Original-Research: Multitude SE - von NuWays AG Einstufung von NuWays AG zu Multitude SE Unternehmen: Multitude SE ISIN: FI4000106299 Anlass der Studie: CMD Feedback Empfehlung: BUY seit: 22.11.2023 Kursziel: EUR 10,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Leaner business structure and new guidance; chg During yesterdayŽs CMD, Multitude unveiled its new, regrouped business tribes as well as a new net income guidance for 2026 that should be well in reach.
22.11.2023 - 10:01:43Original-Research: Multitude SE (von NuWays AG): BUY
Original-Research: Multitude SE - von NuWays AG Einstufung von NuWays AG zu Multitude SE Unternehmen: Multitude SE ISIN: FI4000106299 Anlass der Studie: CMD Feedback Empfehlung: BUY seit: 22.11.2023 Kursziel: EUR 10,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Leaner business structure and new guidance; chg During yesterdayŽs CMD, Multitude unveiled its new, regrouped business tribes as well as a new net income guidance for 2026 that should be well in reach. New tribe "Wholesale Banking" introduced. The wholesale business, that was previously grouped under SweepBank, should deal with the financing issues of larger Multitude Bank clients. While the business should grow organically, further inorganic growth (after the sortter acquisition) is clearly in the cards. Sweep grouped under ferratum and capitalbox. After a thorough analysis, management decided to group sweep under ferratum (consumer banking) and capitalbox (SME banking) in order to realize crossselling potentials arising from i.e. sweeps extended product offering (i.e. credit card offering). On top, the sweep tech team should further improve the digital offering of capitalbox and ferratum. New net income guidance for 2026. After having reached its EBIT guidance in 2022 and being well on track regarding the 2023 EBIT guidance, management introduced a new net income guidance for 2026 of EUR 30m. While we consider the new target as well achievable (eNuW: EUR 31m), it implies an impressive CAGR of 26% given the rising interest rates, indicating further topline growth and scale effects. Overall, the CMD provided a lot of confidence, that Multitude is on track to further: 1) profitably grow the business while being very restrictive and selective on the risk side, 2) reduce costs by steadily increasing efficiency and automating processes and 3) enjoy scale effects. For 2023, this should translate into EUR 45m EBIT, implying an EBIT margin of 19.6% and EPS of EUR 0.65. Note that managementŽs current dividend policy implies a payout ratio of 25-50%, which would translate into a 5-10% yield. Despite the recovery during the last days, the stock is still heavily mispriced, trading at negative EV and a 4.1x PEŽ23, conseridering that Multitude is a growing, highly profitable, resilient and dividend paying company. With the share overhang that burdened the stock over last quarters now hopefully off the table (after the recent share reduction of Union Investment), we see further tailwind for the stock and reiterate BUY with a slightly reduced EUR 10 PT, based on our residual income model. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28365.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.
