Original-Research: MLP SE - von NuWays AG Einstufung von NuWays AG zu MLP SE Unternehmen: MLP SE ISIN: DE0006569908 Anlass der Studie: 5-Pager Empfehlung: BUY seit: 25.01.2024 Kursziel: 11.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Henry Wendisch Low risk, high reward - added to NuWays' Alpha List At current levels, MLP's stock offers a strong upside potential while potential downside risks seem priced in and should not impact bottom line significantly.
25.01.2024 - 09:01:33Original-Research: MLP SE (von NuWays AG): BUY
Original-Research: MLP SE - von NuWays AG Einstufung von NuWays AG zu MLP SE Unternehmen: MLP SE ISIN: DE0006569908 Anlass der Studie: 5-Pager Empfehlung: BUY seit: 25.01.2024 Kursziel: 11.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Henry Wendisch Low risk, high reward - added to NuWays' Alpha List At current levels, MLP's stock offers a strong upside potential while potential downside risks seem priced in and should not impact bottom line significantly. Here is our take: (1) Strong diversification of negatively correlated business segments protects MLP against changing macroeconomic environments. Currently, the downturn in real estate and the absence of performance fees due to burdened capital markets, are overcompensated by a strong banking business. (2) Solid visibility on profitability: For FY'24e, we expect EBIT to improve by EUR 11m to EUR 90m (+13% yoy), mainly supported by the strong banking business (55% of EBIT), but also by easing OPEX inflation compared to FY'23e, all the while top-line growth remains intact (+4% yoy). (3) Tailwinds from new interest rate era: Due to recent interest rate hikes as well as a favourable customer deposit mix, MLP can rely on comfortable interest spreads in its banking business. As significant interest rate cuts seem unlikely at the moment, we expect this effect to carry on throughout 204 and beyond. This should yield an interest result of EUR 54m for FY'24e (eNuW), which has an incremental EBIT margin of close to 100%. (4) Positive upside potential from highly profitable performance fees around the corner: FERI's largest fund "Optoflex" recently exceeded its threshold to receive highly profitable performance fees. Should capital markets continue to develop favourably, an additional EBIT contribution of c. EUR 10-30m for FY'24e could serve as a cherry on top, as these are not reflected in our estimates. (5) Further downside from real estate unlikely: With Germany's RE transaction market slightly picking up again and no major rate cuts in sight, a worsening of MLP's real estate business seems unlikely. With only a 3% sales share, the impact of RE on the group is also limited. Current valuation is unjustified: Underlying profitability nearly quadrupled over the last years, but the stock has not performed accordingly, now trading at historically cheap multiples, a 21% FCFY'24e, a 58% discount to its fair SOTP value and a 5% dividend yield. Given this superb value for money profile, MLP shares look set for a re-rating. As a result, we add MLP to our NuWays' Alpha List 2024 and strongly recommend to BUY with 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/28753.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.
