10.04.2024 Multitude SE  FI4000106299

Original-Research: Multitude SE (von NuWays AG): Kaufen


 

Original-Research: Multitude SE - from NuWays AG

Classification of NuWays AG to Multitude SE

Company Name: Multitude SE
ISIN: FI4000106299

Reason for the research: Update
Recommendation: Kaufen
from: 10.04.2024
Target price: EUR 12.00
Target price on sight of: 12 Monaten
Last rating change:
Analyst: Frederik Jarchow

FY23 final figures in line // Strong FY24 ahead; chg.

Multitude recently reported final figures for FY23 that were in line with prelims. Management also confirmed its FY24 EBIT guidance of € 67.5m. In detail:

Sales came in at € 230.5m (+9% yoy vs eNuW old: 228m), driven by the strong growth of the net loan book (NAR) to € 636m (+21% yoy; including c. € 576 loan to customer (vs eNuW: € 560m) and c. € 60m attributable to warehouse lending). Importantly, all segments contributed significant yoy NAR and sales growth.

EBIT increased by 45% yoy to € 45.5m, slightly above our estimates of € 44.6m (eNuW old) and achieved its FY23 guidance of € 45m. The solid bottom line is due to stable OPEX thanks to efficiency measures (marketing and personnel) as well as the solid topline growth. Driven by NAR expansion and higher reference rates, interest expenses increased to € 26,6m (vs eNuW old: € 25.4m, including: € 22.2m interest for customer deposits and € 4.3m foreign exchange loss; excluding € 5.4m interest expenses for perpetual bonds), resulting in an EBT of € 19m (+40% yoy).

On the back of this strong set of numbers, management confirmed the FY24 EBIT guidance of € 67.5m (vs eNuW old: € 51m) expecting further topline growth and scale effects. In our view, the guidance looks ambitious, but not out of range given 1) the significantly increased loan book that should fully materialize within FY24, 2) the strong growth momentum of CapitalBox as well as the opportunities around the new segment Wholesale Banking that already gained traction in FY23. That, paired with the ongoing stable performance of the group's “cashcow” (ferratum) and tight cost control that the company already showed in FY23 give us additional confidence. Mind you, the company reached its guidance for the 3rd consecutive year in FY23.

As the stock is still trading at a negative EV and a 3.4x PE´24, the growing, highly profitable, resilient and dividend paying company continues to look mispriced.

Multitude remained one of our NuWays Alpha picks for FY24 and we reiterate BUY with an increased PT of € 12 PT (old: € 10), as we roll-over our residual income model.

You can download the research here:
http://www.more-ir.de/d/29363.pdf
For additional information visit our website www.nuways-ag.com/research.

Contact for questions
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [email protected]
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. ++++++++++

-------------------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.



Die wichtigsten Finanzdaten auf einen Blick
  2017 2018 2019 2020 2021 2022 2023e
Umsatzerlöse1 221,64 262,15 293,10 230,47 213,67 212,37 230,46
EBITDA1,2 34,65 43,02 56,35 41,87 39,22 49,13 60,57
EBITDA-Marge3 15,63 16,41 19,23 18,17 18,36 23,13
EBIT1,4 31,84 37,80 45,53 28,51 23,90 31,61 45,56
EBIT-Marge5 14,37 14,42 15,53 12,37 11,19 14,88 19,77
Jahresüberschuss1 20,06 19,27 23,02 0,48 -2,56 12,00 16,44
Netto-Marge6 9,05 7,35 7,85 0,21 -1,20 5,65 7,13
Cashflow1,7 33,32 -40,36 22,53 140,36 71,72 -26,15 157,78
Ergebnis je Aktie8 0,92 0,89 1,10 0,02 -0,12 0,39 0,51
Dividende8 0,18 0,18 0,00 0,00 0,00 0,12 0,12
Quelle: boersengefluester.de und Firmenangaben

  Geschäftsbericht 2023 - Kostenfrei herunterladen.  
1 in Mio. Euro; 2 EBITDA = Ergebnis vor Zinsen, Steuern und Abschreibungen; 3 EBITDA in Relation zum Umsatz; 4 EBIT = Ergebnis vor Zinsen und Steuern; 5 EBIT in Relation zum Umsatz; 6 Jahresüberschuss (-fehlbetrag) in Relation zum Umsatz; 7 Cashflow aus der gewöhnlichen Geschäftstätigkeit; 8 in Euro; Quelle: boersengefluester.de

Wirtschaftsprüfer: PricewaterhouseCoopers

INVESTOR-INFORMATIONEN
©boersengefluester.de
Multitude
WKN Kurs in € Einschätzung Börsenwert in Mio. €
A1W9NS 5,160 Kaufen 112,10
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
5,55 14,51 0,38 11,29
KBV KCV KUV EV/EBITDA
0,62 0,71 0,49 1,85
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,12 0,19 3,68 25.04.2024
Q1-Zahlen Q2-Zahlen Q3-Zahlen Bilanz-PK
16.05.2024 22.08.2024 14.11.2024 28.03.2024
Abstand 60Tage-Linie Abstand 200Tage-Linie Performance YtD Performance 52 Wochen
3,71% 26,66% 18,89% 33,68%
    
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