Mutares Sells NEM Energy in Speedy Hyundai Exit, Yet Stock Remains Under Pressure
11.06.2026 - 00:20:46 | boerse-global.de
Mutares has struck a deal to sell NEM Energy Group to Hyundai Heavy Industries Power Systems, a subsidiary of South Korea’s publicly traded MiCo Ltd., just over three years after buying the business from Siemens Energy in a carve-out. The Munich-based holding company is keeping the purchase price confidential, but the transaction marks another rapid turnaround for a portfolio firm. NEM Energy, which employs about 470 people across sites in the Netherlands, Germany and India, manufactures waste heat recovery boilers and exhaust systems. The sale is expected to close in the third quarter.
Despite the headline-friendly divestment, shareholders are in a selling mood. Mutares stock slipped 0.91% to €27.20 on the day, extending a stretch of middling performance. Over the past twelve months the shares have shed roughly 18% of their value. The technical picture does little to inspire confidence: the stock trades six percent below its 200-day moving average of €29.02 and sits 26% off its 52-week high. The relative strength index at 47.7 suggests a largely listless market, with the 52-week floor of €23.30 providing the nearest support.
The disconnect between operational momentum and share price is largely explained by two overhangs. First, a capital increase completed in April diluted existing holders, even if the proceeds are earmarked for expansion into North America and Asia. Second, a covenant deadline looms at the end of June 2026, requiring Mutares to meet certain conditions with bondholders. The pace of portfolio exits is meant to shore up liquidity ahead of that date, but the market is waiting for concrete proof that the balance sheet can clear the hurdle.
Should investors sell immediately? Or is it worth buying Mutares?
Mutares is not slowing its exit machine. An irrevocable offer from Reed Capital for the Walor Precision Turning division adds another potential cash injection, while the NEM Energy deal frees up capital for fresh acquisitions. Investors also have an eye on a possible special dividend later this year, though management will need to demonstrate how it intends to replace the revenue contribution from the sold unit.
In the near term, the stock faces a wall of reluctance. Buyers want to see the half-year balance sheet at the end of June stabilised before granting a higher valuation. Until then, the operational engine keeps turning, but the share price response is likely to remain subdued.
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