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22.11. 10:01

Original-Research: Multitude SE (von NuWays AG): BUY


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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: 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
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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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