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Munters Group

OM:MTRS
Snowflake Description

Moderate growth potential and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MTRS
OM
SEK8B
Market Cap
  1. Home
  2. SE
  3. Capital Goods
Company description

Munters Group AB (publ) provides energy efficient air treatment and climate solutions for commercial and industrial applications in Sweden, the United States, Germany, China, and internationally. The last earnings update was 64 days ago. More info.


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MTRS Share Price and Events
7 Day Returns
-0.5%
OM:MTRS
0.5%
SE Building
0.5%
SE Market
1 Year Returns
-12%
OM:MTRS
20.5%
SE Building
5%
SE Market
MTRS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Munters Group (MTRS) -0.5% 6.5% 24% -12% - -
SE Building 0.5% 5.5% 25.3% 20.5% 30.3% 92.5%
SE Market 0.5% 2.8% 10.8% 5% 12.4% 25.2%
1 Year Return vs Industry and Market
  • MTRS underperformed the Building industry which returned 20.5% over the past year.
  • MTRS underperformed the Market in Sweden which returned 5% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Munters Group undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Munters Group to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Munters Group.

OM:MTRS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 6 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.4%
Perpetual Growth Rate 10-Year SE Government Bond Rate 0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OM:MTRS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SE Govt Bond Rate 0.4%
Equity Risk Premium S&P Global 6%
Building Unlevered Beta Simply Wall St/ S&P Global 1.18
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 1.178 (1 + (1- 22%) (36.51%))
1.344
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.34
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.43% + (1.344 * 5.96%)
8.45%

Discounted Cash Flow Calculation for OM:MTRS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Munters Group is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

OM:MTRS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (SEK, Millions) Source Present Value
Discounted (@ 8.45%)
2019 319.50 Analyst x2 294.62
2020 483.00 Analyst x3 410.70
2021 601.67 Analyst x3 471.76
2022 694.67 Est @ 15.46% 502.26
2023 770.73 Est @ 10.95% 513.86
2024 830.82 Est @ 7.8% 510.78
2025 877.23 Est @ 5.59% 497.31
2026 912.68 Est @ 4.04% 477.11
2027 939.69 Est @ 2.96% 452.98
2028 960.38 Est @ 2.2% 426.89
Present value of next 10 years cash flows SEK4,558.26
OM:MTRS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SEK960.38 × (1 + 0.43%) ÷ (8.45% – 0.43%)
SEK12,039.75
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SEK12,039.75 ÷ (1 + 8.45%)10
SEK5,351.73
OM:MTRS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SEK4,558.26 + SEK5,351.73
SEK9,909.99
Equity Value per Share
(SEK)
= Total value / Shares Outstanding
= SEK9,909.99 / 183.60
SEK53.98
OM:MTRS Discount to Share Price
Calculation Result
Value per share (SEK) From above. SEK53.98
Current discount Discount to share price of SEK44.96
= -1 x (SEK44.96 - SEK53.98) / SEK53.98
16.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Munters Group is available for.
Intrinsic value
17%
Share price is SEK44.96 vs Future cash flow value of SEK53.98
Current Discount Checks
For Munters Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Munters Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Munters Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Munters Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Munters Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OM:MTRS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SEK SEK-0.57
OM:MTRS Share Price ** OM (2019-04-18) in SEK SEK44.96
Sweden Building Industry PE Ratio Median Figure of 11 Publicly-Listed Building Companies 20.5x
Sweden Market PE Ratio Median Figure of 323 Publicly-Listed Companies 16.95x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Munters Group.

OM:MTRS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= OM:MTRS Share Price ÷ EPS (both in SEK)

= 44.96 ÷ -0.57

-78.43x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Munters Group is loss making, we can't compare its value to the SE Building industry average.
  • Munters Group is loss making, we can't compare the value of its earnings to the Sweden market.
Price based on expected Growth
Does Munters Group's expected growth come at a high price?
Raw Data
OM:MTRS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -78.43x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts
73.1%per year
Sweden Building Industry PEG Ratio Median Figure of 7 Publicly-Listed Building Companies 1.37x
Sweden Market PEG Ratio Median Figure of 234 Publicly-Listed Companies 1.33x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Munters Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Munters Group's assets?
Raw Data
OM:MTRS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SEK SEK20.42
OM:MTRS Share Price * OM (2019-04-18) in SEK SEK44.96
Sweden Building Industry PB Ratio Median Figure of 13 Publicly-Listed Building Companies 2.34x
Sweden Market PB Ratio Median Figure of 565 Publicly-Listed Companies 2.5x
OM:MTRS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= OM:MTRS Share Price ÷ Book Value per Share (both in SEK)

= 44.96 ÷ 20.42

2.2x

* Primary Listing of Munters Group.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Munters Group is good value based on assets compared to the SE Building industry average.
X
Value checks
We assess Munters Group's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Building industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Building industry average (and greater than 0)? (1 check)
  5. Munters Group has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Munters Group expected to perform in the next 1 to 3 years based on estimates from 6 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
73.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Munters Group expected to grow at an attractive rate?
  • Munters Group's earnings growth is expected to exceed the low risk savings rate of 0.4%.
Growth vs Market Checks
  • Munters Group's earnings growth is expected to exceed the Sweden market average.
  • Munters Group's revenue growth is positive but not above the Sweden market average.
Annual Growth Rates Comparison
Raw Data
OM:MTRS Future Growth Rates Data Sources
Data Point Source Value (per year)
OM:MTRS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 6 Analysts 73.1%
OM:MTRS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 6 Analysts 2.7%
Sweden Building Industry Earnings Growth Rate Market Cap Weighted Average 27.7%
Sweden Building Industry Revenue Growth Rate Market Cap Weighted Average 5.8%
Sweden Market Earnings Growth Rate Market Cap Weighted Average 9.1%
Sweden Market Revenue Growth Rate Market Cap Weighted Average 4.6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OM:MTRS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
All numbers in SEK Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OM:MTRS Future Estimates Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 7,699 863 572 6
2020-12-31 7,360 763 492 6
2019-12-31 7,103 518 139 6
OM:MTRS Past Financials Data
Date (Data in SEK Millions) Revenue Cash Flow Net Income *
2018-12-31 7,122 441 -105
2018-09-30 7,098 -7 372
2018-06-30 6,901 207 361
2018-03-31 6,686 255 253
2017-12-31 6,604 235 174
2017-09-30 6,617 356 127
2017-06-30 6,625 270 75
2017-03-31 6,340 203 75
2016-12-31 6,040 277 85

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Munters Group's earnings are expected to grow significantly at over 20% yearly.
  • Munters Group's revenue is expected to grow by 2.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OM:MTRS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below

All data from Munters Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OM:MTRS Future Estimates Data
Date (Data in SEK Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 3.23 3.82 2.63 5.00
2020-12-31 2.81 3.41 2.28 5.00
2019-12-31 0.68 0.85 0.44 4.00
OM:MTRS Past Financials Data
Date (Data in SEK Millions) EPS *
2018-12-31 -0.57
2018-09-30 2.02
2018-06-30 1.96
2018-03-31 1.57
2017-12-31 1.45
2017-09-30 1.64
2017-06-30 2.10
2017-03-31 4.46
2016-12-31 5.06

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Munters Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Munters Group's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Sweden market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Sweden market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Munters Group has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Munters Group performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Munters Group's growth in the last year to its industry (Building).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Munters Group does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Munters Group's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Munters Group's 1-year growth to the SE Building industry average as it is not currently profitable.
Earnings and Revenue History
Munters Group's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Munters Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OM:MTRS Past Revenue, Cash Flow and Net Income Data
Date (Data in SEK Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 7,122.00 -105.00 1,929.00 217.00
2018-09-30 7,098.00 372.00 1,537.00 185.00
2018-06-30 6,901.00 361.00 1,524.00 181.00
2018-03-31 6,686.00 253.00 1,541.00 176.00
2017-12-31 6,604.00 174.00 1,559.00 167.00
2017-09-30 6,617.00 127.00 1,580.00 158.00
2017-06-30 6,625.00 75.00 1,590.00 147.00
2017-03-31 6,340.00 75.00 1,499.00 141.00
2016-12-31 6,040.00 85.00 1,415.00 138.00
2015-12-31 5,399.00 -206.86 1,291.00 127.00
2014-12-31 4,216.00 -609.87 1,243.00 132.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • It is difficult to establish if Munters Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • Munters Group used its assets less efficiently than the SE Building industry average last year based on Return on Assets.
  • It is difficult to establish if Munters Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Munters Group's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Building industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Munters Group has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Munters Group's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Munters Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Munters Group is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Munters Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Munters Group's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.9x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Munters Group Company Filings, last reported 3 months ago.

OM:MTRS Past Debt and Equity Data
Date (Data in SEK Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 3,716.00 3,014.00 404.00
2018-09-30 4,035.00 3,279.00 322.00
2018-06-30 4,087.00 3,161.00 358.00
2018-03-31 3,897.00 2,934.00 386.00
2017-12-31 3,748.00 2,857.00 402.00
2017-09-30 3,531.00 2,818.00 451.00
2017-06-30 3,603.00 3,079.00 494.00
2017-03-31 714.00 5,847.00 396.00
2016-12-31 767.00 5,665.00 432.00
2015-12-31 495.00 5,284.00 346.00
2014-12-31 525.00 4,560.00 273.00
  • Munters Group's level of debt (81.1%) compared to net worth is high (greater than 40%).
  • Unable to establish if Munters Group's debt level has increased without past 5-year debt data.
  • Debt is not well covered by operating cash flow (14.6%, less than 20% of total debt).
  • Munters Group is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Munters Group's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Munters Group has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Munters Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Munters Group dividends. Estimated to be 1.49% next year.
If you bought SEK2,000 of Munters Group shares you are expected to receive SEK0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Munters Group's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Munters Group's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OM:MTRS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 6 Analyst Estimates (S&P Global) See Below
Sweden Building Industry Average Dividend Yield Market Cap Weighted Average of 11 Stocks 1.6%
Sweden Market Average Dividend Yield Market Cap Weighted Average of 245 Stocks 3.5%
Sweden Minimum Threshold Dividend Yield 10th Percentile 1.2%
Sweden Bottom 25% Dividend Yield 25th Percentile 1.9%
Sweden Top 25% Dividend Yield 75th Percentile 4.3%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OM:MTRS Future Dividends Estimate Data
Date (Data in SEK) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.05 6.00
2020-12-31 0.73 6.00
2019-12-31 0.22 6.00
OM:MTRS Past Annualized Dividends Data
Date (Data in SEK) Dividend per share (annual) Avg. Yield (%)
2019-02-13 0.000 0.000
2018-04-10 0.300 0.760

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Munters Group has not reported any payouts.
  • Unable to verify if Munters Group's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Munters Group's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Munters Group has not reported any payouts.
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.2x coverage).
X
Income/ dividend checks
We assess Munters Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Munters Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Munters Group has a total score of 1/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Munters Group's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Johan Ek
AGE 50
TENURE AS CEO 0.3 years
CEO Bio

Mr. Johan Ek is President and Chief Executive Officer of Munters Group AB (publ) since December 18, 2018 and has been its Director since December 18, 2018. He is the Chairman and Acting Chief Executive Officer at Handicare Accessibility Limited. Mr. Ek serves as Senior Advisor and Portfolio Company Operating Chairman at Nordic Capital. He has been an Industrial Advisor at Nordic Capital since July 2012. He also works as an investor through his own business. From 2005 to 2012, he served as the President and Chief Executive Officer at the Relacom Group. He worked at LGP Allgon AB and served in various positions including President and later became President of Business Unit Europe at Powerwave Technologies Inc. He served as the Chief Executive Officer and President of Handicare Group. He started his career at McKinsey & Company as a Management Consultant. He serves as the Chairman of the Board of Aveniro, Sunrise Medical and Saferoad Holding Ab. He served as the Chairman of Corob, CPS Color and Handicare Group. He served as the Chairman and Director at Saferoad AS from 2012 to February 15, 2017. He has been Vice Chairman of Handicare Group AB (publ) since 2017 and also has been its Director since 2013. He had been a Director of Acino International AG from February 22, 2017 to October 2018. He served as a Director of Ramirent. Mr. Ek holds an M.Sc. in Economics and Business Administration from the Swedish School of Economics in Helsinki (Finland Hanken School of Economics).

CEO Compensation
  • Insufficient data for Johan to compare compensation growth.
  • Insufficient data for Johan to establish whether their remuneration is reasonable compared to companies of similar size in Sweden.
Management Team Tenure

Average tenure and age of the Munters Group management team in years:

0.8
Average Tenure
52.5
Average Age
  • The average tenure for the Munters Group management team is less than 2 years, this suggests a new team.
Management Team

Johan Ek

TITLE
President
AGE
50
TENURE
0.3 yrs

Jonas Ågrup

TITLE
CFO & Group VP
AGE
58
TENURE
8.3 yrs

Katarina Lindström

TITLE
President of Global Operations
AGE
53
TENURE
1.1 yrs

John Womack

TITLE
Head of Investor Relations
AGE
52
TENURE
2.3 yrs

Sofia Gellar

TITLE
Group Vice President of Human Resources & Communication
AGE
47
TENURE
0.6 yrs

Peter Lindquist

TITLE
Interims Group President of Business Area Air Treatment
AGE
57
TENURE
0.2 yrs
Board of Directors Tenure

Average tenure and age of the Munters Group board of directors in years:

2.3
Average Tenure
52.5
Average Age
  • The average tenure for the Munters Group board of directors is less than 3 years, this suggests a new board.
Board of Directors

Magnus Lindquist

TITLE
Chairman of the Board
AGE
55
TENURE
0.3 yrs

Johan Ek

TITLE
President
AGE
50
TENURE
0.3 yrs

Helen Gillstedt

TITLE
Independent Director
COMPENSATION
SEK375K
AGE
56
TENURE
2.2 yrs

Joachim Zetterlund

TITLE
Independent Director
COMPENSATION
SEK442K
AGE
55
TENURE
7.3 yrs

Per Hallius

TITLE
Independent Director
COMPENSATION
SEK404K
AGE
56
TENURE
6.3 yrs

Erik Näsvik

TITLE
Director
COMPENSATION
SEK363K
AGE
43
TENURE
8.3 yrs

Lena Olving

TITLE
Independent Director
COMPENSATION
SEK300K
AGE
62
TENURE
2.3 yrs

Kristian Sildeby

TITLE
Director
COMPENSATION
SEK280K
AGE
42
TENURE
1.9 yrs

Pia Nordqvist

TITLE
Employee Representative Director
AGE
45
TENURE
9.3 yrs

Robin Hedén

TITLE
Employee Representative Director
AGE
27
TENURE
2.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SEK) Value (SEK)
03. Jun 18 Sell Per-Arne Håkansson Individual 01. Jun 18 01. Jun 18 -26,401 SEK47.00 SEK-1,240,847
04. Jun 18 Sell Per-Arne Håkansson Individual 04. Jun 18 04. Jun 18 -25,000 SEK47.55 SEK-1,188,750
X
Management checks
We assess Munters Group's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Munters Group has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Can Munters Group AB (publ) (STO:MTRS) Improve Its Returns?

We'll use ROE to examine Munters Group AB (publ) (STO:MTRS), by way of a worked example. … One way to conceptualize this, is that for each SEK1 of shareholders' equity it has, the company made SEK0.090 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should You Be Tempted To Buy Munters Group AB (publ) (STO:MTRS) At Its Current PE Ratio?

Munters Group AB (publ) (STO:MTRS) is currently trading at a trailing P/E of 20.3x, which is lower than the industry average of 20.5x. … While this makes MTRS appear like a great stock to buy, you might change your mind after I explain the assumptions behind the P/E ratio. … I will explain what the P/E ratio is as well as what you should look out for when using it

Simply Wall St -

Munters Group AB (publ) (STO:MTRS): What Is Driving Margins?

Munters Group AB (publ) (STO:MTRS) to … earnings growth of 21.56% annualised … it's necessary to take a moment

Simply Wall St -

Why Did These Investors Just Divested From Munters Group AB (publ) (STO:MTRS)?

Munters Group's insiders have divested from. … Generally, insiders selling shares in their own firm sends a bearish signal … A research published in The MIT Press (1998) concluded that stocks following insider selling fell 2.7% compared to the market

Simply Wall St -

Is There An Opportunity With Munters Group AB (publ)'s (STO:MTRS) 20.59% Undervaluation?

How far off is Munters Group AB (publ) (STO:MTRS) from its intrinsic value? … by estimating the company's future cash flows and discounting them to their present value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

Want To Invest In Munters Group AB (publ) (STO:MTRS) Today? Read This First

Looking at Munters Group AB (publ)’s (STO:MTRS) fundamentals some investors are wondering if its last closing price of SEK46.2 represents a good value for money for this high growth stock. … Let’s take a look at some key metrics to determine whether there's any value here for current and potential future investors. … One reason why investors are attracted to MTRS is the high growth potential in the near future

Simply Wall St -

What Investors Should Know About Munters Group AB (publ)'s (STO:MTRS) Financial Strength

MTRS has shrunken its total debt levels in the last twelve months, from KR5.67B to KR2.86B , which comprises of short- and long-term debt. … On top of this, MTRS has generated KR235.00M in operating cash flow in the last twelve months, resulting in an operating cash to total debt ratio of 8.23%, meaning that MTRS’s operating cash is not sufficient to cover its debt. … In MTRS’s case, it is able to generate 0.082x cash from its debt capital.

Simply Wall St -

Calculating The Intrinsic Value Of Munters Group AB (publ) (STO:MTRS)

I am going to run you through how I calculated the intrinsic value of Munters Group AB (publ) (OM:MTRS) by taking the expected future cash flows and discounting them to today's value. … 5-year cash flow forecast 2018 2019 2020 2021 2022 Levered FCF (SEK, Millions) SEK593.58 SEK594.98 SEK702.24 SEK798.82 SEK908.68 Source Analyst x4 Analyst x5 Analyst x5 Extrapolated @ (13.75%) Extrapolated @ (13.75%) Present Value Discounted @ 8.17% SEK548.76 SEK508.52 SEK554.88 SEK583.53 SEK613.66 Present Value of 5-year Cash Flow (PVCF)= SEK2,809 After calculating the present value of future cash flows in the intial 5-year period we need to calculate the Terminal Value, which accounts for all the future cash flows beyond the first stage. … Terminal Value (TV) = FCF2022 × (1 + g) ÷ (r – g) = SEK909 × (1 + 0.8%) ÷ (8.2% – 0.8%) = SEK12,500 Present Value of Terminal Value (PVTV) = TV / (1 + r)5 = SEK12,500 / ( 1 + 8.2%)5 = SEK8,442 The total value, or equity value, is then the sum of the present value of the cash flows, which in this case is SEK11,251.

Simply Wall St -

Does Munters Group AB (publ)'s (STO:MTRS) April Stock Price Reflect Its Future Growth?

This tells us that Munters Group is overvalued compared to the SE market average ratio of 16.84x , and overvalued based on current earnings compared to the building industry average of 18.83x. … But, seeing as Munters Group is perceived as a high-growth stock, we must also account for its earnings growth, which is captured in the PEG ratio. … This means that, when we account for Munters Group's growth, the stock can be viewed as slightly overvalued , based on its fundamentals.

Simply Wall St -

Will Munters Group AB (publ) (STO:MTRS) Continue To Underperform Its Industry?

Check out our latest analysis for Munters Group Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) is a measure of Munters Group’s profit relative to its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is measured against cost of equity in order to determine the efficiency of Munters Group’s equity capital deployed. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity OM:MTRS Last Perf Mar 30th 18 Essentially, profit margin shows how much money the company makes after paying for all its expenses.

Simply Wall St -

Company Info

Description

Munters Group AB (publ) provides energy efficient air treatment and climate solutions for commercial and industrial applications in Sweden, the United States, Germany, China, and internationally. The company operates through four segments: Air Treatment, Data Centers, AgHort, and Mist Elimination. It offers air intakes/air inlets, temperature and humidity control products, coolers and humidifiers, dehumidifiers, fans and light traps, heaters, heat exchangers, mist eliminators, mass transfer equipment, and pollution control and VOC abatement products. The company also provides installation support, startup and commissioning, training, maintenance, and rotor performance check and replacement services, as well as upgrades and spare parts, and rental solutions. It serves agriculture, automotive, chemical processing, commercial and public building, construction, data center and telecom cooling, defense and aerospace, education, electronics, food and beverage, general and production, greenhouse, healthcare, pharmaceutical, power generation and distribution, recreation and leisure, retail and supermarket, shipbuilding and marine, steel, temporary structure, and water and waste water; oil, gas, and petroleum; pulp, paper, and printing; and storage, preservation, and archives industries. Munters Group AB (publ) was founded in 1955 and is headquartered in Kista, Sweden.

Details
Name: Munters Group AB (publ)
MTRS
Exchange: OM
Founded: 1955
SEK8,254,557,177
183,597,802
Website: http://www.munters.com
Address: Munters Group AB (publ)
Box 1188,
Kista,
Stockholm County, 164 26,
Sweden
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
OM MTRS New Common Shares OMX Nordic Exchange Stockholm SE SEK 19. May 2017
OTCPK MMNN.F New Common Shares Pink Sheets LLC US USD 19. May 2017
DB 1MS New Common Shares Deutsche Boerse AG DE EUR 19. May 2017
LSE 0RPO New Common Shares London Stock Exchange GB SEK 19. May 2017
Number of employees
Current staff
Staff numbers
3,518
Munters Group employees.
Industry
Building Products
Capital Goods
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/18 22:32
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/02/13
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.