Original-Research: MLP SE (von NuWays AG): BUY

Classification of NuWays AG to MLP SE

Company Name:	MLP SE
ISIN:	DE0006569908
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 12
Target price on sight of:	12 months
Last rating change:
Analyst:	Simon Keller

Planning pays dividends

We hosted a roadshow with MLP CEO Dr. Uwe Schroeder-Wildberg. Key takeaways confirm the equity story momentum: MLP combines a c. 5% dividend yield with continuously improving revenue visibility and tangible adj. earnings growth.

• Client proposition centred on “peace of mind”. MLP’s model is built around long-term financial planning and stable, mostly fee-based, adviser relationships. This is relevant in a market where customers can easily compare single products such as Tagesgeld, neobank accounts or ETFs. MLP’s focus remains the full financial package: banking, insurance, wealth, old-age provision and financing, anchored in personal advice and a long-term customer relationship. This supports retention and cross-selling as clients move through life stages.
• Earnings quality continues to improve. 72% of sales are already recurring. Wealth and property and casualty (P&C) insurance are the main recurring growth pillars, helped by savings plans, rising customer maturity and inflation-linked premium volumes in non-life insurance. This improves forecasting quality and lowers reliance on one-off product sales. Against this backdrop, performance fees are not the foundation: MLP includes only high-single-digit €m performance fees annually (c. 1% of sales) in its mid-term targets, compared to a seven-year average of c. € 23m. With c. 70% incremental EBIT margin, stronger performance fees would be upside. 2025 also offers a low comparable base (only c. € 11m).
• Disintermediation risk looks manageable. Neobanks, ETFs and AI remain relevant competitive forces, especially on pricing. Still, human advice remains the single most trusted source of investment guidance (source: CFA Institute), supporting the relevance of MLP’s adviser-led model. MLP’s answer is to integrate digitalisation and AI into the advisory process, improving transparency, speed and adviser productivity while preserving the personal relationship.
• AI is turning into an operating lever. MLP already uses AI in business-relevant processes, with cost control visible in 2025 (adj. EBIT margin up 0.1pp yoy, despite declining performance fees). In P&C, an AI-supported claims solution can handle claims in roughly 10 minutes. Simultaneously, an insurance contract-checking tool can analyse existing client contracts and generate counter-offers with better pricing, better service or both. This supports customer benefit, adviser efficiency and the broader digitalisation case.
• Dividend case backed by growth and cash. The dividend (5% yield at current levels) remains well supported by MLP’s 50-70% payout target and an expected 14% adj. EBIT CAGR into 2028e (eNuW, in line with mid-term targets). Consequently, the sustainable dividend should grow going forward, further anchored by MLP’s ambition to maintain dividend continuity. In addition, € >80m net available cash after regulatory buffers leaves room for M&A, special dividends or buybacks. Yet, the cash buffer should be seen to maintain financial flexibility, rather than a near-term distribution trigger.

In sum, MLP remains a quality financial advisory platform with a rare combination of yield, earnings growth, recurring revenue visibility and balance-sheet quality. BUY, PT € 12, on Residual Income.
 

You can download the research here: mlp-se-2026-04-28-update-en-75ac1
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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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