Mutares Gets a 45-Euro Target as Three Exit Files Advance at Uneven Speeds

Analysts at MPCM raised 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 at a moment when the investment case rests less on any single headline than on whether a trio of portfolio disposals actually reaches completion before the year is out.

The shares slipped 3.4% in the prior session. Mutares has flagged 12 November as the date for its third-quarter 2026 report, giving investors their next hard look at operating performance.

Three files, three different finish lines

The most advanced of the exit processes concerns the SRT Group and its subsidiaries, which trade under the Stuart brand in urban and last-mile logistics. Quiver has submitted an irrevocable purchase offer, and Mutares expects the deal to close in the fourth quarter of 2026, subject to informing employee representatives. Stuart generates revenue of roughly EUR 50 million — a figure that describes the size of the business, not the proceeds Mutares would book from a sale.

Natura, the Polish drugstore chain, sits a step further back. Just over a week ago Mutares signed a term sheet with Grupa Specja? covering the main sale conditions. Signing of the purchase agreement and completion are both targeted for the fourth quarter of 2026, contingent on clearance from Poland's competition authority, UOKiK.

The distinction matters. An irrevocable offer is not a closed transaction, and a term sheet substitutes for neither a signed contract nor a regulatory green light. Treating the three processes as a uniformly secured pipeline would overstate what has actually been confirmed.

Nord Gas supplies the operating anchor

Away from the sale files, Nord Gas Solutions provides the clearest operational reference point. Roughly two weeks ago Mutares reported a record order backlog of EUR 880 million at the unit. Management guided to full-year 2026 revenue above EUR 575 million and adjusted EBITDA of around EUR 50 million.

Those projections give substance to the strategic review Mutares is conducting at Nord Gas, which includes a possible listing in the Nordic countries. A stock market debut, however, remains one option under examination rather than a decided event, and the business forecasts themselves still have to be borne out by actual results.

What would strengthen the case

No additional transaction is needed for the constructive scenario to take shape. It would gain definition simply from Mutares closing the announced sales on the intended timetable, converting expected disposals into completed ones — a firmer basis for judgment than either an offer or an agreement on key terms.

Slippage would tell a different story. Delayed closings would postpone the proof that the announced processes can be executed, which would not automatically mean the plans have failed, but would weaken the assumption that every intended step lands inside the planned window. On Nord Gas, the uncertainty runs in another direction: investors should not price a potential IPO as a done deal.

Until the sale processes diverge from their announced path, a constructive view can be justified by the prospect of concrete completions. The 12 November quarterly release offers the next checkpoint on the operating side, and the question framing the investment decision stays the same — do the announced possibilities translate into demonstrable execution?