Mutares Wins a Higher Price Target While Three Exit Files Sit at Different Stages
Published on 10/28/2026 at 11:02 | Editorial boerse-global.de
Analysts at MPCM lifted their price target on Mutares from 41 to 45 euros on 22 October, keeping a "Buy" rating on the stock, according to dpa-AFX. The upgrade lands as the holding company works through a trio of portfolio moves that are nowhere near the same degree of completion — a distinction that matters with the third-quarter report due on 12 November.
Shares in Mutares slipped 3.4% in the prior session.
A binding offer, a signed term sheet and an open question
The furthest along is the disposal of the SRT Group and its subsidiaries, which trade under the Stuart brand. Quiver has handed Mutares an irrevocable offer to acquire the parent, and the company expects the deal to close in the fourth quarter of 2026, subject to informing employee representatives. Stuart, active in urban and last-mile logistics, generates roughly EUR 50 million in revenue. Mutares says the sale will further trim its exposure to the retail segment.
Roughly a week ago, the company put pen to paper on a letter of intent with Grupa Kapita?owa Specja? covering the sale of Polish drugstore chain Natura. The two sides set out the key terms, with the signing of the purchase agreement and completion both targeted for Q4 2026. Clearance from Poland's competition watchdog, UOKiK, remains outstanding.
Should investors sell immediately? Or is it worth buying Mutares?
The gap between those two files is the crux for investors. An irrevocable offer goes beyond mere evaluation; a letter of intent still leaves the purchase contract itself to be signed.
Nord Gas adds a third, looser option
A separate strand sits at an even earlier stage. Mutares is reviewing strategic exit alternatives for Nord Gas Solutions, including a possible listing in the Nordic countries. The business reported a record order backlog of EUR 880 million as of 30 September. Management expects revenue above EUR 575 million for full-year 2026 and adjusted EBITDA of around EUR 50 million.
Those figures give the review an operating backdrop, but they are neither a sale decision nor a commitment to float. Anyone treating an IPO as a done deal would be running ahead of the confirmed position. The numbers describe NGS, not Mutares itself, and the full-year targets are projections rather than reported annual results.
What the 12 November update can settle
The positive case rests on those varied negotiating stages turning into completed transactions. Should both the Stuart and Natura deals land within the targeted window, Mutares would not only be executing its disposal plans — it would also be delivering on the promised reduction of its retail footprint, evidence that the announced portfolio changes are real.
Delays would cut the other way. Informing employee representatives at Stuart and securing UOKiK's approval at Natura are part of each transaction's process, and any slippage pushes back the date on which investors can judge whether the sales actually happened.
The quarterly statement on 12 November gives shareholders a chance to weigh operating progress alongside deal updates. The bar is the same as it is today: a confirmed completion carries more weight than another option. For Mutares, execution of the announced plans is likely to matter more than the count of them.
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