Mutares Refines Portfolio with Benelux Sale as Magirus Order Mountain Grows
11.06.2026 - 16:05:11 | boerse-global.de
The private-equity group Mutares is executing its signature playbook of buying, reshaping, and sliming down companies — this time at the Dutch distribution arm of its portfolio firm F.lli Ferrari. The business, which generated roughly €35 million in annual revenue with about 50 employees, has been sold to the HMF Group. The truck-crane manufacturer will now focus squarely on its core crane platforms and manufacturing activities, a move that leaves the group with a tighter profile.
Yet even as Mutares exits one niche, its fire-engine specialist Magirus is throwing off sparks. That division currently sits on a record order book of more than €880 million, and the holding company is weighing its options — a sale or an initial public offering. Since last autumn’s acquisition of Achleitner Fahrzeugbau, Magirus has also stepped into the defense arena under the new name Magirus Defense Systems, a repositioning that could make it even more attractive to potential buyers.
Investors have so far taken a cautious view of these moves. Mutares stock was recently trading around €27.40, a level roughly 25% below its 52-week high of €36.75. The share has slipped about 8% from a year ago, though the last 30 days brought a modest recovery of roughly 4.4%. That uptick pushed the stock back above its 50-day moving average of €26.48, while the relative strength index sits at a neutral 50 — neither overbought nor oversold.
Should investors sell immediately? Or is it worth buying Mutares?
The share price has drifted below the €28 mark as well, leaving it about 21% beneath its other recent 52-week high of €35.75. That height was referenced in the context of the group’s broader financial strategy, which includes a planned annual general meeting in Munich on July 3, 2026. Management will ask shareholders to approve a base dividend of €2.00 per share, with the promise of an additional performance-linked bonus should lucrative company sales materialize.
On the debt side, Mutares has been actively buying back its own bonds since the second quarter, committing at least €25 million per quarter to the market. At the end of 2025, outstanding bonds still totaled €385 million. The aim is to trim interest costs and shore up the balance sheet — a quiet fix that has yet to ignite much enthusiasm on the equity side.
To hit its profit targets — a net income range of between €165 million and €200 million for the current year, and group revenue threatening the €9 billion mark — the holding company is accelerating asset sales. A binding offer from Reed Capital for the auto-supplier Walor Precision Turning is already in hand, with closure expected this summer. The €230 million in exit proceeds booked last year is a benchmark that management aims to beat.
The F.lli Ferrari pruning is part of that same rhythm: shedding non-core units to sharpen the remaining operations. Mutares still has plenty of portfolio work ahead across segments from automotive to retail, but the Magirus prize, if cashed in before the AGM, could be the catalyst that halts the stock’s slide.
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Mutares Stock: New Analysis - 11 June
Fresh Mutares information released. What's the impact for investors? Our latest independent report examines recent figures and market trends.
