Original-Research: Multitude AG (von NuWays AG): BUY
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Original-Research: Multitude AG - from NuWays AG
13.11.2026 / 09:01 CET/CEST
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Classification of NuWays AG to Multitude AG
Company Name: Multitude AG
ISIN: CH1398992755
Reason for the research: Update
Recommendation: BUY
Target price: EUR 11
Target price on sight of: 12 months
Last rating change:
Analyst: Julius Neittamo
Cost discipline drives Q3 profitability; chg.
Multitude reported Q3'26 adj. net profit of EUR 8.3m, up 15% yoy and 4% above
eNuW. While interest income was softer than our expectations (-5.6% vs
eNuW), better cost control more than offset the shortfall.
Revenue grew 12% yoy to EUR 70.2m (eNuW: EUR 73.8m). Interest income was flat
yoy at EUR 58.4m (eNuW: EUR 61.8m), but grew sequentially for a third quarter in
a row, which signals that the drag from the microloan exits is mostly over.
In Consumer Banking, interest income grew 1.9% qoq to EUR 42.0m, while the
loan book grew 5% qoq, its strongest quarter in two years, which supports a
higher run-rate in Q4. SME Banking stayed flat at EUR 9.0m, with the loan book
unchanged since Q1, as CapitalBox prioritises profitability over volume amid
a difficult macro backdrop. Wholesale Banking rose 30% yoy to EUR 7.4m (eNuW:
EUR 8.5m). The mix continued to move from debt investments to direct lending,
with direct loans up c. 15% qoq.
Revenue was lifted by fee and commission income, which tripled and was in
line with our expectations at EUR 11.9m (eNuW: EUR 12.0m), supported by the
strong performance of the now fully consolidated Sortter. The latter
contributed EUR 7.1m (eNuW: EUR 6m), meaning fee and commission income excluding
Sortter grew c. 20%.
Net operating income excl. fair value and FX effects reached EUR 58.5m (eNuW:
EUR 60.6m). The headline figure of EUR 59.7m includes EUR 1.1m of fair value and
FX gains, driven by a EUR 1.7m revaluation of the earn-out from the 2025
divestments and partly offset by EUR 0.6m of FX headwinds, which we treat as
non-recurring.
Impairments fell 15% yoy to EUR 16.2m, in line with our EUR 16.4m. The
annualised cost of risk dropped to 6.5% from 8.8% a year earlier, as
Consumer Banking's cost of risk fell to 9.8% from 12.5% and as the
lower-risk Wholesale book gained weight.
Opex excl. impairments rose 25% yoy to EUR 32.6m on the consolidation of
Sortter, but came in 7% below our EUR 35.1m. Personnel expense drove most of
the saving, falling to EUR 8.9m from EUR 10.6m in Q2 as Multitude cut headcount
through process improvements and automation. The cost-to-income ratio was
54.7% (eNuW: 57.7%).
On the bottom line, adj. EBT grew 17% yoy to EUR 9.7m (eNuW: EUR 9.1m), and adj.
net profit reached EUR 8.3m (eNuW: EUR 7.9m). Multitude confirmed its FY26 net
profit guidance of EUR 30m, which requires only EUR 7.7m in Q4.
The EUR 50m AT1 that settles on 13 November costs c. EUR 6m a year at 3M EURIBOR
+ 9.00%, which lifts distributions on perpetuals to EUR 13.3m a year (eNuW).
While this reduces earnings attributable to shareholders, it lifts capital
headroom to support c. EUR 250-300m of incremental loans, which we see mostly
deployed in Wholesale Banking but also in Consumer Banking.
As we include the AT1 in our model, we raise impairments in absolute terms
on the larger loan book, while the cost of risk keeps falling, in line with
Multitude's track record. Further, we lower our FY26 Consumer Banking
estimates, as the recovery in interest income takes longer than expected. We
lower our FY26 net profit estimate to EUR 30.8m (was EUR 31.3m), which remains
above guidance.
We keep our BUY rating but lower our PT to EUR 11 (old: EUR 12), based on our
residual income model.
You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=6696574743b62dc8a297362f2d3cde53
For additional information visit our website:
https://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
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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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2434216 13.11.2026 CET/CEST
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