dividend of 0.85 (0.70) SEK per share for 2021 totaling a dividend of MSEK 157 (129). Aankondiging • Jan 25
Munters Group AB (publ) (OM:MTRS) acquired Edpac International Limited for €29 million. Munters Group AB (publ) (OM:MTRS) acquired Edpac International Limited for €29 million on January 24, 2022. For the year ending on April 30, 2021, Edpac International Limited reported net sales of €27 million and adjusted EBITDA €1.7 million. The transaction will not have a significant impact on Munters earnings per share in current financial year.
Munters Group AB (publ) (OM:MTRS) completed the acquisition of Edpac International Limited on January 24, 2022. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS kr0.76 (vs kr0.89 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: kr1.86b (up 1.3% from 3Q 2020). Net income: kr138.0m (down 15% from 3Q 2020). Profit margin: 7.4% (down from 8.8% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 29% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Sep 02
Director recently bought €5.0m worth of stock On the 31st of August, Hakan Buskhe bought around 650k shares on-market at roughly €7.76 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought €3.1m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 15
Executive Officer recently sold €1.2m worth of stock On the 12th of August, Peter Gisel-Ekdahl sold around 154k shares on-market at roughly €7.88 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €1.9m more than they bought in the last 12 months. Recent Insider Transactions • Jul 27
Group Vice President of Human Resources recently sold €137k worth of stock On the 23rd of July, Sofia Gellar sold around 18k shares on-market at roughly €7.66 per share. In the last 3 months, there was an even bigger sale from another insider worth €295k. Insiders have been net sellers, collectively disposing of €665k more than they bought in the last 12 months. Reported Earnings • Jul 18
Second quarter 2021 earnings released: EPS kr0.46 (vs kr0.21 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: kr1.82b (up 2.8% from 2Q 2020). Net income: kr83.0m (up 118% from 2Q 2020). Profit margin: 4.6% (up from 2.1% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 24% per year, which means it is tracking significantly ahead of earnings growth. 
