|
Original-Research: MLP SE - from NuWays AG
Classification of NuWays AG to MLP SE
Q3 in line, guidance at top end or above achievable Q3 sales increased by 19% yoy to € 245m (eNuW: € 242m; 9M: € 746m, +12% yoy), driven by a € 17m sales effect of performance fees (vs. Q3’23: € 0.1m) but also a solid underlying development (sales ex performance +11% yoy). The competence field Wealth drove sales by 36% yoy to € 140m (eNuW: € 128m; € 123m sales ex performance fees, up 19% yoy), whereas Life & Health sales also increased by 2% yoy to € 68m (eNuW: € 70m) followed by P&C sales of € 35m, up 2% yoy (eNuW: € 35m). Noteworthy, the RE business saw a two-faced development, where RE brokerage rose by 191% yoy and 17% qoq to € 10m (eNuW: € 8m) but RE development remained nonexistent at € 0m sales (eNuW: € 1m). EBIT expanded sharply by 128% yoy to € 17.8m (eNuW: € 18.2m), benefiting from a € 11m performance fee EBIT contribution (eNuW; c. 65% incremental margin). On the other hand, underlying profitability (EBIT ex perf. fee effect) decreased by 13% yoy due to higher OPEX (+15% yoy). Guidance confirmed: FY’24 guidance (EBIT: € 85-95m) confirmed: Based on a € 66m EBIT per 9M, the guidance implies a Q4 EBIT in the range of € 19-29m (eNuW: € 28m, not including significant performance fees). This also compares well to previous periods’ EBIT of € 23m (Q4'22, no perf. fees) and € 25m (Q4'23, no perf. fees), which were both burdened by goodwill impairments in the RE segment (€ 3m in Q4'22; € 4m in Q4'23). Consequently, we are positioned at the top end of the guidance (eNuW: € 95m). Moreover, should capital markets continue to perform well until Y/E'24e, performance fees could be in the cards and the guidance could be overachieved. For next year, MLP's midterm targets (EBIT € 100-110m; eNuW: € 102m) will become the FY'25e guidance and new mid-term targets are to be published with FY'24 results in March '25. Dividend increase after 3 years likely: Based on MLP's targeted pay-out ratio of 50-70% (eNuW: 60%) and EPS estimate of € 0.64, the FY'24e dividend should amount to € 0.36 per share, implying a 20% yoy increase and a current yield of 6%. Mind you, that the dividend is tax free according to § 27 KStG. All in all, MLP remains fully on track to achieve this and next year's targets this year and should continue to show improvements going forward thanks to its well diversified business model with a large share of recurring revenues. Therefore, we keep MLP in our NuWays' Alpha List and reiterate our BUY recommendation with unchanged PT of € 12.00, based on FCFY'24e. You can download the research here: http://www.more-ir.de/d/31331.pdf For additional information visit our website: www.nuways-ag.com/research 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 ++++++++++ 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. ++++++++++
The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. |
||||||||||||||||||||
2030719 15.11.2024 CET/CEST
P R O D U C T S U G G E S T I O N S
The information presented here has been provided by our content partner EQS-Group. The originator of the news is the respective issuer, the company relating to the news, a publication service provider (press or information agency) which uses the distribution service of EQS to transmit company news to shareholders, investors, investors or interested parties. The original publications and other company-relevant information can be found at eqs-news.com.
The information you can access does not constitute investment advice. The presentation of our cooperation partners, where the implementation of investment decisions would be possible depending on the individual risk profile, is solely at the discretion of the person using the service. We only present companies of which we are convinced that the range of services and customer service will satisfy discerning investors.
If you are considering leverage products, familiarise yourself with the typical characteristics of the financial instruments beforehand. Take the time to determine the risk content of the planned investment before making an investment decision. Bear in mind that a total loss cannot be ruled out with leverage products.
For newcomers to the subject, we offer various options in both the training and the tools section, through which you can train theoretical knowledge and practical experience and thus improve your skills. The offer ranges from participation in webinars to personal mentoring. The range is continuously being expanded.
1 Lab features are usually functionalities that emerge from the think tank of the investor community. In the early stages, these are experimental functionalities whose development process is largely determined by use and the resulting feedback from the community. When integrating external services or functionalities, the functionality can only be guaranteed to the extent that the individual process elements, such as interfaces, interact with each other.
Special
