^Original-Research: MLP SE - von NuWays AGEinstufung von NuWays AG zu MLP SEUnternehmen: MLP SEISIN: DE0006569908Anlass der Studie: 5-PagerEmpfehlung: BUYseit: 25.01.2024Kursziel: 11.00Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Henry WendischLow risk, high reward - added to NuWays' Alpha List At current levels, MLP's stock offers a strong upside potential whilepotential downside risks seem priced in and should not impact bottom linesignificantly. Here is our take: (1) Strong diversification of negatively correlated business segmentsprotects MLP against changing macroeconomic environments. Currently, thedownturn in real estate and the absence of performance fees due to burdenedcapital markets, are overcompensated by a strong banking business. (2) Solid visibility on profitability: For FY'24e, we expect EBIT toimprove by EUR 11m to EUR 90m (+13% yoy), mainly supported by the strongbanking business (55% of EBIT), but also by easing OPEX inflation comparedto FY'23e, all the while top-line growth remains intact (+4% yoy). (3) Tailwinds from new interest rate era: Due to recent interest rate hikesas well as a favourable customer deposit mix, MLP can rely on comfortableinterest spreads in its banking business. As significant interest rate cutsseem unlikely at the moment, we expect this effect to carry on throughout204 and beyond. This should yield an interest result of EUR 54m for FY'24e(eNuW), which has an incremental EBIT margin of close to 100%. (4) Positive upside potential from highly profitable performance feesaround the corner: FERI's largest fund "Optoflex" recently exceeded itsthreshold to receive highly profitable performance fees. Should capitalmarkets continue to develop favourably, an additional EBIT contribution ofc. EUR 10-30m for FY'24e could serve as a cherry on top, as these are notreflected in our estimates. (5) Further downside from real estate unlikely: With Germany's REtransaction market slightly picking up again and no major rate cuts insight, a worsening of MLP's real estate business seems unlikely. With onlya 3% sales share, the impact of RE on the group is also limited. Current valuation is unjustified: Underlying profitability nearlyquadrupled over the last years, but the stock has not performedaccordingly, now trading at historically cheap multiples, a 21% FCFY'24e, a58% discount to its fair SOTP value and a 5% dividend yield. Given thissuperb value for money profile, MLP shares look set for a re-rating. As aresult, we add MLP to our NuWays' Alpha List 2024 and strongly recommend toBUY with unchanged PT of EUR 11.00, based on FCFY'24e and SOTP.Die vollständige Analyse können Sie hier downloaden:http://www.more-ir.de/d/28753.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.°