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: Update
Empfehlung: BUY
seit: 19.02.2024
Kursziel: 11.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch

Case fully intact despite PW; chg.

Topic: MLP released a profit warning and is now expecting an FY'23 EBIT of
EUR 71m, thus missing the guidance of EUR 75-85m due to EUR 4m of goodwill
impairments in the real estate business.

Below market expectations: Adjusting for the impairment, the guidance range
should have been met at the lower end EUR 75m, indicating a EUR 5m miss vs our
estimate of EUR 80m(eCons: EUR 77m). This shoud mainly stem from lower than
expected sales in Q4, while the cost base should have remained unchangend.

Case remains fully intact for FY'24e and beyond: While the real estate
business has been MLP's problem child, this impairment has been anticipated
by the market, however at a smaller extent. Nevertheless, this does not
impact our view on FY'24e, where we expect EBIT to reach EUR 90m (+27% yoy;
eCons: EUR 88m), based on 1) no further downside from real estate, 2) a
continuously strong banking business as well as 3) ongoing synergies across
MLP's manifold segments while potential performance fees (not included in
our estimates) could serve as a cherry on top. Moreover, management feels
confident about their EBIT growth path, as they reaffirmed the mid-term
guidance of EUR 100-110m of EBIT by FY'25e (eNuW: EUR 95m; eCons: EUR 96m).

FY'23 dividend announced: Given the non-cash relevenat impairment as well
as the solid net cash position of EUR 2.26 per share (as of 9M'23) MLP
announced to keep the dividend stable at EUR 0.30 per share (5.5% dividend
yield), despite slightly lower EPS.

Attractive risk/reward profile: While the bad news should now remain tothe
past, we look optimistically into FY'24e (see 8-pager from 25th January
2024). The risk/reward profile looks attractive and the stock seems to be
downside protected by MLP's parts (FERI: EUR 5.12; net cash: EUR 2.27; MLP ex
FERI: EUR 5.52; all per share), witnessed by the shares currently trade on
the same level from before the profit warning. Moreover, valuation looks
unjustified, given a 21% FCFY'24e, a 58% discount to its parts and
historically low multiples albeit improvements in underlying profitability
(see p. 2).

Hence, we confirm our BUY recommendation with an unchanged PT of EUR 11.00,
based on FCFY'24e and SOTP.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28917.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.

Kontakt für Rückfragen
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