Original-Research: MLP SE (von NuWays AG): BUY
^
Original-Research: MLP SE - von NuWays AG
Einstufung von NuWays AG zu MLP SE
Unternehmen: MLP SE
ISIN: DE0006569908
Anlass der Studie: 5-Pager
Empfehlung: BUY
seit: 25.01.2024
Kursziel: 11.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch
Low risk, high reward - added to NuWays' Alpha List
At current levels, MLP's stock offers a strong upside potential while
potential downside risks seem priced in and should not impact bottom line
significantly. Here is our take:
(1) Strong diversification of negatively correlated business segments
protects MLP against changing macroeconomic environments. Currently, the
downturn in real estate and the absence of performance fees due to burdened
capital markets, are overcompensated by a strong banking business.
(2) Solid visibility on profitability: For FY'24e, we expect EBIT to
improve by EUR 11m to EUR 90m (+13% yoy), mainly supported by the strong
banking business (55% of EBIT), but also by easing OPEX inflation compared
to FY'23e, all the while top-line growth remains intact (+4% yoy).
(3) Tailwinds from new interest rate era: Due to recent interest rate hikes
as well as a favourable customer deposit mix, MLP can rely on comfortable
interest spreads in its banking business. As significant interest rate cuts
seem unlikely at the moment, we expect this effect to carry on throughout
204 and beyond. This should yield an interest result of EUR 54m for FY'24e
(eNuW), which has an incremental EBIT margin of close to 100%.
(4) Positive upside potential from highly profitable performance fees
around the corner: FERI's largest fund "Optoflex" recently exceeded its
threshold to receive highly profitable performance fees. Should capital
markets continue to develop favourably, an additional EBIT contribution of
c. EUR 10-30m for FY'24e could serve as a cherry on top, as these are not
reflected in our estimates.
(5) Further downside from real estate unlikely: With Germany's RE
transaction market slightly picking up again and no major rate cuts in
sight, a worsening of MLP's real estate business seems unlikely. With only
a 3% sales share, the impact of RE on the group is also limited.
Current valuation is unjustified: Underlying profitability nearly
quadrupled over the last years, but the stock has not performed
accordingly, now trading at historically cheap multiples, a 21% FCFY'24e, a
58% discount to its fair SOTP value and a 5% dividend yield. Given this
superb value for money profile, MLP shares look set for a re-rating. As a
result, we add MLP to our NuWays' Alpha List 2024 and strongly recommend to
BUY with unchanged PT of EUR 11.00, based on FCFY'24e and SOTP.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28753.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
++++++++++
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.
++++++++++
-------------------übermittelt durch die EQS Group AG.-------------------
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
°