MLP SE
ISIN: DE0006569908
WKN: 656990
08 March 2024 09:02AM

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

MLP SE · ISIN: DE0006569908 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19099

Original-Research: MLP SE - from NuWays AG

Classification of NuWays AG to MLP SE

Company Name: MLP SE
ISIN: DE0006569908

Reason for the research: Update
Recommendation: BUY
from: 08.03.2024
Target price: EUR 11.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Henry Wendisch

Comeback of RE and performance fees around the corner; chg.

Topic: MLP released FY'23 preliminary results and suprised positively with Q4's better than expected real
estate business. MLP also looks set to record performance fees in Q1 for the first time since 2021.

Q4 sales in line with estimates: Sales rose by 5% yoy to € 289m (eNuW: € 294m) with a strong impact from Old-Age Provision (€ 90m, 31% of sales; eNuW: € 102m), but also strong growth from Interest Income (€ 20.3m, +133% yoy; eNuW: € 19.6m), Non-Life Insurance (€ 39m, +22% yoy; eNuW: € 42m) as well as Wealth Management (€ 80m, +4% yoy; eNuW: € 91m). Surprisingly, the negative trend in Real Estate could be stopped, as Q4 RE sales came in much better than expected at € 26.2m, up 19% yoy (eNuW: € 5.1m), thanks to both Brokerage (€ 11.1m, +62.4% yoy; eNuW: € 3.5m) and Development (€ 15m; flat yoy; eNuW: € 1.6m).

Q4 EBIT in line with previously released PW: The positive impact from the interest result (€ 12.8m; +64% yoy; eNuW: € 13.5m) led to an overall Q4 EBIT of € 25.4m, up 9% yoy, while it was also burdened by a one-off goodwill impairment on a real estate subsidiary of € 4m.

FY'24e guidance conservative: The company guides for an EBIT range of € 75-85m (eNuW: € 89m; eCons: € 88m) for FY'24e, based on positive outlooks in Wealth as well as Life & Health. Upside could emerge from 1) a potential rebound in Real Estate (company guides 'very positively'), which was already visible during Q4'23, and 2) highly profitable performance fees which seem to be likely in Q1'24e already. Both of FERI's largest public funds (EquityFlex & Optoflex) currently exceed the threshold to be eligible for performance fees and the record day (March 31st, last day of Q1) is close. Against this backdrop, management seems to guide conservatively, in our view.
Mid-term targets confirmed: By Y/E'25e, MLP aims to achieve an EBIT in the range of € 100-110m, based on its diversified business mix coupled with continous growth and efficiency gains. This would imply an EBIT 23-'25e CAGR of 19-25%.

Overall, MLP's stock is too cheap to ignore at current levels, trading at historically low multiples. The SDAX uplisting on March 18th should also support the stock's trading volumes and visibility. Hence, we reiterate BUY and confirm MLP in the NuWay's Alpha List with unchanged PT of € 11.00, based on FCFY'24e and SOTP.

You can download the research here:
http://www.more-ir.de/d/29099.pdf
For additional information visit our website www.nuways-ag.com/research.

Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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. ++++++++++

-------------------transmitted by EQS Group AG.-------------------

The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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
Quelle: boersengefluester.de and Company information
Explanation

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
©boersengefluester.de
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
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,30 0,30 0,30 5,01%
Financial calendar
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
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
+2,39%
5,99 €
ATH 190,00 €
+0,45% +2,32% +8,12% +14,75% +275,55%

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