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
from:	16.05.2025
Target price:	EUR 13.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Henry Wendisch

Q1 slightly softer than expected, key drivers remain intact

Topic: MLP released Q1 results which came in slightly lower than expectations on sales and EBIT, but nevertheless show the anticipated RE recovery, which should pose the FY’25 guidance well in reach.

Sales grew by 6% yoy to € 301m, mainly driven by Wealth (+8% yoy to € 125m), Life & Health (+10% yoy to € 64m) and P&C (+5% yoy to € 102m), whereas sales from the nearly stopped RE development came in as expected (-92% yoy to € 0.3m).

EBIT came in at € 37.8m with a 12.6% margin (-0.4pp yoy), lower than expected (eNuW: € 42m) mainly driven by higher than initially expected commission expenses (€ 141m, +11% yoy), especially in banking and RE brokerage. Also, only minor performance fees of € 0.4m had a little impact on Q1’s EBIT (EBIT effect: € 0.3m vs. € 2.5m in Q1’24, eNuW). Excluding this effect, underlying profitability increased again by 0.2pp yoy to a 12.5% EBIT margin ex performance fees, highlighting the robust business model, also in times of economic uncertainty and capital market volatility. On a segmental basis, the absolute yoy changes in EBIT came from Financial Consulting (+ € 2.7m), Deutschland.Immobilien (€ +2.3m) and DOMCURA (€ +0.6m), which cushioned the decline at Banking (€ -2m, due lower net interest income and higher commission expenses) and FERI (€ -2.6m, due to almost no performance fees).

Furthermore, AuMs remained largely stable at € 62.8bn (-0.5% qoq, of which -1.9% performance related and +1.4% from very strong net capital inflows of € 900m), which compares well against the market development (e.g. S&P 500: - 4.6% qoq).

The RE recovery is going on, as sales from RE brokerage increased from a low level by 158% yoy to € 7.9m. A key highlight, was the rising brokerage margin (sales in % of brokered volume), which rose by 2.5pp yoy. This effect should continue throughout the year, where the sales of new higher margin brokerages, which is contracted right now, are recognized. Additionally, a few old and new development projects, which are seen to generate RE development sales to the tune of € 5-6m in FY’25e (eNuW), should altogether lead to an EBIT break-even of the Deutschland.Immobilien segment, in our view.

Against this backdrop, the FY’25 guidance seems well achievable, even in the event of only minor, but highly profitable performance fees. Therefore, we reiterate our BUY recommendation with an unchanged PT of € 13.00, based on SOTP and FCFY’25e.

You can download the research here: http://www.more-ir.de/d/32624.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
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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