Original-Research: MLP SE (von NuWays AG): BUY
Original-Research: MLP SE - von NuWays AG
Einstufung von NuWays AG zu MLP SE
Unternehmen: MLP SE
ISIN: DE0006569908
Anlass der Studie: 5-Pager
Empfehlung: BUY
seit: 25.01.2024
Kursziel: 11.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch
Low risk, high reward - added to NuWays' Alpha List
At current levels, MLP’s stock offers a strong upside potential while potential downside risks seem priced in and should not impact bottom line significantly. Here is our take:
(1) Strong diversification of negatively correlated business segments protects MLP against changing macroeconomic environments. Currently, the downturn in real estate and the absence of performance fees due to burdened capital markets, are overcompensated by a strong banking business.
(2) Solid visibility on profitability: For FY’24e, we expect EBIT to improve by € 11m to € 90m (+13% yoy), mainly supported by the strong banking business (55% of EBIT), but also by easing OPEX inflation compared to FY’23e, all the while top-line growth remains intact (+4% yoy).
(3) Tailwinds from new interest rate era: Due to recent interest rate hikes as well as a favourable customer deposit mix, MLP can rely on comfortable interest spreads in its banking business. As significant interest rate cuts seem unlikely at the moment, we expect this effect to carry on throughout 204 and beyond. This should yield an interest result of € 54m for FY'24e (eNuW), which has an incremental EBIT margin of close to 100%.
(4) Positive upside potential from highly profitable performance fees around the corner: FERI’s largest fund “Optoflex” recently exceeded its threshold to receive highly profitable performance fees. Should capital markets continue to develop favourably, an additional EBIT contribution of c. € 10-30m for FY'24e could serve as a cherry on top, as these are not reflected in our estimates.
(5) Further downside from real estate unlikely: With Germany's RE transaction market slightly picking up again and no major rate cuts in sight, a worsening of MLP's real estate business seems unlikely. With only a 3% sales share, the impact of RE on the group is also limited.
Current valuation is unjustified: Underlying profitability nearly quadrupled over the last years, but the stock has not performed accordingly, now trading at historically cheap multiples, a 21% FCFY’24e, a 58% discount to its fair SOTP value and a 5% dividend yield. Given this superb value for money profile, MLP shares look set for a re-rating. As a result, we add MLP to our NuWays' Alpha List 2024 and strongly recommend to BUY with unchanged PT of € 11.00, based on FCFY’24e and SOTP.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28753.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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 | ||||||||
2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024e | ||
Sales1 | 642,14 | 689,56 | 745,52 | 907,30 | 913,79 | 941,13 | 980,00 | |
EBITDA1,2 | 62,35 | 73,48 | 87,05 | 127,20 | 110,62 | 106,54 | 128,00 | |
EBITDA-Margin3 | 9,71 | 10,66 | 11,68 | 14,02 | 12,11 | 11,32 | 13,06 | |
EBIT1,4 | 46,39 | 47,10 | 59,36 | 96,81 | 75,61 | 70,72 | 92,00 | |
EBIT-Margin5 | 7,22 | 6,83 | 7,96 | 10,67 | 8,27 | 7,51 | 9,39 | |
Net Profit (Loss)1 | 34,49 | 36,93 | 43,24 | 62,83 | 48,65 | 44,12 | 60,00 | |
Net-Margin6 | 5,37 | 5,36 | 5,80 | 6,93 | 5,32 | 4,69 | 6,12 | |
Cashflow1,7 | 141,24 | 191,60 | 408,08 | 546,35 | -292,45 | 116,67 | 140,00 | |
Earnings per share8 | 0,32 | 0,34 | 0,40 | 0,57 | 0,47 | 0,44 | 0,61 | |
Dividend per share8 | 0,20 | 0,21 | 0,23 | 0,30 | 0,30 | 0,30 | 0,30 |
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: BDO
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 | ||||||
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MLP | ||||||
WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
656990 | DE0006569908 | SE | 654,91 Mio € | 18.07.1990 | Kaufen | 8FXC7MWH+R8 |
PE 2025e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
10,33 | 16,71 | 0,62 | 16,73 | 1,27 | 5,61 | 0,70 |
Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
0,30 | 0,30 | 0,30 | 5,01% |
Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
25.06.2025 | 15.05.2025 | 14.08.2025 | 14.11.2024 | 27.03.2025 |
Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
+0,45% | +2,32% | +8,12% | +14,75% | +275,55% |
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