Kaufen
Original-Research: Multitude SE - from NuWays AG
Classification of NuWays AG to Multitude SE
Company Name: Multitude SE
ISIN: FI4000106299
Reason for the research: Update
Recommendation: Kaufen
from: 13.05.2024
Last rating change:
Analyst: Frederik Jarchow
Solid Q1 figures ahead // Multitude to continue on growth path
On Thursday, Multitude will report Q1´24 figures that should come in solid, but with room for sequential improvements until YE. Here is what to expect:
Sales should come in at € 59m (+9% yoy, -6% qoq), mainly driven by the strong growth of the net loan book (NAR) to € 636m in FY23 (including c. € 576 loan to customer and c. € 60m attributable to warehouse lending) unfolding its full effect in Q1. We expect ferratum to have contributed some 84%, CapitalBox 13% and the new segment wholesale banking 3% to total sales.
EBIT is anticipated at € 10.3m (+7% yoy, -16.3% qoq), following the higher topline and rather stable S&M expenses and personnel expenses as well as other operating expenses, compensating for impairments on loans (19% yoy, -15% qoq), that should come in higher than in Q1´23 due increased loan book. As interest expenses should should have increased by c. 10% yoy to € 7.7m (eNuW; -1% qoq), EBT should come in at € 2.8m (-4% yoy).
While our estimates for Q1 imply a solid yoy growth in a challenging
economic phase, further significant sequential improvements throughout the
year are necessary to reach the FY24 EBIT guidance of € 67.5m (vs eNuW: €
57m). In our view, the guidance looks ambitious, but is not out of range
assuming 1) further growth of the loan book, partially materializing
throughout the remainder of 2024, 2) the strong growth momentum of
CapitalBox as well as 3) opportunities around the new segment wholesale
banking that already gained traction in FY23. That, paired with ongoing
tight cost control, that the company already showed in FY23, unlocking
scale effects (assuming ongoing topline growth as a result of the growing
loan book and stable margins) as well as the fact that Multitude reached
its guidance for the 3 rd consecutive year in FY23 give us additional
confidence.
As the stock is still trading at negative EV and a 3.4x PE´24, the growing,
highly profitable, resilient and dividend paying company to look
undebatable cheap.
BUY with an unchanged PT of € 12 PT, based on our residual income model. Mind you that Multitude is one of our NuWays' Top Picks for FY24.
You can download the research here:
http://www.more-ir.de/d/29713.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.
++++++++++
-------------------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 advice or an invitation to conclude certain stock exchange transactions.
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.