$RKLB (-5,49 %)
$9984 (-2,44 %)
$CADLR (+0,89 %)
$MTRS (-2,99 %)

Yesterday I was at Rocket Lab $RKLB (-5,49 %) and SoftBank $9984 (-2,44 %) took profits, with Rocket Lab even over 1000%to further diversify my portfolio.

The strategy remains the same, namely to invest in future-oriented individual stocks with a lot of upside and stable finances, but the Rocket Lab share in the portfolio is growing and growing, so I have decided to reallocate a little.

Two new stocks from Scandinavia have been added.

1) Cadeler
$CADLR (+0,89 %)

Cadeler is a world-leading Danish company specializing in the installation of offshore wind turbines. The offshore wind power market is expected to grow to approx. 70-250 billion dollars by 2035 (depending on estimates). Cadeler is ideally positioned to benefit from this trend. They maintain long-term customer relationships with companies such as Ørsted, Equinor or Siemens Gamesa. The barrier to entry is generally regarded as high (moat).

Turnover (2025e)approx. € 500 million (of which 10-20% is usually recurring)

Profit (2025e)approx. 150 mio €

Order backlog (current)approx. 2.5 billion €

Market capitalization (current)1.6 billion €

P/E ratio (current): approx. 17

P/E ratio 2029 (forecast)approx. 3-4

Cadeler will benefit from the global trend towards decarbonization and political initiatives in this area, and many countries are only just getting started. My AI analysis of the company has shown that we will probably 2035 we are likely to have a profit of around €1.4 billion which, with a P/E ratio of 18.6 (Danish average), this implies a market capitalization of around € 26 billion. would mean. With a more conservative P/E ratio of 12 it would be around 17 billion €. In the first scenario, an investment would therefore be around 16x and in the second scenario 11x in the second scenario. The company therefore fits well into my investment strategy, high potential with comparatively low risk.

2) Munters Group $MTRS (-2,99 %) (Edit: sold in the meantime)

The Munters Group is a Swedish company that specializes in air treatment and drying solutionsespecially for air conditioning, dehumidification and industrial air technology - with a focus on data centers, pharmaceuticals, food and industrial plants. The data center business in particular is currently booming. The battery factory business has recently experienced problems due to weak demand, which is also reflected in the share price, but this is only a short-term problem.

The company is a technological leader in the field of dehumidification and energy recovery. They are also ahead of the competition when it comes to sustainability. In addition, they always rely on a very local production structurewhich largely frees them from trade policy risks. Competitors such as Daikin Industries $6367 (+0,35 %) or Carrier $CARR (-2,75 %) are more broadly based and less specialized, which is why they do not pose a major threat either. It is also difficult for customers to switch suppliers.

Turnover (2025e)approx. € 1.3 billion (of which 20-30% is usually recurring)

Profit (2025e)approx. 60 million €

Order backlog (current):

Market capitalization (current)2.2 billion €

P/E ratio (current): approx. 31

P/E ratio 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 only just beginning. My AI analysis has shown that the profit in 2035 will be around € 300 million. in 2035. With a constant P/E ratio, that would correspond to a valuation of € 9.3 billion would correspond. If one assumes a lower P/E ratio of around 20 it would be 6 billion €. So in the first scenario 4x and in the second 2,7x. The Munters Group therefore represents a rather conservative addition in my growth-oriented portfolio. They will definitely perform well, but for the really big multiples you need other stocks.

What do you think of the two new additions? I think it's particularly nice that there are two European companies are 🇪🇺🇪🇺

Munters $MTRS (-2,99 %) 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 (-2,99 %)

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 (-2,99 %)

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