UBS starts Munters with 'buy' on data centre 'secular growth story'
BUZZ-UBS starts Munters with 'buy' on data centre 'secular growth story' ** UBS initiates coverage of Swedish climate control systems maker Munters Group MTRS.ST with a "buy" rating as its data centre cooling market exposure drives secular growth
** The broker calls the firm a "high-quality secular growth story" and expects its data centre technologies revenue to double by 2028 on strong order momentum
** The brokerage expects a 400 basis point margin expansion over 2026-2028 driven by easing tariff headwinds, operating leverage and the reversal of dual-site costs
** UBS sees a modest pick-up in organic order growth for the AirTech division over coming quarters supported by a quantitative analysis of capital expenditure
** It sets a PT of SEK 245/shr as the stock trades at an attractive discount relative to peers given its superior growth profile and margin expansion potential
** Out of eight brokers that cover the stock, six rate it "strong buy" or "buy", and two rate "hold", according to LSEG data
(Reporting by Marta Frackowiak)
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