COMMUNIQUÉ DE PRESSE
par Ferratum Oyj (isin : FI4000106299)
Original-Research: Multitude SE (von NuWays AG): BUY
Original-Research: Multitude SE - from NuWays AG
23.08.2024 / 09:02 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.
Classification of NuWays AG to Multitude SE
Company Name: | Multitude SE |
ISIN: | FI4000106299 |
Reason for the research: | Update |
Recommendation: | BUY |
from: | 23.08.2024 |
Target price: | EUR 12.00 |
Last rating change: | |
Analyst: | Frederik Jarchow |
Q2 with improved profitability // FY24 guidance confirmed
Topic: Multitude reported a strong set of Q2 figures with improved bottom line, above our estimates. Further, management confirmed its FY24 EBIT guidance. In detail:
- Interest income came in at € 64.7m (16% yoy, 1% qoq), below our estimates of € 67.2m, due to a lower Consumer Banking topline (-1% qoq, 9% yoy, vs eNuW: € 56.6m) overcompensated by the strong growth in the SME banking to € 8.3m (8% qoq, 47% yoy, vs eNuW: € 8.1m) and in the Wholesale Banking to € 2.8m (22% qoq, 183% yoy, vs eNuW: € 2.5m). The net loan book (NAR) grew only slightly to € 594m (1% qoq, 15% yoy, vs eNuW: € 600m), while the debt investments (Wholesale Banking) increased significantly to € 103m (51% qoq, 69% yoy, vs eNuW: € 80m).
- EBIT jumped to € 16.8m (45% qoq, 44% yoy), mainly driven by lower impairments that are back on track at only € 23.8m (-16% qoq, 17% yoy, vs eNuW: € 26.9m) or 36.9% of sales, while S&M, personnel and other operating expenses remained stable. As anticipated, interested expenses came in higher at € 11.4m (31% qoq, 115% yoy, eNuW: € 9.4m), caused by 1) the growth of the loan book, 2) the higher avg interest costs that move with a delay of c. 6-18 months (eNuW) to the ECB rate and 3) a € 1.4m bond-related one-off. Still, EBT of € 5.4m (80% qoq, -21% yoy), carried by the lower impairments, beat our expectation (eNuW: € 4.8m).
For a growing, highly profitable, resilient and dividend paying company the stock still looks undebatable cheap trading at only 4x PE´25.
BUY with an unchanged PT of € 12 PT, based on our residual income model. Hence, Multitude remains one of our NuWays Alpha picks for FY24.
You can download the research here: http://www.more-ir.de/d/30601.pdf
For additional information visit our website: www.nuways-ag.com/research
Contact for questions:
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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1973565 23.08.2024 CET/CEST