MLP SE
ISIN: DE0006569908
WKN: 656990
16 May 2024 09:06AM

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

MLP SE · ISIN: DE0006569908 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 19769

Original-Research: MLP SE - von NuWays AG

Einstufung von NuWays AG zu MLP SE

Unternehmen: MLP SE
ISIN: DE0006569908

Anlass der Studie: Update
Empfehlung: Kaufen
seit: 16.05.2024
Kursziel: EUR 11.50
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch

Strong Q1 driven by wealth management and banking

MLP released a strong set of Q1 results in line with expectations and at new record levels. In detail:

Sales increased by a solid 8% yoy to € 284m (eNuW: 280m), slightly above estimates. The main drivers were the strong banking business (Interest Income +89% yoy to € 22m) and Wealth Management, which had tailwinds from elevated capital markets and grew sales by 17% yoy of € 86m. While the Non-Life Insurance business benefitted from higher inflation rates in the past, the momentum has expectedly slowed down with easing inflation. Thus, Non-Life Insurance recorded sales growth of 6% yoy to € 97m. Also, Real Estate Brokerage showed a recovery of 70% yoy to € 3m, however from low levels. In contrast, Real Estate Development remains muted with sales of € 3.4m,down 66% yoy, due to MLP's decision to halt projects in the current market
nvironment (see p. 2 for details)

EBIT came in as expected with a substantial improvement of 14% yoy to € 37m (13% margin, +0.7pp yoy). The main margin drivers were the ongoing strong interest result of € 13.6m (+32% yoy) coupled with the recognition of € 3.8m in performance-based compensation at FERI's funds - the first time since Q4'21. Due to a base effect, other OPEX have declined by 7% yoy to € 43m, whereas personnel expenses rose by 11.4% yoy to € 58m (5.4% wage inflation and 5.6% increase in headcount). On a segment basis (for details see p. 2), Banking and Wealth Management remain MLP's current EBIT drivers, while RE development burdens profitability.

On a positive note, MLP could grow its fundaments for recurring revenues to new record levels. First, AuM increased by € 2.3bn (€ 200m net capital inflows and € 2.1bn from rising valuation) to a staggering € 59.3bn and serves as the bedrock for profitable and recurring sales in Wealth Management. Secondly, the Non-life Insurance Volume grew by 7% yoy to € 719m, which is comparable to German SMEs in this field.

All in all, MLP is on track to outperform its conservative guidance of € 75-85m EBIT (vs. eNuW: € 88m). By simply assuming the last years' Q2-Q4 EBIT of € 46m (excluding € 7.8m in one-offs) for the remainder of this year, FY'24e EBIT would stand at € 83m already.

Therefore, we reiterate our BUY recommendation with slightly lower PT of € 11.50, based on FCFY'24e
(€ 10.50) and SOTP (€ 12.50).

Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/29769.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 ++++++++++
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. ++++++++++

-------------------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
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%

Advertising is an important revenue channel for us. But we understand, that sometimes it becomes annoying. If you want to reduce the number of shown ADs just simply login to your useraccount and manage the settings from there. As registered user you get even more benefits.
          Qualitätsjournalismus · Made in Germany © 2024          
The news manufactory

Good luck with all your investments

Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.

Contact

Idea & concept: 3R Technologies   
boersengefluester.de GmbH Copyright © 2024 by Gereon Kruse #BGFL