Aktienanleihe Classic 11,8% 2026/03: Basiswert MLP

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Original-Research: MLP SE - from NuWays AG

16.05.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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Classification of NuWays AG to MLP SE

Company Name: MLP SE

ISIN: DE0006569908

Reason for the research: Update

Recommendation: BUY

from: 16.05.2025

Target price: EUR 13.00

Target price on sight of: 12 months

Last rating change:

Analyst: Henry Wendisch

Q1 slightly softer than expected, key drivers remain intact

Topic: MLP released Q1 results which came in slightly lower than

expectations on sales and EBIT, but nevertheless show the anticipated RE

recovery, which should pose the FY'25 guidance well in reach.

Sales grew by 6% yoy to EUR 301m, mainly driven by Wealth (+8% yoy to EUR 125m),

Life & Health (+10% yoy to EUR 64m) and P&C (+5% yoy to EUR 102m), whereas sales

from the nearly stopped RE development came in as expected (-92% yoy to EUR

0.3m).

EBIT came in at EUR 37.8m with a 12.6% margin (-0.4pp yoy), lower than

expected (eNuW: EUR 42m) mainly driven by higher than initially expected

commission expenses (EUR 141m, +11% yoy), especially in banking and RE

brokerage. Also, only minor performance fees of EUR 0.4m had a little impact

on Q1's EBIT (EBIT effect: EUR 0.3m vs. EUR 2.5m in Q1'24, eNuW). Excluding this

effect, underlying profitability increased again by 0.2pp yoy to a 12.5%

EBIT margin ex performance fees, highlighting the robust business model,

also in times of economic uncertainty and capital market volatility. On a

segmental basis, the absolute yoy changes in EBIT came from Financial

Consulting (+ EUR 2.7m), Deutschland.Immobilien (EUR +2.3m) and DOMCURA (EUR

+0.6m), which cushioned the decline at Banking (EUR -2m, due lower net

interest income and higher commission expenses) and FERI (EUR -2.6m, due to

almost no performance fees).

Furthermore, AuMs remained largely stable at EUR 62.8bn (-0.5% qoq, of which

-1.9% performance related and +1.4% from very strong net capital inflows of

EUR 900m), which compares well against the market development (e.g. S&P 500: -

4.6% qoq).

The RE recovery is going on, as sales from RE brokerage increased from a low

level by 158% yoy to EUR 7.9m. A key highlight, was the rising brokerage

margin (sales in % of brokered volume), which rose by 2.5pp yoy. This effect

should continue throughout the year, where the sales of new higher margin

brokerages, which is contracted right now, are recognized. Additionally, a

few old and new development projects, which are seen to generate RE

development sales to the tune of EUR 5-6m in FY'25e (eNuW), should altogether

lead to an EBIT break-even of the Deutschland.Immobilien segment, in our

view.

Against this backdrop, the FY'25 guidance seems well achievable, even in the

event of only minor, but highly profitable performance fees. Therefore, we

reiterate our BUY recommendation with an unchanged PT of EUR 13.00, based on

SOTP and FCFY'25e.

You can download the research here: http://www.more-ir.de/d/32624.pdf

For additional information visit our website:

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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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2139092 16.05.2025 CET/CEST

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