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

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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: Q3 Review
Empfehlung: BUY
seit: 10.11.2023
Kursziel: EUR 11,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch

Q3 review: too cheap to ignore resilience

Total sales grew slightly by 4% yoy to EUR 208m (eNuW: EUR 215m) thanks to
MLP's diversified sales mix.

Growth was recorded in the areas of Non-Life Insurance (EUR 34m, +16% yoy;
eNuW: EUR 36m), Interest Income (EUR 18m, +259% yoy; eNuW: EUR 17m), Old-Age
Provision (EUR 51m, +3% yoy; eNuW: EUR 52m) and Health Insurance (EUR 15m, 14%
yoy; eNuW: EUR 14m) offset the decline in Real-Estate (EUR 4m; -72% yoy; eNuW:
EUR 7m), where especially Real-Estate Brokerage (EUR 3.4m, -51% yoy) and
Development (EUR 1m, -88% yoy) came in soft. Accordingly, the Loans and
Mortgages business also experienced declines with sales of EUR 3.3m (-29%
yoy), even though a sequential improvement was observed (+7% qoq).

On the other hand, the field of Wealth Management (EUR 78m sales, -1% yoy;
eNuW: 79m) remained weak due to burdened capital markets. Consequently, AuM
also decreased qoq by EUR 3.4bn to EUR 55.9bn due to net capital outflows of EUR
0.4bn and capital market related negative valuation effects of EUR 3bn.

EBIT came in better than expected at EUR 7.8m (3.4% EBIT margin, -0.3pp yoy;
eNuW: EUR 7.4m), especially driven by the improved interest result of EUR 12.5m
(eNuW: EUR 12m), but also burdened by higher personnel expenses (+16% yoy) as
well as other OPEX (+6% yoy). Despite the significantly increased cost
base, EBIT decreased only slightly by 4% yoy.

Nevertheless, we expect the EBIT guidance of EUR 75-85m to be well in reach
(eNuW: EUR 80m) thanks to the ongoing support from the interest result, but
more importantly due to a strong Q4 ("OldAge Provision quarter"). Q4
typically generates 25-30% of FY sales, as well as 35-45% of FY EBIT, which
is mainly driven by sales from OldAge Provisions while not incurring
additional OpEx.

All in all, MLP continues to deliver in all market environments. Its
diversified business shows superb resilience against macro-headwinds and
the stock is too cheap to ignore at current levels (21.5% FCFY23e, 4.5x
EV/EBIT vs. 7.7x average FY'2022 and a 5.5% dividend yield, based on
estimated DPS of EUR 0.26), in our view.

Hence, we confirm our BUY recommendation with unchangend PT of EUR 11.00,
based on FCFY24e and SOTP.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28229.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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Quelle: dpa-AFX