^Original-Research: MLP SE - von NuWays AGEinstufung von NuWays AG zu MLP SEUnternehmen: MLP SEISIN: DE0006569908Anlass der Studie: UpdateEmpfehlung: BUYseit: 19.02.2024Kursziel: 11.00Kursziel auf Sicht von: 12 MonatenLetzte Ratingänderung: Analyst: Henry WendischCase fully intact despite PW; chg. Topic: MLP released a profit warning and is now expecting an FY'23 EBIT ofEUR 71m, thus missing the guidance of EUR 75-85m due to EUR 4m of goodwillimpairments in the real estate business. Below market expectations: Adjusting for the impairment, the guidance rangeshould have been met at the lower end EUR 75m, indicating a EUR 5m miss vs ourestimate of EUR 80m(eCons: EUR 77m). This shoud mainly stem from lower thanexpected sales in Q4, while the cost base should have remained unchangend. Case remains fully intact for FY'24e and beyond: While the real estatebusiness has been MLP's problem child, this impairment has been anticipatedby the market, however at a smaller extent. Nevertheless, this does notimpact our view on FY'24e, where we expect EBIT to reach EUR 90m (+27% yoy;eCons: EUR 88m), based on 1) no further downside from real estate, 2) acontinuously strong banking business as well as 3) ongoing synergies acrossMLP's manifold segments while potential performance fees (not included inour estimates) could serve as a cherry on top. Moreover, management feelsconfident about their EBIT growth path, as they reaffirmed the mid-termguidance of EUR 100-110m of EBIT by FY'25e (eNuW: EUR 95m; eCons: EUR 96m). FY'23 dividend announced: Given the non-cash relevenat impairment as wellas the solid net cash position of EUR 2.26 per share (as of 9M'23) MLPannounced to keep the dividend stable at EUR 0.30 per share (5.5% dividendyield), despite slightly lower EPS. Attractive risk/reward profile: While the bad news should now remain tothepast, we look optimistically into FY'24e (see 8-pager from 25th January2024). The risk/reward profile looks attractive and the stock seems to bedownside protected by MLP's parts (FERI: EUR 5.12; net cash: EUR 2.27; MLP exFERI: EUR 5.52; all per share), witnessed by the shares currently trade onthe same level from before the profit warning. Moreover, valuation looksunjustified, given a 21% FCFY'24e, a 58% discount to its parts andhistorically low multiples albeit improvements in underlying profitability(see p. 2). Hence, we confirm our BUY recommendation with an 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/28917.pdfDie Analyse oder weiterführende Informationen zu dieser können Sie hier downloadenwww.nuways-ag.com/research.Kontakt für RückfragenDie 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.°