$RKLB (-3.91%)
$9984 (-0.99%)
$CADLR (+9.25%)
$MTRS (-0.04%)

Edit: Sold both of them again.

Yesterday I bought from Rocket Lab $RKLB (-3.91%) and SoftBank $9984 (-0.99%) and took profits; with Rocket Lab, I even made over 1,000%, in order to further diversify my portfolio.

While the strategy remains the same—namely, investing in forward-looking individual stocks with significant upside potential and stable financials—Rocket Lab’s share of the portfolio keeps growing, so I decided to rebalance a bit.

Two new stocks from Scandinavia have been added.

1.) Cadeler
$CADLR (+9.25%)

Cadeler is a leading global Danish company specializing in the installation of offshore wind turbines. The offshore wind market is projected to grow to approximately $70–250 billion (depending on the estimate). Cadeler is ideally positioned to benefit from this trend. It maintains long-term customer relationships with companies such as Ørsted, Equinor, and Siemens Gamesa. The barrier to entry is generally considered high (moat).

Revenue (2025e): approx. 500 million euros (of which 10–20% is typically recurring)

Profit (2025e): approx. €150 million

Order Backlog (current): approx. €2.5 billion

Market capitalization (current): €1.6 billion

P/E ratio (current): approx. 17

P/E ratio for 2029 (forecast): approx. 3–4

Cadeler is benefiting from the global trend toward decarbonization as well as political initiatives in this area, and many countries are just getting started. My AI analysis of the company has shown that in 2035, we’ll likely see profits of around 1.4 billion euros , which, given a P/E ratio of 18.6 (Danish average) would result in a market capitalization of approximately €26 billion . Using a more conservative P/E ratio of 12 , it would be around 17 billion euros. In the first scenario, an investment would therefore amount to approximately 16x and in the second scenario 11x . Thus, the company fits well into my investment strategy and high potential with comparatively low risk.

2.) Munters Group $MTRS (-0.04%) (Edit: since sold)

The Munters Group is a Swedish company that specializes in air treatment and drying solutions, particularly for air conditioning, dehumidification, and industrial ventilation—with a focus on data centers, pharmaceuticals, food processing, and industrial facilities. The data center business, in particular, is currently booming. The battery factory business has recently faced some challenges due to weak demand, which is also reflected in the stock price, but this is only a short-term issue.

The company is a technological leader in the fields of dehumidification and energy recovery. It is also ahead of the competition when it comes to sustainability. In addition, it consistently relies on a highly localized production structure, which largely shields it from trade policy risks. Competitors such as Daikin Industries $6367 (-1.32%) or Carrier $CARR (-3.78%) have a broader portfolio and are less specialized, which is why they do not pose a significant threat either. It is also difficult for customers to switch providers.

Revenue (2025e): approx. €1.3 billion (of which 20–30% is typically recurring)

Profit (2025e): approx. €60 million

Order Backlog (current):

Market capitalization (current): €2.2 billion

P/E ratio (current): approx. 31

P/E ratio for 2029 (forecast): approx. 10–11

The Munters Group is benefiting from several trends, such as the data center boom, electrification, and sustainability. This development is still in its very early stages. My AI analysis has shown that profit in 2035 will amount to approximately €300 million . Assuming the P/E ratio remains constant, that would result in a valuation of 9.3 billion euros . Assuming a lower P/E ratio of around 20 , the valuation would be €6 billion. In the first scenario, therefore, 4x and in the second 2.7x. The Munters Group thus represents a rather conservative addition in my growth-oriented portfolio. They’ll definitely perform well, but to achieve the really high multiples, you’ll need other stocks.

What do you think of these two new additions? I especially like that they’re two European companies 🇪🇺🇪🇺

Munters $MTRS (-0.04%) is a Swedish industrial company that supplies energy-efficient air conditioning and air handling systems for highly specialized applications - including data centers, battery factories, pharmaceuticals, food production and smart agriculture. $MTRS (-0.04%)

The company operates in a highly profitable niche where precision, energy efficiency and reliability are crucial. And this is where the multibagger potential begins.

🔍 Why Munters could be a multibagger in the long term:

1.

Megatrends as a tailwind

• Digitalization & AI boom → exploding demand for data centers = demand for efficient cooling increases massively.
• Electromobility & battery production → requires extremely precise dehumidification in dry rooms - Munters is one of the specialists.
• Climate change & sustainability → energy-efficient air technology is being more strongly regulated and promoted globally.
• Smart Farming → Increasing demand for automated, climate-controlled animal husbandry with data connection (IoT) - Munters FoodTech solutions are well positioned here.

2.

Niche instead of mass market

Munters is not a general climate control provider like Daikin or Carrier - but is highly focused on critical applications that require technical precision and reliability. This allows for stable margins and less price pressure.

3.

Scalable business model

• Growing order books in all segments - particularly strong in the data center and battery sector.
• Margins are rising - EBITDA margin most recently at over 13%, with an upward trend due to economies of scale.
• Capital discipline: moderate debt, good equity ratio, stable cash flows - enables targeted investments & acquisitions.

4.

Little attention, lots of substance

• Still little known in the retail sector, hardly included in classic growth ETFs.
• Valuation rather moderate compared to tech/green tech stocks.
• Not a hot story, but a growing backbone of the energy transition - exactly what often leads to subsequent price rockets.

📊 Sample calculation (fictitious, but realistic if things go well):

• Sales growth +10-12 %/year
• EBITDA growth +15%/year due to economies of scale
• P/E ratio currently ~20-25 → with increasing growth, P/E ratios of 30-40 in 5 years are not unrealistic
• This results in a possible share price growth of +200 % to +400 % in 5-7 years with good performance

$MTRS (-0.04%)

Source: Lynxbroker

Munters share: chart from 23.06.2025, price: EUR 11.42 - symbol: 1MS | source: TWS

Investors are looking for new opportunities outside the USA. Muntersa Swedish specialist in air conditioning technology, could be a possibility

The hard facts

One euro is currently equivalent to SEK 11.2 (Swedish kronor).

Since the Börsengang in 2017, sales have increased from SEK 6.61 billion to SEK 15.45 billion.

The operating margin has improved significantly from 7% to 12% and earnings have more than doubled from SEK 1.90 to SEK 5.33 per share.

The Dividende dividend was increased from SEK 0.30 to SEK 1.30 per share during this period. A dividend of SEK 1.60 per share has been proposed for this year, which corresponds to a dividend increase of 1.3%. Dividendenrendite of 1.3 %.

The number of shares outstanding Aktien has remained unchanged since the IPO, so growth has not been financed by issuing new shares.

The bubble has burst

The business development is impressive and the shares have performed well accordingly. However, as is so often the case, Munters also went through a boom and bust cycle.

At times, the share price outperformed the already strong fundamentals, causing the valuation to rise further and further. At the high KGVlast year was over 50.

Ultimately, this resulted in a share price collapse, although Munters was able to increase profits by 24% in the 2024 financial year.

The P/E ratio is now 23.1, which is quite reasonable in view of the strong long-term performance and is below the average P/E ratio of 26.7 since the IPO.

In the first quarter of the current financial year, Munters significantly increased sales by 18% to SEK 3.71 billion, with 11% attributable to acquisitions and 2% to positive currency effects.

The company has always made steady acquisitions, taking over smaller competitors, such as the Italian company Airprotech srl last year. The new subsidiary recently generated sales of around SEK 330 million.

Outlook

Operating cash flow for the year increased from SEK 511 to 541, but net income fell from SEK 233 to 198.

Earnings per share fell from SEK 1.22 to SEK 1.05 per share.

Nevertheless, earnings are expected to increase by 4% to SEK 5.52 per share in the current financial year.

The strong order intake suggests that this can be achieved.

The company recently recorded a 27% increase in incoming orders. In the DCT (Data Center Technologies) segment, the order volume has roughly tripled over the year.

Sales in this area increased by 57% over the year to SEK 1.51 billion. DCT is the clear growth driver in the Group and could soon overtake the former core business (AirTech).

Huge profit increases are therefore expected in the coming years. According to consensus estimates, earnings are set to increase by more than 40% in 2026. If the forecasts are correct, this would reduce the P/E ratio to 16.4. However, it is much more likely that the share price will rise significantly in this scenario.

complete article

https://www.lynxbroker.de/boerse/boerse-kurse/aktien/munters-group-aktie/munters-group-analyse/?a=3355991664&utm_medium=email&utm_source=newsletter&utm_campaign=newsletter-boersenblick&newsletter=true&mc-rss-cache-bypass=2025062406&goal=0_d93daae099-18d20bc0d1-410756260#warum-munters-jetzt-spannend-sein-koennte