^Original-Research: Multitude SE - von NuWays AGEinstufung von NuWays AG zu Multitude SEUnternehmen: Multitude SEISIN: FI4000106299Anlass der Studie: CMD FeedbackEmpfehlung: BUYseit: 22.11.2023Kursziel: EUR 10,00Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Frederik JarchowLeaner business structure and new guidance; chg During yesterdayŽs CMD, Multitude unveiled its new, regrouped businesstribes as well as a new net income guidance for 2026 that should be well inreach. New tribe "Wholesale Banking" introduced. The wholesale business, that waspreviously grouped under SweepBank, should deal with the financing issuesof larger Multitude Bank clients. While the business should groworganically, further inorganic growth (after the sortter acquisition) isclearly in the cards. Sweep grouped under ferratum and capitalbox. After a thorough analysis,management decided to group sweep under ferratum (consumer banking) andcapitalbox (SME banking) in order to realize crossselling potentialsarising from i.e. sweeps extended product offering (i.e. credit cardoffering). On top, the sweep tech team should further improve the digitaloffering of capitalbox and ferratum. New net income guidance for 2026. After having reached its EBIT guidance in2022 and being well on track regarding the 2023 EBIT guidance, managementintroduced a new net income guidance for 2026 of EUR 30m. While we considerthe new target as well achievable (eNuW: EUR 31m), it implies an impressiveCAGR of 26% given the rising interest rates, indicating further toplinegrowth and scale effects. Overall, the CMD provided a lot of confidence, that Multitude is on trackto further: 1) profitably grow the business while being very restrictiveand selective on the risk side, 2) reduce costs by steadily increasingefficiency and automating processes and 3) enjoy scale effects. For 2023, this should translate into EUR 45m EBIT, implying an EBIT margin of19.6% and EPS of EUR 0.65. Note that managementŽs current dividend policyimplies 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 heavilymispriced, trading at negative EV and a 4.1x PEŽ23, conseridering thatMultitude is a growing, highly profitable, resilient and dividend payingcompany. With the share overhang that burdened the stock over last quartersnow hopefully off the table (after the recent share reduction of UnionInvestment), we see further tailwind for the stock and reiterate BUY with aslightly reduced EUR 10 PT, based on our residual income model.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28365.pdfDie Analyse oder weiterführende Informationen zu dieser können Sie hier downloadenwww.nuways-ag.com/research.Kontakt für RückfragenNuWays AG - Equity ResearchWeb: www.nuways-ag.comEmail: research@nuways-ag.comLinkedIn: https://www.linkedin.com/company/nuwaysagAdresse: Mittelweg 16-17, 20148 Hamburg, Germany++++++++++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.++++++++++-------------------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 Anlageberatungoder Aufforderung zum Abschluss bestimmter Börsengeschäfte.°