Munters Group AB (MTRS.ST) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-45.6%

SEK 76.24

vs SEK 140.15 price

Levered DCF

SEK 186.23

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.69

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	296.38×	34.9×	37.4×	32.46×	24.8×	35.93×	31.45×	-61.05×
P/B	6.47×	5.76×	5.58×	3.53×	2.92×	4.02×	2.46×	1.71×
P/S	2.14×	2.2×	2.1×	1.8×	1.73×	2.15×	1.25×	0.89×
EV / EBITDA	19.08×	16.53×	16.19×	17.97×	14.35×	16.75×	12.85×	11.23×
Gross margin	31.4%	34.4%	31.7%	29.1%	32.0%	33.5%	32.6%	31.9%
Operating margin	8.8%	11.9%	11.4%	8.5%	10.2%	10.1%	7.8%	1.9%
Net margin	0.7%	6.3%	5.6%	5.6%	7.0%	6.0%	4.0%	-1.5%
Current ratio	1.01×	0.76×	1.21×	1.27×	1.28×	1.36×	1.33×	1.54×
Debt / equity	1.63×	1.29×	1.11×	0.85×	0.63×	0.74×	0.96×	0.81×
Interest coverage	3.12×	5×	4.41×	5.51×	7.38×	4.78×	2.82×	0.93×
Dividend yield	1.0%	0.7%	0.6%	0.8%	1.0%	0.0%	0.0%	0.9%
Payout ratio	290.6%	24.4%	22.1%	26.7%	24.8%	0.0%	0.0%	-52.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.2%	16.5%	14.9%	10.9%	11.8%	11.2%	7.8%	-2.8%
Return on invested capital	6.3%	8.3%	8.0%	6.4%	7.2%	7.5%	5.4%	-23.8%
Return on assets	0.5%	4.4%	4.7%	3.8%	4.8%	4.4%	2.8%	-1.1%
Free cash flow yield	3.1%	4.8%	1.4%	1.2%	1.4%	5.0%	5.3%	3.3%
Earnings yield	0.3%	2.9%	2.7%	3.1%	4.0%	2.8%	3.2%	-1.6%
Enterprise value	SEK 37.8B	SEK 40B	SEK 33.6B	SEK 22.3B	SEK 14.8B	SEK 16.9B	SEK 11.7B	SEK 9B
Net debt / EBITDA	3.24×	2.51×	2.08×	2.89×	2.01×	1.8×	3.05×	3.26×
Cash conversion cycle (days)	91	95	94	130	93	83	85	90