Munters Group AB (publ)

OM:MTRS Stock Report

Market Cap: SEK 37.3b

Munters Group Future Growth

Future criteria checks 5/6

Munters Group is forecast to grow earnings and revenue by 43.4% and 13.7% per annum respectively. EPS is expected to grow by 44% per annum. Return on equity is forecast to be 30.5% in 3 years.

Key information

43.4%

Earnings growth rate

44.01%

EPS growth rate

Building earnings growth13.1%
Revenue growth rate13.7%
Future return on equity30.54%
Analyst coverage

Good

Last updated13 May 2026

Recent future growth updates

Recent updates

Narrative Update • May 21

MTRS: Data Center AI Buildout Backlog Will Support Stronger Future Earnings Visibility

Analysts now frame Munters Group with a refreshed price target of SEK 250, up from SEK 235, reflecting updated assumptions on revenue growth, margins, discount rate and future P/E, even as some research has turned more cautious on the stock. Analyst Commentary While some recent research has taken a more cautious stance, a group of bullish analysts continues to point to supportive drivers behind the refreshed SEK 250 price target for Munters Group.
Narrative Update • May 01

MTRS: Data Center Backlog And CEO Transition Will Shape Balanced Outlook

Analysts now see a slightly higher fair value for Munters Group, lifting their price target from SEK 213.33 to about SEK 219.57. This reflects updated assumptions around revenue growth, profit margins and a lower future P/E, despite more cautious recent research commentary.
Narrative Update • Apr 16

MTRS: Data Center Backlog And CEO Transition Will Support Future Outlook

Analysts have nudged their price target for Munters Group higher to SEK213.33 from SEK210.83. This reflects updated views on fair value, growth assumptions and expected profitability, while keeping a slightly adjusted future P/E outlook.
Narrative Update • Apr 01

MTRS: Data Center Order Backlog Will Support Stronger Future Earnings Visibility

Analysts have lifted their price target on Munters Group to SEK 175.00 from SEK 150.00, citing updated assumptions around discount rates, revenue growth, profit margins, and a revised future P/E multiple. Analyst Commentary Recent Street research reflects a more constructive stance on Munters Group, with bullish analysts updating their views to align the price target with refreshed assumptions around discount rates, revenue, margins, and future P/E levels.
Narrative Update • Mar 18

MTRS: Data Center Backlog And CEO Transition Will Support Future Cash Flow

Analysts have lifted the price target for Munters Group to SEK 175 from SEK 150, reflecting updated views on the company’s earnings profile and valuation assumptions. Analyst Commentary Analysts lifting the price target to SEK 175 while keeping a Hold stance signals a more constructive view on Munters Group’s potential, but also a sense that the valuation already reflects much of that optimism.
Narrative Update • Mar 04

MTRS: AI Infrastructure Backlog And Execution Will Shape Balanced Future Expectations

Analysts now set their price target for Munters Group at SEK 175, up from SEK 150, citing updated assumptions on revenue growth, margins and future P/E expectations. Analyst Commentary While the new SEK 175 price target signals some renewed confidence in Munters Group, bearish analysts are still flagging several areas where they see a risk that expectations and execution may not fully line up.
Narrative Update • Feb 18

MTRS: Data Center Contract Momentum Will Underpin Stronger Earnings Visibility

Analysts have raised their price target on Munters Group to SEK 235 from SEK 220, citing updated assumptions for revenue growth, profit margins and a lower future P/E multiple that together support a higher fair value estimate. Analyst Commentary Recent research points to a more constructive view on Munters Group, with price targets moving higher as analysts refresh their models for revenue growth, profitability and valuation.
Narrative Update • Feb 04

MTRS: AI Data Center Orders Will Support Future Cash Flow

Analysts have lifted their price target for Munters Group to SEK 210.83 from SEK 204, citing updated assumptions on revenue growth, profit margins and future P/E, along with a recent Street target move to SEK 175 that reflects a more constructive view on the shares. Analyst Commentary Recent target tweaks suggest analysts see Munters Group as fairly balanced at current levels, with room for execution to drive upside or downside from here.
Narrative Update • Jan 21

MTRS: AI Infrastructure Orders Will Test Execution And Support Fair Valuation

Analysts have raised their price targets on Munters Group to as high as SEK 195, with a central updated fair value estimate of SEK 175. This reflects their focus on the company's role in artificial intelligence infrastructure and its recent quarterly performance.
Narrative Update • Jan 07

MTRS: AI Infrastructure Orders And Standout Q3 Will Support Future Cash Flow

Our fair value estimate for Munters Group has been lifted from SEK 199 to SEK 204 as analysts raise price targets into the SEK 175 to SEK 195 range, citing recent research that highlights the company’s role in artificial intelligence infrastructure and updated assumptions for revenue growth, profit margin and future P/E. Analyst Commentary Recent research coverage has focused on Munters Group's link to artificial intelligence infrastructure and how that could support the current valuation range, with price targets now clustered between SEK 175 and SEK 195.
Narrative Update • Dec 24

MTRS: Standout Q3 AI Infrastructure Demand Will Drive Future Cash Flow Durability

Analysts have raised their fair value estimate for Munters Group to SEK 199 from SEK 188, citing a standout Q3 that underscored the company's growing role as a critical supplier to artificial intelligence infrastructure. Analyst Commentary Analysts remain broadly constructive on Munters Group following the latest price target increase, highlighting the company's execution in high growth end markets and its sharpened strategic focus on artificial intelligence infrastructure.
Narrative Update • Dec 09

MTRS: Standout Q3 AI Infrastructure Position Will Drive Balanced Future Performance

Analysts raised their price target on Munters Group to SEK 195 from SEK 150, citing a standout Q3 that reinforced the company's role as a critical supplier to artificial intelligence infrastructure. Analyst Commentary Analysts characterize the latest price target increase as a reflection of stronger conviction in Munters Group's growth trajectory and its strategic positioning in the artificial intelligence infrastructure ecosystem.
Narrative Update • Nov 25

MTRS: Standout Q3 and AI Infrastructure Demand Will Drive Performance Ahead

Analysts have increased their price target for Munters Group from SEK 185 to SEK 188.00, citing strong quarterly results and the company's reinforced standing as a key supplier to artificial intelligence infrastructure. Analyst Commentary Following the latest earnings release, analysts have closely examined Munters Group's outlook and performance, updating their views on the company’s valuation and growth trajectory.
Narrative Update • Nov 10

MTRS: Artificial Intelligence Demand Will Drive Further Outperformance Ahead

Analysts have increased their price target for Munters Group from SEK 169 to SEK 185, citing strong quarterly results and the company's strengthened position as a key supplier to artificial intelligence infrastructure. Analyst Commentary Bullish Takeaways Bullish analysts point to Munters Group's standout Q3 performance as reinforcing its leadership position within artificial intelligence infrastructure supply chains.
Narrative Update • Oct 27

Artificial Intelligence Demand Will Elevate Market Influence And Sector Leadership

Analysts have raised their price target for Munters Group from SEK 160 to SEK 169, citing strong third quarter results and the company's strengthened position as a key supplier to artificial intelligence infrastructure. Analyst Commentary Bullish Takeaways Bullish analysts note that Munters Group's increased price target reflects heightened confidence in the company's growth trajectory, particularly in the artificial intelligence infrastructure market.
Analysis Article • Oct 13

Risks To Shareholder Returns Are Elevated At These Prices For Munters Group AB (publ) (STO:MTRS)

When close to half the companies in Sweden have price-to-earnings ratios (or "P/E's") below 22x, you may consider...
Narrative Update • Sep 27

Digitalization And Green Manufacturing Will Expand Global Markets

The downward revision in Munters Group’s revenue growth forecast from 4.6% to 4.1% per annum has contributed to a reduced consensus analyst price target, now at SEK160.00. What's in the News Munters Group and Capsol Technologies ASA have expanded their strategic partnership with a new commercial collaboration agreement focused on increasing carbon capture efficiency and reducing costs through joint R&D and testing.
Narrative Update • Sep 05

Digitalization And Green Manufacturing Will Expand Global Markets

Munters Group's valuation outlook remains steady, with both discount rate and future P/E essentially unchanged, resulting in the consensus analyst price target holding firm at SEK167.40. Valuation Changes Summary of Valuation Changes for Munters Group The Consensus Analyst Price Target remained effectively unchanged, at SEK167.40.
Analysis Article • Aug 30

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

Key Insights Using the 2 Stage Free Cash Flow to Equity, Munters Group fair value estimate is kr151 Munters Group's...
Analysis Article • Aug 06

We Think Munters Group (STO:MTRS) Is Taking Some Risk With Its Debt

OM:MTRS 1 Year Share Price vs Fair Value Explore Munters Group's Fair Values from the Community and select yours The...
Analysis Article • Jun 10

Returns At Munters Group (STO:MTRS) Are On The Way Up

If you're looking for a multi-bagger, there's a few things to keep an eye out for. Typically, we'll want to notice a...
Analysis Article • May 28

With EPS Growth And More, Munters Group (STO:MTRS) Makes An Interesting Case

Investors are often guided by the idea of discovering 'the next big thing', even if that means buying 'story stocks...
Analysis Article • May 15

Subdued Growth No Barrier To Munters Group AB (publ) (STO:MTRS) With Shares Advancing 38%

Munters Group AB (publ) ( STO:MTRS ) shareholders are no doubt pleased to see that the share price has bounced 38% in...
Analysis Article • May 08

Munters Group AB (publ)'s (STO:MTRS) CEO Looks Like They Deserve Their Pay Packet

Key Insights Munters Group to hold its Annual General Meeting on 14th of May CEO Klas Forsstrom's total compensation...
Analysis Article • May 05

Brokers Are Upgrading Their Views On Munters Group AB (publ) (STO:MTRS) With These New Forecasts

Munters Group AB (publ) ( STO:MTRS ) shareholders will have a reason to smile today, with the analysts making...
Analysis Article • Apr 22

Is Munters Group (STO:MTRS) Using Too Much Debt?

The external fund manager backed by Berkshire Hathaway's Charlie Munger, Li Lu, makes no bones about it when he says...
Analysis Article • Mar 15

Shareholders Can Be Confident That Munters Group's (STO:MTRS) Earnings Are High Quality

Munters Group AB (publ)'s ( STO:MTRS ) earnings announcement last week was disappointing for investors, despite the...
Analysis Article • Mar 06

A Look At The Intrinsic Value Of Munters Group AB (publ) (STO:MTRS)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Munters Group fair value estimate is kr152 Current share price...
Analysis Article • Feb 21

Returns At Munters Group (STO:MTRS) Are On The Way Up

What are the early trends we should look for to identify a stock that could multiply in value over the long term...
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New Narrative • Feb 09

Data Center And FoodTech Segments Will Drive Future Success

Strategic growth in Data Center and FoodTech segments, with a focus on US market expansion and successful integration of Geoclima, signals strong future revenue potential.
Analysis Article • Feb 05

Earnings Tell The Story For Munters Group AB (publ) (STO:MTRS)

With a price-to-earnings (or "P/E") ratio of 35.9x Munters Group AB (publ) ( STO:MTRS ) may be sending very bearish...
Analysis Article • Dec 24

When Should You Buy Munters Group AB (publ) (STO:MTRS)?

Munters Group AB (publ) ( STO:MTRS ), might not be a large cap stock, but it saw a double-digit share price rise of...

Earnings and Revenue Growth Forecasts

OM:MTRS - Analysts future estimates and past financials data (SEK Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/202822,1392,0701,7272,8876
12/31/202720,0271,7681,5112,6107
12/31/202616,9731,0738581,9607
3/31/202614,5784816261,422N/A
12/31/202514,7125507221,580N/A
9/30/202516,9077847721,800N/A
6/30/202516,3638165841,754N/A
3/31/202514,1478761,2342,359N/A
12/31/202413,5879071,3312,367N/A
9/30/202413,3238041,3632,214N/A
6/30/202413,6298401,7482,439N/A
3/31/202413,9097941,1021,787N/A
12/31/202313,9307843961,066N/A
9/30/202313,282858183823N/A
6/30/202312,366773-92535N/A
3/31/202311,44068749630N/A
12/31/202210,386577233772N/A
9/30/20229,432582302759N/A
6/30/20228,645544-68351N/A
3/31/20227,8574577405N/A
12/31/20217,348513177519N/A
9/30/20217,133549205516N/A
6/30/20217,109574622897N/A
3/31/20217,0615297901,020N/A
12/31/20207,015426744959N/A
9/30/20207,015334633829N/A
6/30/20206,995270566767N/A
3/31/20207,099335462653N/A
12/31/20197,153282N/A669N/A
9/30/20197,068311N/A829N/A
6/30/20196,814270N/A614N/A
3/31/20196,431280N/A484N/A
12/31/20186,412316N/A441N/A
9/30/20186,465363N/A-7N/A
6/30/20186,458356N/A207N/A
3/31/20186,686253N/A255N/A
12/31/20176,604174N/A235N/A
9/30/20176,617127N/A356N/A
6/30/20176,62575N/A270N/A
3/31/20176,34075N/A203N/A
12/31/20166,04085N/A277N/A
12/31/20155,399-207N/A314N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: MTRS's forecast earnings growth (43.4% per year) is above the savings rate (2%).

Earnings vs Market: MTRS's earnings (43.4% per year) are forecast to grow faster than the Swedish market (8.8% per year).

High Growth Earnings: MTRS's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: MTRS's revenue (13.7% per year) is forecast to grow faster than the Swedish market (0.04% per year).

High Growth Revenue: MTRS's revenue (13.7% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: MTRS's Return on Equity is forecast to be high in 3 years time (30.5%)

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/05/22 10:22
End of Day Share Price 2026/05/22 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Munters Group AB (publ) is covered by 11 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Simon JonssonBerenberg
Kenneth Toll JohanssonCarnegie Investment Bank AB