Mutares' Nord Gas Exit Menu Lifts Analyst Target as Natura Awaits Warsaw's Verdict
Published on 10/26/2026 at 03:40 | Editorial boerse-global.de
MPCM raised its price target on Mutares from EUR 41 to EUR 45 on Thursday and reiterated its "Buy" rating, with analyst Stefan Augustin pointing to the range of exit routes under review for subsidiary Nord Gas Solutions — a possible stock market listing among them. Shares in the holding company responded with a 2.7% gain on Friday.
The listing idea is one option on a menu, not a decision. Mutares is working with financial advisers to weigh strategic alternatives for the stake, including a potential flotation in the Nordics, and has not announced a commitment to that path. MPCM's case rests on the view that the current share price fails to capture Nord Gas Solutions' worth.
Earnings Power Behind the Valuation Gap
Roughly two weeks ago Mutares disclosed that Nord Gas Solutions expects revenue of more than EUR 575 million for 2026 alongside a record order backlog of EUR 880 million. Adjusted EBITDA is projected at around EUR 50 million. Mutares cited rising global energy demand, security of supply, decarbonisation and the energy transition as the forces driving the business.
Should investors sell immediately? Or is it worth buying Mutares?
Natura Terms Signed, Closing Still Conditional
Separately, Mutares has signed an agreement on the key terms of a sale of Natura to Poland's Grupa Kapita?owa Specja?. The purchase contract and completion are scheduled for the fourth quarter of 2026, subject to clearance from the Polish competition authority UOKiK. The arrangement therefore covers the principal conditions only; the definitive contract and closing remain bound to that timetable and condition.
The Natura announcement had already lent support to the stock earlier in the week — dpa-AFX attributed the gain at the time explicitly to the planned disposal of the drugstore chain. That attribution applied to that trading day, not to Friday's advance.
Mutares' next confirmed reporting date is the release of third-quarter 2026 results on 12 November.
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