^Original-Research: MLP SE - von NuWays AGEinstufung von NuWays AG zu MLP SEUnternehmen: MLP SEISIN: DE0006569908Anlass der Studie: UpdateEmpfehlung: BUYseit: 15.12.2023Kursziel: EUR 11,00Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Henry WendischPrepared for the future - Analyst meeting feedback Topic: MLP recently hosted its annual analyst meeting and gave insightsinto strategic developments: Advanced digitalization: On group level as well as for all MLP consultants,the company has invested heavily into its digitalization. For example, AIenabled robotic process automations significantly reduced the time spent ondaily and repetitive tasks for MLP consultants, increasing operatingefficiency and giving the consultants more time for valuable salesactivities. On the customer side, the newly launched web- and mobile app'Financial Home' gives customers a full overview of all their assets,includingthird party insurance contracts, brokerage- and bank accounts. This shouldmitigate potential churn to insurtechs as well as create lock in effectsand a better user experience for MLP customers. Managing demography: MLP's new 'trainee program' started in July '23 andaims to attract the new generation of MLP consultants. With a meaningfulpart of consultants aged above 55 years, the constant and reliable inflowof new consultants is a major priority in the coming years in order to findwell-suited successors if old consultants retire. This is especiallyimportant, as clients are more prone to churn if their consultant retireswithout a suitable successor due to the personal relationship. Hence, MLPplans to attract more than 500 new consultants in the mid-term, which seemsachievable given c. 100 new hires in FY' 23e and c. 200 planned for FY'24e. M&A strategy: With RVM already in the group, MLP aims to expand its reachinto industrial insurance brokerage segment. with the goal to lift notablesynergies across the group. However, this is a highly fragmented butstrongly consolidating market which is why valuations are still too high toacquire targets at reasonable prices. Regulatory environment: MLP feels very comfortable with the currentregulations and looks optimistically into the future: (1) the proposedcomission ban (on EU level) has been removed in May, (2) Germany aims toreform the tax-priviledged private old-age provision which should createdemand for consultancy and (3) the proposed tax incentives for real estateinvestments by changing the depreciation method should foster demand forreal estate brokerage as well as development, whereMLP focuses on retirement homes. All in all, MLP seems to well prepared for the future. BUY with unchangedPT of EUR 11.00 (FCFY' 24e).Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28551.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.°