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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 +89% 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, +0.7pp yoy). The main margin drivers were the ongoing strong
interest result of EUR 13.6m (+32% 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
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.
-------------------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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