Original-Research: Multitude AG (von NuWays AG): BUY

Classification of NuWays AG to Multitude AG

Company Name:	Multitude AG
ISIN:	CH1398992755
Reason for the research:	Update
Recommendation:	BUY
from:	19.08.2025
Target price:	EUR 12.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Frederik Jarchow

Sound Q2 ahead // On track to reach guidance

On Thursday, Multitude will publish Q2´25 figures. While current trading should have been solid, scale-effects should have continued to drive the bottom line. Here is what to expect in detail:

Sales are seen up 6% yoy at 68.3m (eNuW, 6% qoq), driven by the three business segments that all should have contributed to the growth (eNuW: ferratum: € 54.6m, 5% qoq, 2% yoy; CapitalBox: € 9.3m, 8% qoq, 14% yoy; Wholesale banking: € 4.4m, 12% qoq, 55% yoy). The overall net loan book is seen higher at € 802m (15% yoy).

EBT is expected to come in at solid € 7.8m (43% yoy), on the back of the sequentially improving topline as well as ongoing cost control and efficiency measures that should have resulted in stable qoq OPEX. Furthermore, and thanks to outstanding risk management, impairment on loans should have remained stable and should have growing at lower pace than the loan book (eNuW: € 24.9m, 3.1% of loan book vs 3.4% in Q2´24). Net income is seen at € 6.7m

That said, Multitude is seen well on track to reach its already increased FY25 net profit guidance of € 24-26m (vs eNuW: € 27.2m, 34% yoy)) as Multitude should have achieved already 14.2m in H1´25. Further sequential growth of the net loan book in Q3 and Q4 to € 836m until YE, combined with ongoing tight cost control should allow to reach the goal that is implying an EBT margin of 11%, easily.

Moreover, interest expenses are expected to increase only moderately by 2% yoy and 5% qoq and should be compensated by increasing topline (interest spread should remain stable).

In a nutshell, Multitude should remain a growing company with perspectively three profit centers within the Group While the cash cow of the Group ferratum delivered stable sales, the growth trajectory in CapitalBox and Wholesale banking is fully intact. As OPEX are well under control Multitude should continue to enjoy the scale effects of a platform business going forward.  

Despite the positive stock price performance since the beginning of the year, the company does still not look expensive for a growing, highly profitable, dividend paying company trading at only 6.7x P/E´25.

BUY with an unchanged PT of € 12 PT, based on our residual income model. Mind you that Multitude is one of our NuWays Alpha picks.

You can download the research here: multitude-ag-2025-08-19-previewreview-en-e0375
For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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