The German holding company has added two heavyweights in ground support equipment to its fold, buying TREPEL Airport Equipment and MAFI Transport-Systeme from NDW Maschinenbau Holding. The duo manufacture freight loaders, aircraft tugs and terminal tractors that move baggage and cargo across more than 115 countries, supported by a global network of over 50 service partners. Combined revenue for fiscal 2025 stood at roughly €150 million, and Mutares expects the deal to close in the third quarter of next year. The acquisition slots neatly into the firm’s tried-and-tested playbook: snap up companies in transition, restructure their operations, then exit at a later date.
Investors, meanwhile, have started warming back up to the stock. Over the past 30 days, the share price has jumped 8.63% to €28.95, a notable recovery given that it had been trailing the broader market for much of the year. That rally has brought the stock within striking distance of its 200-day moving average at €28.97, a level technicians watch closely for signs of a sustained reversal. Earlier this month the price was still around €28.45, roughly 22% below the 52-week high set in summer 2025. But the advance off the April trough of €23.30 has been sharp, and the stock now trades about 7% above its 50-day average.
Management is banking on the airport infrastructure theme to underpin the latest addition. Airports worldwide are modernising their ground handling fleets, creating a structural demand tailwind that fits Mutares’ preference for turnaround situations with clear investment drivers. The deal is the latest in a brisk acquisition cadence: Mutares completed three purchases and six disposals in the first quarter alone, and the current quarter has kept up that pace. A recent capital increase sailed through without a hitch, and bondholders agreed to a temporary suspension of certain financial covenants, buying the team extra operational flexibility.
On the dividend front, the proposed base payout of €2.00 per ordinary share offers a yield of roughly 6.93%, providing a floor under the stock. If asset sales produce additional gains, shareholders could pocket an even heftier bonus. That combination of yield and potential upside is drawing attention back to a name that had fallen out of favour.
Should investors sell immediately? Or is it worth buying Mutares?
For the current financial year, the holding company is guiding for a net profit between €165 million and €200 million on group revenues of nearly €1.7 billion in the first quarter alone — growth powered mainly by acquisitions. The medium-term ambition is nothing short of dramatic: annual revenue expansion of at least 25% through to 2030, with a net profit target of €200 million by 2028 and a top-line goal of €10 billion. Management has flagged that the 2028 milestones could be achieved earlier than planned, especially if the US expansion continues to deliver.
The stock’s performance so far this year still reflects hesitation — it is down roughly 5% on a year-to-date basis. But the recent rally suggests the market is beginning to assign credit for the operational progress. Whether the TREPEL and MAFI deal can sustain that momentum will depend on how quickly Mutares can show tangible improvement in the new portfolio companies. The first big test comes with the half-year figures expected in summer 2026.
For now, the technical picture is brightening. The 200-day line at €28.97 is the immediate hurdle. A clean break above that level would signal that the worst of the selloff is behind the stock, opening the door to a broader re-rating. Combined with a solid dividend yield and a steadily filling acquisition pipeline, the case for renewed confidence in Mutares is starting to build.
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