NuWays AG: MLP SE | Rating: BUY
Original-Research: MLP SE - von NuWays AG
Einstufung von NuWays AG zu MLP SE
Unternehmen: MLP SE
ISIN: DE0006569908
Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 10.11.2023
Kursziel: € 11,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch
Q3 review: too cheap to ignore resilience
Total sales grew slightly by 4% yoy to € 208m (eNuW: € 215m) thanks to MLP’s diversified sales mix.
Growth was recorded in the areas of Non-Life Insurance (€ 34m, +16% yoy; eNuW: € 36m), Interest Income (€ 18m, +259% yoy; eNuW: € 17m), Old-Age Provision (€ 51m, +3% yoy; eNuW: € 52m) and Health Insurance (€ 15m, 14% yoy; eNuW: € 14m) offset the decline in Real-Estate (€ 4m; -72% yoy; eNuW: € 7m), where especially Real-Estate Brokerage (€ 3.4m, -51% yoy) and Development (€ 1m, -88% yoy) came in soft. Accordingly, the Loans and Mortgages business also experienced declines with sales of € 3.3m (-29% yoy), even though a sequential improvement was observed (+7% qoq).
On the other hand, the field of Wealth Management (€ 78m sales, -1% yoy; eNuW: 79m) remained weak due to burdened capital markets. Consequently, AuM also decreased qoq by € 3.4bn to € 55.9bn due to net capital outflows of € 0.4bn and capital market related negative valuation effects of € 3bn.
EBIT came in better than expected at € 7.8m (3.4% EBIT margin, -0.3pp yoy; eNuW: € 7.4m), especially driven by the improved interest result of € 12.5m (eNuW: € 12m), but also burdened by higher personnel expenses (+16% yoy) as well as other OPEX (+6% yoy). Despite the significantly increased cost base, EBIT decreased only slightly by 4% yoy.
Nevertheless, we expect the EBIT guidance of € 75-85m to be well in reach (eNuW: € 80m) thanks to the ongoing support from the interest result, but more importantly due to a strong Q4 (“OldAge Provision quarter”). Q4 typically generates 25-30% of FY sales, as well as 35-45% of FY EBIT, which is mainly driven by sales from OldAge Provisions while not incurring additional OpEx.
All in all, MLP continues to deliver in all market environments. Its diversified business shows superb resilience against macro-headwinds and the stock is too cheap to ignore at current levels (21.5% FCFY23e, 4.5x EV/EBIT vs. 7.7x average FY’2022 and a 5.5% dividend yield, based on estimated DPS of € 0.26), in our view.
Hence, we confirm our BUY recommendation with unchangend PT of € 11.00, based on FCFY24e and SOTP.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28229.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
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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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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.
