Original-Research: Multitude SE - von NuWays AG
Einstufung von NuWays AG zu Multitude SE
Unternehmen: Multitude SE
ISIN: FI4000106299
Anlass der Studie: CMD Feedback
Empfehlung: BUY
seit: 22.11.2023
Kursziel: € 10,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Frederik Jarchow
Leaner business structure and new guidance; chg
During yesterday´s CMD, Multitude unveiled its new, regrouped business tribes as well as a new net income guidance for 2026 that should be well in reach.
New tribe “Wholesale Banking” introduced. The wholesale business, that was previously grouped under SweepBank, should deal with the financing issues of larger Multitude Bank clients. While the business should grow organically, further inorganic growth (after the sortter acquisition) is clearly in the cards.
Sweep grouped under ferratum and capitalbox. After a thorough analysis, management decided to group sweep under ferratum (consumer banking) and capitalbox (SME banking) in order to realize crossselling potentials arising from i.e. sweeps extended product offering (i.e. credit card offering). On top, the sweep tech team should further improve the digital offering of capitalbox and ferratum.
New net income guidance for 2026. After having reached its EBIT guidance in 2022 and being well on track regarding the 2023 EBIT guidance, management introduced a new net income guidance for 2026 of € 30m. While we consider the new target as well achievable (eNuW: € 31m), it implies an impressive CAGR of 26% given the rising interest rates, indicating further topline growth and scale effects.
Overall, the CMD provided a lot of confidence, that Multitude is on track to further: 1) profitably grow the business while being very restrictive and selective on the risk side, 2) reduce costs by steadily increasing efficiency and automating processes and 3) enjoy scale effects.
For 2023, this should translate into € 45m EBIT, implying an EBIT margin of 19.6% and EPS of € 0.65. Note that management´s current dividend policy implies a payout ratio of 25-50%, which would translate into a 5-10% yield.
Despite the recovery during the last days, the stock is still heavily mispriced, trading at negative EV and a 4.1x PE´23, conseridering that Multitude is a growing, highly profitable, resilient and dividend paying company. With the share overhang that burdened the stock over last quarters now hopefully off the table (after the recent share reduction of Union Investment), we see further tailwind for the stock and reiterate BUY with a slightly reduced € 10 PT, based on our residual income model.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28365.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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