Original-Research: Multitude SE (von NuWays AG): BUY
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Original-Research: Multitude SE - from NuWays AG
Classification of NuWays AG to Multitude SE
Strong FY24: Delivered as promised and more to come; chg Last week, Multitude reported a particularly strong set of Q4 figures and confirmed its net income guidance for FY25 and FY26. In detail: Sales came in at € 69.8m, up 7% qoq and 14% yoy, in line with our estimates of € 70m (eNuW), driven by the strong growth of the net loan book (NAR) to € 763m (+20% yoy; including c. € 112m debt investments attributable to wholesale banking). Importantly, all segments contributed significant yoy NAR and sales growth over the year, resulting in FY group sales of € 264m (+14% yoy vs eNuW: 265m). EBIT increased by 8% qoq to € 20.4m (+29% yoy), significantly above our estimates of € 18.6m (eNuW). With 68m for the FY, the company achieved its FY24 guidance of € 67.5m (vs eNuW: € 65.7m). The solid bottom line is due to top-line growth as well as stable OPEX thanks to efficiency measures (marketing, personnel) and resulting scale effects. Driven by NAR expansion, higher average reference rates and the issued perpetual bond, financial costs increased to € 11.6m (vs eNuW: € 12.2m), resulting in an EBT of € 8.8m (vs eNuW: € 6.5m) in Q4, which translates into € 23.3m in FY24 (vs eNuW: € 20.8m). On the back of this strong set of numbers, management the confirmed its net income guidance of € 23m for FY25 and € 30m for FY26 (vs eNuW: € 23.5m in FY25 and € 30m in FY26) expecting further top.line growth and scale effects. In our view, the guidance looks ambitious, but not out of range given 1) the significantly increased loan book that should fully materialize within FY25, 2) the strong growth momentum of CapitalBox as well as the huge potential in the wholesale banking that have just started to pick-up. That paired with the ongoing stable performance “cashcow” of the Group (ferratum) and tight cost control that the company already showed in FY24 give us additional confidence. Mind you that the company has achieved its guidance for last three years. As the stock is still trading at 4.3x PE´25, the growing, highly profitable, resilient and dividend paying (€ 0.44/share; 8.5% dividend yield) company to look undebatable cheap. Consequently, Multitude remained a NuWays Alpha pick and we reiterate BUY with an unchanged PT of € 12, based on our residual income model. You can download the research here: http://www.more-ir.de/d/32212.pdf 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 ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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2113630 09.04.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 293,10 | 230,47 | 213,67 | 212,37 | 230,46 | 263,70 | 289,00 | |
| EBITDA1,2 | 56,35 | 41,87 | 39,22 | 49,13 | 60,57 | 80,11 | 86,00 | |
| EBITDA-Margin3 | 19,23 | 18,17 | 18,36 | 23,13 | 26,28 | 30,38 | 29,76 | |
| EBIT1,4 | 45,53 | 28,51 | 23,90 | 31,61 | 45,56 | 67,63 | 72,40 | |
| EBIT-Margin5 | 15,53 | 12,37 | 11,19 | 14,88 | 19,77 | 25,65 | 25,05 | |
| Net Profit (Loss)1 | 23,02 | 0,48 | -2,56 | 12,00 | 16,44 | 20,23 | 25,50 | |
| Net-Margin6 | 7,85 | 0,21 | -1,20 | 5,65 | 7,13 | 7,67 | 8,82 | |
| Cashflow1,7 | 22,53 | 140,36 | 71,72 | -26,15 | 157,78 | -24,86 | 36,00 | |
| Earnings per share8 | 1,10 | 0,02 | -0,12 | 0,39 | 0,51 | 0,65 | 1,17 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,12 | 0,19 | 0,44 | 0,38 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: PricewaterhouseCoopers
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
| ©boersengefluester.de | ||||||
| Multitude | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A40VJN | CH1398992755 | AG | 127,52 Mio € | 06.02.2015 | Kaufen | 8FVC5GF7+R3 |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 4,35 | 13,32 | 0,33 | 11,58 | 0,87 | -5,13 | 0,48 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,19 | 0,44 | 0,38 | 6,47% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 13.05.2025 | 22.05.2025 | 21.08.2025 | 14.10.2025 | 17.04.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -12,75% | -9,16% | +0,00% | +0,00% | -65,47% |
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