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Original-Research: Multitude AG - from NuWays AG

19.08.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
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Classification of NuWays AG to Multitude AG

Company Name: Multitude AG
ISIN: CH1398992755

Reason for the research: Update
Recommendation: BUY
from: 19.08.2025
Target price: EUR 12.00
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow

Sound Q2 ahead // On track to reach guidance

On Thursday, Multitude will publish Q2Ž25 figures. While current trading
should have been solid, scale-effects should have continued to drive the
bottom line. Here is what to expect in detail:

Sales are seen up 6% yoy at 68.3m (eNuW, 6% qoq), driven by the three
business segments that all should have contributed to the growth (eNuW:
ferratum: EUR 54.6m, 5% qoq, 2% yoy; CapitalBox: EUR 9.3m, 8% qoq, 14% yoy;
Wholesale banking: EUR 4.4m, 12% qoq, 55% yoy). The overall net loan book is
seen higher at EUR 802m (15% yoy).

EBT is expected to come in at solid EUR 7.8m (43% yoy), on the back of the
sequentially improving topline as well as ongoing cost control and
efficiency measures that should have resulted in stable qoq OPEX.
Furthermore, and thanks to outstanding risk management, impairment on loans
should have remained stable and should have growing at lower pace than the
loan book (eNuW: EUR 24.9m, 3.1% of loan book vs 3.4% in Q2Ž24). Net income is
seen at EUR 6.7m

That said, Multitude is seen well on track to reach its already increased
FY25 net profit guidance of EUR 24-26m (vs eNuW: EUR 27.2m, 34% yoy)) as
Multitude should have achieved already 14.2m in H1Ž25. Further sequential
growth of the net loan book in Q3 and Q4 to EUR 836m until YE, combined with
ongoing tight cost control should allow to reach the goal that is implying
an EBT margin of 11%, easily.

Moreover, interest expenses are expected to increase only moderately by 2%
yoy and 5% qoq and should be compensated by increasing topline (interest
spread should remain stable).

In a nutshell, Multitude should remain a growing company with perspectively
three profit centers within the Group While the cash cow of the Group
ferratum delivered stable sales, the growth trajectory in CapitalBox and
Wholesale banking is fully intact. As OPEX are well under control Multitude
should continue to enjoy the scale effects of a platform business going
forward.

Despite the positive stock price performance since the beginning of the
year, the company does still not look expensive for a growing, highly
profitable, dividend paying company trading at only 6.7x P/EŽ25.

BUY with an unchanged PT of EUR 12 PT, based on our residual income model.
Mind you that Multitude is one of our NuWays Alpha picks.

You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=c1fc109af4bd0d8d1402372b54a9b76f
For additional information visit our website:
https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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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.
++++++++++

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2185530 19.08.2025 CET/CEST

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