BRÈVE

sur Multitude SE (isin : MT0002810100)

Strategic Acquisition Bolsters Multitude SE's Growth Prospects

Multitude SE has strategically acquired a 9.9% stake in Lea Bank ASA. This acquisition, with an option to acquire an additional 8.7%, awaits regulatory approval from Norway and Sweden. The acquisition aims to leverage Lea Bank's strong presence in the Nordic and Spanish markets, focusing on consumer lending with a lower risk profile than Multitude's "ferratum" segment. This diversification could enhance synergy in products and cross-selling initiatives, although the acquisition remains purely financial for now.

Lea Bank's financial profile is attractive, with a loan book of approximately €587 million and projected net interest income of €48 million in FY24. Its low default rates contribute to this positive outlook, with expected earnings before tax of €7-8 million. This aligns with Multitude's goal of reaching an EBIT close to €67.5 million, supported by growth in SME and Wholesale banking and tight cost control.

Multitude SE's stock remains undervalued, trading at only 4x PE´25. The recommendation to buy with a price target of €12 is maintained, highlighting Multitude as a resilient, profitable investment option.

R. H.

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