Original-Research: MLP SE (von NuWays AG)

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 € 284m (eNuW: 280m), slightly above
estimates. The main drivers were the strong banking business (Interest
Income +89% yoy to € 22m) and Wealth Management, which had tailwinds from
elevated capital markets and grew sales by 17% yoy of € 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 € 97m. Also, Real
Estate Brokerage showed a recovery of 70% yoy to € 3m, however from low
levels. In contrast, Real Estate Development remains muted with sales of €
3.4m,down 66% yoy, due to MLP's decision to halt projects in the current
 nvironment (see p. 2 for details)
EBIT came in as expected with a substantial improvement of 14% yoy to € 37m
(13% margin, +0.7pp yoy). The main margin drivers were the ongoing strong
interest result of € 13.6m (+32% yoy) coupled with the recognition of €
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 €
43m, whereas personnel expenses rose by 11.4% yoy to € 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 € 2.3bn (€ 200m net capital
inflows and € 2.1bn from rising valuation) to a staggering € 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 €
719m, which is comparable to German SMEs in this field.
All in all, MLP is on track to outperform its conservative guidance of €
75-85m EBIT (vs. eNuW: € 88m). By simply assuming the last years' Q2-Q4
EBIT of € 46m (excluding € 7.8m in one-offs) for the remainder of this
year, FY'24e EBIT would stand at € 83m already.
Therefore, we reiterate our BUY recommendation with slightly lower PT of €
11.50, based on FCFY'24e
(€ 10.50) and SOTP (€ 12.50).

Die vollständige Analyse können Sie hier downloaden:
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden

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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-------------------übermittelt durch die EQS Group AG.-------------------

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oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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