^Original-Research: MLP SE - from NuWays AGClassification of NuWays AG to MLP SECompany Name: MLP SEISIN: DE0006569908Reason for the research: UpdateRecommendation: BUYfrom: 08.03.2024Target price: EUR 11.00Target price on sight of: 12 MonatenLast rating change: Analyst: Henry WendischComeback of RE and performance fees around the corner; chg. Topic: MLP released FY'23 preliminary results and suprised positively withQ4's better than expected realestate business. MLP also looks set to record performance fees in Q1 forthe first time since 2021. Q4 sales in line with estimates: Sales rose by 5% yoy to EUR 289m (eNuW: EUR294m) with a strong impact from Old-Age Provision (EUR 90m, 31% of sales;eNuW: EUR 102m), but also strong growth from Interest Income (EUR 20.3m, +133%yoy; eNuW: EUR 19.6m), Non-Life Insurance (EUR 39m, +22% yoy; eNuW: EUR 42m) aswell as Wealth Management (EUR 80m, +4% yoy; eNuW: EUR 91m). Surprisingly, thenegative trend in Real Estate could be stopped, as Q4 RE sales came in muchbetter than expected at EUR 26.2m, up 19% yoy (eNuW: EUR 5.1m), thanks to bothBrokerage (EUR 11.1m, +62.4% yoy; eNuW: EUR 3.5m) and Development (EUR 15m; flatyoy; eNuW: EUR 1.6m). Q4 EBIT in line with previously released PW: The positive impact from theinterest result (EUR 12.8m; +64% yoy; eNuW: EUR 13.5m) led to an overall Q4EBIT of EUR 25.4m, up 9% yoy, while it was also burdened by a one-offgoodwill impairment on a real estate subsidiary of EUR 4m. FY'24e guidance conservative: The company guides for an EBIT range of EUR75-85m (eNuW: EUR 89m; eCons: EUR 88m) for FY'24e, based on positive outlooksin Wealth as well as Life & Health. Upside could emerge from 1) a potentialrebound in Real Estate (company guides 'very positively'), which wasalready visible during Q4'23, and 2) highly profitable performance feeswhich seem to be likely in Q1'24e already. Both of FERI's largest publicfunds (EquityFlex & Optoflex) currently exceed the threshold to be eligiblefor performance fees and the record day (March 31st, last day of Q1) isclose. Against this backdrop, management seems to guide conservatively, inour view.Mid-term targets confirmed: By Y/E'25e, MLP aims to achieve an EBIT in therange of EUR 100-110m, based on its diversified business mix coupled withcontinous growth and efficiency gains. This would imply an EBIT 23-'25eCAGR of 19-25%. Overall, MLP's stock is too cheap to ignore at current levels, trading athistorically low multiples. The SDAX uplisting on March 18th should alsosupport the stock's trading volumes and visibility. Hence, we reiterate BUYand confirm MLP in the NuWay's Alpha List with unchanged PT of EUR 11.00,based on FCFY'24e and SOTP.You can download the research here:http://www.more-ir.de/d/29099.pdfFor additional information visit our websitewww.nuways-ag.com/research.Contact for questionsDie Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research.NuWays 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.++++++++++-------------------transmitted by EQS Group AG.-------------------The issuer is solely responsible for the content of this research.The result of this research does not constitute investment adviceor an invitation to conclude certain stock exchange transactions.°