Original-Research: MLP SE (von NuWays AG): BUY
Original-Research: MLP SE - from NuWays AG
Classification of NuWays AG to MLP SE
Solid Q2 driven by wealth management and banking Topic: Following preliminary EBIT results from 29th July (see update from 30th July), MLP provided more details with final Q2 results yesterday. Here's what's new:
All in all a solid release, showing that MLP is on track to outperform its guidance. By simply assuming last year's H2 EBIT (€ 37.2m excl. one-offs) for H2'24e, FY'24e EBIT would stand at € 86m, already above the specified guidance of € 80-85m. Furthermore, we expect EBIT to come in at € 90m, based on (1) a still strong net interest income, (2) higher AuMs and (3) less negative impacts from RE development expected for H2. In our view, MLP shares remain highly attractive, trading at 16% adj. FCF yield, a 5.6% dividend yield and only on 5.3x EV/EBIT for FY'24e, while also being a well diversified and stable quality business. Therefore, we reiterate our BUY recommendation and MLP's position in our NuWays' AlphaList with an unchanged PT of € 11.50, based on FCFY'24e and SOTP You can download the research here: http://www.more-ir.de/d/30493.pdf For additional information visit our website: www.nuways-ag.com/research 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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1968439 15.08.2024 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 | ||||||||
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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