Aktienanleihe Classic 4,7% 2026/09: Basiswert MLP

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Original-Research: MLP SE - from NuWays AG

28.04.2026 / 09:00 CET/CEST

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Classification of NuWays AG to MLP SE

Company Name: MLP SE

ISIN: DE0006569908

Reason for the research: Update

Recommendation: BUY

Target price: EUR 12

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Planning pays dividends

We hosted a roadshow with MLP CEO Dr. Uwe Schroeder-Wildberg. Key takeaways

confirm the equity story momentum: MLP combines a c. 5% dividend yield with

continuously improving revenue visibility and tangible adj. earnings growth.

* Client proposition centred on "peace of mind". MLP's model is built

around long-term financial planning and stable, mostly fee-based,

adviser relationships. This is relevant in a market where customers can

easily compare single products such as Tagesgeld, neobank accounts or

ETFs. MLP's focus remains the full financial package: banking,

insurance, wealth, old-age provision and financing, anchored in personal

advice and a long-term customer relationship. This supports retention

and cross-selling as clients move through life stages.

* Earnings quality continues to improve. 72% of sales are already

recurring. Wealth and property and casualty (P&C) insurance are the main

recurring growth pillars, helped by savings plans, rising customer

maturity and inflation-linked premium volumes in non-life insurance.

This improves forecasting quality and lowers reliance on one-off product

sales. Against this backdrop, performance fees are not the foundation:

MLP includes only high-single-digit EURm performance fees annually (c. 1%

of sales) in its mid-term targets, compared to a seven-year average of

c. EUR 23m. With c. 70% incremental EBIT margin, stronger performance fees

would be upside. 2025 also offers a low comparable base (only c. EUR 11m).

* Disintermediation risk looks manageable. Neobanks, ETFs and AI remain

relevant competitive forces, especially on pricing. Still, human advice

remains the single most trusted source of investment guidance (source:

CFA Institute), supporting the relevance of MLP's adviser-led model.

MLP's answer is to integrate digitalisation and AI into the advisory

process, improving transparency, speed and adviser productivity while

preserving the personal relationship.

* AI is turning into an operating lever. MLP already uses AI in

business-relevant processes, with cost control visible in 2025 (adj.

EBIT margin up 0.1pp yoy, despite declining performance fees). In P&C,

an AI-supported claims solution can handle claims in roughly 10 minutes.

Simultaneously, an insurance contract-checking tool can analyse existing

client contracts and generate counter-offers with better pricing, better

service or both. This supports customer benefit, adviser efficiency and

the broader digitalisation case.

* Dividend case backed by growth and cash. The dividend (5% yield at

current levels) remains well supported by MLP's 50-70% payout target and

an expected 14% adj. EBIT CAGR into 2028e (eNuW, in line with mid-term

targets). Consequently, the sustainable dividend should grow going

forward, further anchored by MLP's ambition to maintain dividend

continuity. In addition, EUR >80m net available cash after regulatory

buffers leaves room for M&A, special dividends or buybacks. Yet, the

cash buffer should be seen to maintain financial flexibility, rather

than a near-term distribution trigger.

In sum, MLP remains a quality financial advisory platform with a rare

combination of yield, earnings growth, recurring revenue visibility and

balance-sheet quality. BUY, PT EUR 12, on Residual Income.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=58b7818201ec02b3a4cb5b5ab8c50bde

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 Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

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