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

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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 EUR 284m (eNuW: 280m), slightly above

estimates. The main drivers were the strong banking business (Interest

Income % yoy to EUR 22m) and Wealth Management, which had tailwinds from

elevated capital markets and grew sales by 17% yoy of EUR 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 EUR 97m. Also, Real

Estate Brokerage showed a recovery of 70% yoy to EUR 3m, however from low

levels. In contrast, Real Estate Development remains muted with sales of EUR

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 EUR 37m

(13% margin, .7pp yoy). The main margin drivers were the ongoing strong

interest result of EUR 13.6m (% yoy) coupled with the recognition of EUR

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 EUR

43m, whereas personnel expenses rose by 11.4% yoy to EUR 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 EUR 2.3bn (EUR 200m net capital

inflows and EUR 2.1bn from rising valuation) to a staggering EUR 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 EUR

719m, which is comparable to German SMEs in this field.

All in all, MLP is on track to outperform its conservative guidance of EUR

75-85m EBIT (vs. eNuW: EUR 88m). By simply assuming the last years' Q2-Q4

EBIT of EUR 46m (excluding EUR 7.8m in one-offs) for the remainder of this

year, FY'24e EBIT would stand at EUR 83m already.

Therefore, we reiterate our BUY recommendation with slightly lower PT of EUR

11.50, based on FCFY'24e

(EUR 10.50) and SOTP (EUR 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

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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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-------------------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.

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