Original-Research: MLP SE (von NuWays AG): BUY
Source: EQSClassification of
Company
ISIN: DE0006569908
Reason for the research: Update
Recommendation: BUY
from:
Target price:
Target price on sight of: 12 Monaten
Last rating change:
Analyst:
Comeback of RE and performance fees around the corner; chg.
Topic: MLP released FY'23 preliminary results and suprised positively with
Q4's better than expected real
estate business. MLP also looks set to record performance fees in Q1 for
the first time since 2021.
Q4 sales in line with estimates: Sales rose by 5% yoy to € 289m (eNuW: €
294m) with a strong impact from Old-Age Provision (€ 90m, 31% of sales;
eNuW: € 102m), but also strong growth from Interest Income (€ 20.3m, +133%
yoy; eNuW: € 19.6m),
Q4 EBIT in line with previously released PW: The positive impact from the interest result (€ 12.8m; +64% yoy; eNuW: € 13.5m) led to an overall Q4 EBIT of € 25.4m, up 9% yoy, while it was also burdened by a one-off goodwill impairment on a real estate subsidiary of € 4m.
FY'24e guidance conservative: The company guides for an EBIT range of €
75-85m (eNuW: € 89m; eCons: € 88m) for FY'24e, based on positive outlooks
in Wealth as well as Life & Health. Upside could emerge from 1) a potential
rebound in Real Estate (company guides 'very positively'), which was
already visible during Q4'23, and 2) highly profitable performance fees
which seem to be likely in Q1'24e already. Both of FERI's largest public
funds (EquityFlex & Optoflex) currently exceed the threshold to be eligible
for performance fees and the record day (
Mid-term targets confirmed: By Y/E'25e, MLP aims to achieve an EBIT in the
range of € 100-110m, based on its diversified business mix coupled with
continous growth and efficiency gains. This would imply an EBIT 23-'25e
CAGR of 19-25%.
Overall, MLP's stock is too cheap to ignore at current levels, trading at
historically low multiples. The SDAX uplisting on
You can download the research here:
http://www.more-ir.de/d/29099.pdf
For additional information visit our website
www.nuways-ag.com/research.
Contact for questions
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research.
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148
-------------------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.