Mutares SE & Co. KGaA (MUX.DE) | Investment Case

1. Company Snapshot

1.a. Company Description

Mutares SE & Co. KGaA is a private equity firm specializing in investments in secondary direct, special situations, bridge financing, recapitalization, distressed/vulture, management succession, reorganization, carve-outs, turnarounds, and re-funding.It also considers co-investments also.The firm typically acquires small and medium-sized companies.

The firm invests its personal capital.It also focuses on platform and add-on acquisitions.The firm makes investments in automotive, wood and paper, construction and infrastructure, engineering, consumer good, Technology, commercial repair services, automobiles and components, healthcare equipment and services, materials including containers and packaging.

The firm primarily invests in companies with established market positions and whose focus of activity is in Europe.It considers acquiring companies that have annual sales volume of more than 50 million ($55.31 million) and revenues between 50 million ($55.31 million) and 500 million ($538.71 million) with an EBITDA up to 5 million ($5.38 million).It prefers to acquire a controlling and majority stake in its portfolio companies.

It typically makes long term investments with a holding period between three and five years.Mutares SE & Co. KGaA was founded in February, 2008 and is based in Munich, Germany, with additional offices in Europe.

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1.b. Last Insights on MUX

Mutares SE & Co. KGaA faced challenges in recent months, with its latest earnings report revealing a mixed bag. Although the company reported its second-quarter 2025 earnings, details on specific figures and guidance were not provided. The industrial holding company's portfolio is subject to market fluctuations. A recent report highlighted that despite long-term success, with shareholders seeing a 334% increase over five years, short-term pressures may be mounting. Ratings from analysts and potential shifts in business conditions could influence the company's trajectory.

1.c. Company Highlights

Last Price	28.45
Change Percentage	1.07%
Open	28.2
Previous Close	28.15
Market Cap ( Millions)	607
Volume	17098
Year High	49.2
Year Low	22.85
M A 50	28.03
M A 200	31.01

FCF Yield	-57.97%
Dividend Yield	7.03%
ROE	4.72%
Debt / Equity	154.24%
Net Debt / EBIDTA	-250.28%
Price To Book	0.64
Price Earnings Ratio	15.96
Price To FCF	-1.72
Price To sales	0.1
EV / EBITDA	-3.96

2. Transcript Summary

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3. NewsRoom

Mutares SE & Co KGaA (WBO:MUXG) Q3 2025 Earnings Call Highlights: Strategic Acquisitions ...

Nov -25

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Mutares SE KGaA Reports Second Quarter 2025 Earnings

Aug -17

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Those who invested in Mutares SE KGaA (ETR:MUX) five years ago are up 334%

Aug -04

Source:

Mutares SE & Co. KGaA's (ETR:MUX) top owners are retail investors with 59% stake, while 25% is held by insiders

May -14

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Mutares SE & Co KGaA (XTER:MUX) Q1 2025 Earnings Call Highlights: Strategic Acquisitions ...

Apr -30

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Defense Contractor Sold for €1 Is One of Europe’s Hottest Stocks

Mar -26

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Mutares SE & Co KGaA (FRA:MUX) (H1 2024) Earnings Call Highlights: Strategic Acquisitions ...

Oct -09

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Mutares SE KGaA's (ETR:MUX) investors will be pleased with their incredible 437% return over the last five years

Sep -02

Source:

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.58%)

6. Segments

Automotive & Mobility

Expected Growth: 14%

The 14% growth in Automotive & Mobility segment of Mutares SE & Co. KGaA is driven by increasing demand for electric vehicles, autonomous driving technologies, and mobility-as-a-service platforms. Additionally, the segment benefits from the company's strategic acquisitions and partnerships, as well as its focus on sustainable and innovative solutions.

Goods & Services

Expected Growth: 12%

Mutares SE & Co. KGaA's 12% growth in Goods & Services is driven by increasing demand for industrial and automotive products, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on operational efficiency, cost savings, and investments in digitalization have contributed to the growth.

Engineering & Technology

Expected Growth: 15%

The 15% growth in Engineering & Technology segment of Mutares SE & Co. KGaA is driven by increasing demand for digitalization and automation in industries, expansion into new markets, and strategic acquisitions. Additionally, investments in research and development, innovative product offerings, and a strong order backlog contribute to the segment's growth.

Retail & Food

Expected Growth: 13%

The 13% growth in Retail & Food segment of Mutares SE & Co. KGaA is driven by increasing demand for convenience food, strategic acquisitions, and expansion into new markets. Additionally, the company's focus on digitalization, cost optimization, and supply chain efficiency has contributed to the growth. Furthermore, the segment has benefited from the rising trend of online grocery shopping and the company's ability to adapt to changing consumer preferences.

7. Detailed Products

Automotive

Mutares SE & Co. KGaA provides automotive solutions, including manufacturing and distribution of automotive parts and components.

Engineering & Technology

The company offers engineering and technology solutions, including design, development, and manufacturing of complex systems and components.

Goods & Services

Mutares SE & Co. KGaA provides a range of goods and services, including logistics, transportation, and supply chain management.

Real Estate

The company offers real estate solutions, including property development, management, and investment.

Electronics

Mutares SE & Co. KGaA provides electronic components and solutions, including manufacturing and distribution of electronic parts and assemblies.

8. Mutares SE & Co. KGaA's Porter Forces

Forces Ranking

Threat Of Substitutes

Mutares SE & Co. KGaA operates in a niche market with limited substitutes, but the threat of substitutes is still present due to the availability of alternative investment opportunities.

Bargaining Power Of Customers

Mutares SE & Co. KGaA's customers have limited bargaining power due to the company's specialized services and lack of alternative providers.

Bargaining Power Of Suppliers

Mutares SE & Co. KGaA's suppliers have moderate bargaining power due to the company's dependence on a few key suppliers, but the company's size and reputation also give it some negotiating power.

Threat Of New Entrants

The threat of new entrants is low due to the high barriers to entry in the investment industry, including regulatory hurdles and the need for significant capital and expertise.

Intensity Of Rivalry

The investment industry is highly competitive, with many established players competing for market share and clients. Mutares SE & Co. KGaA must differentiate itself through its unique investment approach and strong relationships with clients.

9. SWOT Analysis

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

	Value
Debt Weight	42.18%
Debt Cost	7.20%
Equity Weight	57.82%
Equity Cost	12.20%
WACC	10.09%
Leverage	72.95%

11. Quality Control: Mutares SE & Co. KGaA passed 3 out of 9 key points

Strong Liquidity

Low Debt

Strong Interest Coverage

Healthy Cash Flow

Operating Inefficiency

Strong Return On Equity

Consistent Revenue Growth

Consistent Operating Cash Flow Growth

Margin Improvement

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Anima Holding

A-Score: 7.7/10

Value: 7.7

Growth: 6.0

Quality: 7.8

Yield: 9.4

Momentum: 6.0

Volatility: 9.3

1-Year Total Return ->

Law Debenture

A-Score: 7.1/10

Value: 5.0

Growth: 4.4

Quality: 9.2

Yield: 6.2

Momentum: 7.5

Volatility: 10.0

1-Year Total Return ->

Real Estate Credit Investments

A-Score: 6.9/10

Value: 5.8

Growth: 3.9

Quality: 8.0

Yield: 10.0

Momentum: 3.5

Volatility: 10.0

1-Year Total Return ->

abrdn Asia Focus

A-Score: 6.8/10

Value: 4.0

Growth: 6.2

Quality: 8.0

Yield: 3.8

Momentum: 8.5

Volatility: 10.0

1-Year Total Return ->

Deutsche Beteiligungs

A-Score: 5.8/10

Value: 5.1

Growth: 4.6

Quality: 6.6

Yield: 7.5

Momentum: 4.0

Volatility: 7.0

1-Year Total Return ->

Mutares

A-Score: 5.8/10

Value: 9.1

Growth: 3.1

Quality: 4.5

Yield: 8.1

Momentum: 7.5

Volatility: 2.3

1-Year Total Return ->

Peers Metrics

12.e Scoring ^Insights

12.f DCF ^BETA

Parameters

Short Term Growth

17.44%

Short term Time

10.0

Long-Term Growth

2.00%

WACC

10.09%

Mutares SE & Co. KGaA - DE000A2NB650

1. Company Snapshot

1.a. Company Description

1.b. Last Insights on MUX

1.c. Company Highlights

Cheaper

Strong Momentum

Lower Quality

Revenues Beats

More Volatile

Stable Momentum

Earnings Miss

Revenues Miss

Medium Volatility

Weak Momentum

Higher Growth

Lower Yield

2. Transcript Summary

3. NewsRoom

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (13.58%)

6. Segments

Automotive & Mobility

Expected Growth: 14%

Goods & Services

Expected Growth: 12%

Engineering & Technology

Expected Growth: 15%

Retail & Food

Expected Growth: 13%

7. Detailed Products

Automotive

Engineering & Technology

Goods & Services

Real Estate

Electronics

8. Mutares SE & Co. KGaA's Porter Forces

Forces Ranking

Threat Of Substitutes

Bargaining Power Of Customers

Bargaining Power Of Suppliers

Threat Of New Entrants

Intensity Of Rivalry

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

11. Quality Control: Mutares SE & Co. KGaA passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

28.45$

Current Price

28.45$

Potential

-0.00%

Expected Cash-Flows

12.e Scoring ^Insights

12.f DCF ^BETA