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Original-Research: Multitude SE - von NuWays AG

Einstufung von NuWays AG zu Multitude SE

Unternehmen: Multitude SE
ISIN: FI4000106299

Anlass der Studie: Q3 Review
Empfehlung: BUY
seit: 17.11.2023
Kursziel: EUR 11,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow

Solid Q3 // Fully on track to reach guidance; chg

Yesterday, Multitude published Q3Ž23 figures. While current trading
remained solid, the ongoing tight cost control is bearing fruit, visible in
the ongoing strong bottom line:

Sales came in at EUR 57.9m (4% qoq, 7% yoy) is broadly in line with our
estimates of EUR 58.9m, driven by the strong growth of the lending portfolio
to 548m (5% qoq, 8% yoy). Importantly all three tribes contributed to the
growth (ferratum tribe: EUR 46.8m, 4% qoq, 3% yoy; CapitalBox: EUR 5.5m, 5%
qoq, 23% yoy; sweep: EUR 5.0m, 6% qoq, 30% yoy).

EBIT increased by 27% yoy to EUR 11.6m (4% qoq), in line with our estimate of
EUR 12.2m. The strength resulted from ongoing tight cost control (personnel:
+6% yoy; other operating expenses: -6% yoy) and a further growing loan book
at stable margins that is driving top line. As interest expenses came in as
expected at EUR 6.4m (21% qoq, 79% yoy vs. eNuW: EUR 6.5m), EBT increased by
13% yoy to EUR 5.8m.

With another solid quarter in the books, Multitude is still seen well on
track to reach its FY23 EBIT guidance of EUR 45m (vs eNuW: EUR 44.6m, 41% yoy).
Further sequential growth of the net loan book in Q4 to EUR 560m until eoy,
combined with ongoing tight cost control should allow to reach the goal
with an implied EBIT margin of 19%. Expecting a further moderate sequential
increase of interest expenses, we see EPS to stand at EUR 0.65 at YE.

In a nutshell, Multitude should remain a growing company with perspectively
three profit centers within the Group (currently two: ferratum and
CapitalBox). The strategic transition from a near prime loan provider to a
prime loan provider bode well for the company and should continue to
eliminate risks, further stabilizing operations and profits. More details
should be provided during the CMD next Tuesday.

The stock is still heavily mispriced, trading at negative EV and a 3.3x
PEŽ23, completely neglecting the promising guidance for 2023e and 2024e and
the earnings potential.

Importantly, Union Investment announced earlier this week to have reduced
its position to below 5% from >10%. This share overhang that burdened the
stock over last quarters should now be rather off the table and should
provide tailwind for the stock.

BUY with an unchanged EUR 11 PT, based on our residual income model.

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28319.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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-------------------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.

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