Multitude SE
ISIN: MT0002810100
WKN: A40G1Q
14 October 2024 09:01AM

Original-Research: Multitude SE (von NuWays AG): Buy

Multitude SE · ISIN: MT0002810100 · EQS - Analysts
Country: Germany · Primary market: Germany · EQS NID: 21041

Original-Research: Multitude SE - from NuWays AG

14.10.2024 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of 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.


Classification of NuWays AG to Multitude SE

Company Name: Multitude SE
ISIN: MT0002810100
 
Reason for the research: Update
Recommendation: Buy
from: 14.10.2024
Target price: EUR 12.00
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow

Sensible strategic acquisition of stake in Lea Bank ASA

Topic: Multitude announced to have acquired a 9.9% stake in Lea Bank ASA with an option to acquire further 8.7%, once having received the approval from the regulatory authorities in Norway and Sweden. Here are our key takeaways:
  • Complementary risk profile as good strategic fit. Lea Bank is active in the consumer lending space with a strong regional footprint across Nordic countries and Spain. As Lea Bank is offering prime loans to consumers, the risk profile is significantly lower compared to Multitude´s consumer lending segment “ferratum” and is hence diversifying the business. Thanks to a business model that is similar (consumer lending) but different (risk profiles), we see certain synergy potentials, especially in the field of (1) referrals/product cooperations, (2) joint development projects and (3) cross-selling. Still, for now the acquisition is only a financial investment that is not being consolidated.
  • Attractive financial profile. With a loan book of c. € 587m (as of H1´24 mainly financed with customer deposits at moderate interest rates), Lea Bank should generate some € 48m in net interest income and € 55m in total income in FY24e (assuming similar sequential growth as in H1), while provision for loan losses should amount to only c. € 30m, due to the relatively low risk profile, with low default rates. The lean cost structure, should allow Lea Bank to achieve an EBT of € 7-8m that could result in a nice dividend. In light of the profitable, growing business model with a lower risk profile, the paid valuation of c. 13x PE´24e is appropriate in our view.
Apart from that, Multitude is seen to be fully on track to come close to its EBIT guidance of € 67.5m (vs eNuW: € 61.4m), thanks to moderate growth especially in the SME and Wholesale banking segment, further improved risk management visible in declining impairments and ongoing tight cost control resulting in stable OPEX.

As the stock still is undebatable cheap for a growing, highly profitable, resilient and dividend paying company, trading at only 4x PE´25, we reiterate BUY with an unchanged PT of € 12 PT, based on our residual income model. With that, Multitude remains one of our NuWays Alpha picks.

You can download the research here: http://www.more-ir.de/d/31041.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
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Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
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2007335  14.10.2024 CET/CEST

fncls.ssp?fn=show_t_gif&application_id=2007335&application_name=news&site_id=boersengefluester_html

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 262,15 293,10 230,47 213,67 212,37 230,46 0,00
EBITDA1,2 43,02 56,35 41,87 39,22 49,13 60,57 0,00
EBITDA-Margin3 16,41 19,23 18,17 18,36 23,13 26,28 0,00
EBIT1,4 37,80 45,53 28,51 23,90 31,61 45,56 0,00
EBIT-Margin5 14,42 15,53 12,37 11,19 14,88 19,77 0,00
Net Profit (Loss)1 19,27 23,02 0,48 -2,56 12,00 16,44 0,00
Net-Margin6 7,35 7,85 0,21 -1,20 5,65 7,13 0,00
Cashflow1,7 -40,36 22,53 140,36 71,72 -26,15 157,78 0,00
Earnings per share8 0,89 1,10 0,02 -0,12 0,39 0,51 0,70
Dividend per share8 0,18 0,00 0,00 0,00 0,12 0,19 0,19
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: PricewaterhouseCoopers

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
Multitude
WKN ISIN Legal Type Marketcap IPO Recommendation Plus Code
A40G1Q MT0002810100 AG 104,49 Mio € 06.02.2015 Kaufen 9GG66W2Q+GM
* * *
PE 2025e PE 10Y-Ø BGFL-Ratio Shiller-PE PB PCF KUV
5,17 14,44 0,36 10,53 0,57 0,66 0,45
Dividends
Dividend '2022
in €
Dividend '2023
in €
Dividend '2024e
in €
Div.-Yield '2024e
in %
0,12 0,19 0,19 3,95%
Financial calendar
Annual General Meeting Q1-figures Q2-figures Q3-figures Annual press conference
13.05.2025 22.05.2025 21.08.2025 14.11.2024 17.04.2025
Performance
Distance 60-days-line Distance 200-days-line Performance YtD Performance 52 weeks IPO
Last Price (EoD)
-3,41%
4,81 €
ATH 32,50 €
-1,01% -9,31% +7,85% +20,25% -71,71%

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