Original-Research: Multitude SE (von NuWays AG): Buy
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Original-Research: Multitude SE - from NuWays AG
Classification of NuWays AG to Multitude SE
Q3 with improved profitability // FY24 guidance confirmed; chg Topic: Multitude reported a strong set of Q3 figures with improved bottom-line and confirmed its FY24 EBIT guidance. Further, the company announced to continue with a new CEO from FY25 onwards and provided a guidance for FY25. In detail: Interest income increased to € 65.1m (11% yoy, 1% qoq vs eNuW: € 68.3m), thanks to strong growth in the SME banking to € 8.6m (4% qoq, 46% yoy, vs eNuW: € 8.3m) and in the Wholesale Banking to € 3.5m (25% qoq, 152% yoy, vs eNuW: € 2.8m). Consumer Banking topline improved only slightly by 4% yoy to € 52.9m. The net loan book (NAR – including debt investments of € 101m) grew to € 726m (4% qoq, 24% yoy, vs eNuW: € 720m). EBIT jumped to € 18.9m (13% qoq, 57% yoy), mainly driven by credit losses that decreased further to only € 21.5m (-10% qoq, 3% yoy, vs eNuW: € 26.6m) or 33% of sales, while S&M, personnel and other operating expenses remained stable. With interested expenses raising to € 12.8m (12% qoq, 99% yoy, eNuW: € 9.6m), we should have seen the peak here for the moment, expecting lower relative levels going forward. Still, EBT of € 6.2m (15% qoq, -2% yoy) is in line with expectations (eNuW: € 6.6m), carried by the lower credit losses. Overall, Multitude delivered another strong quarter thanks to further significant improvements in the risk management, visible in declining credit losses paired with ongoing tight cost control stabilizing OPEX. On the back of the 1) strong NAR over all segments, 2) credit losses to remain on moderate levels and 3) ongoing tight cost control, we see further meaningful EBIT improvements. Hence, the confirmed EBIT guidance of € 67.5m looks achievable. As interest expenses should have peaked in Q3, the newly introduced net profit guidance for FY25 of 23m looks achievable as well (eNuW: € 24.5m). Further, CEO and founder Jorma Jokela decided to step down as CEO of the Group at year end to focus i.e. on M&A and hand over to Antti Kuplainen (currently CEO of Multitude Bank) – a sensible move in our view. For a growing, highly profitable, resilient and dividend paying company 4.6x PE´25 looks dirt cheap. Consequently, we reiterate BUY with an unchanged PT of € 12, based on our residual income model. Multitude remains a NuWays Alpha pick. You can download the research here: http://www.more-ir.de/d/31319.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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2030703 15.11.2024 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 | 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 | |
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 |
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Dividend '2022 in € |
Dividend '2023 in € |
Dividend '2024e in € |
Div.-Yield '2024e in % |
| 0,12 | 0,19 | 0,19 | 3,95% |
| 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 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -1,01% | -9,31% | +7,85% | +20,25% | -71,71% |
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