13.05.2024 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: 13.05.2024
Last rating change:
Analyst: Frederik Jarchow

Solid Q1 figures ahead // Multitude to continue on growth path

On Thursday, Multitude will report Q1´24 figures that should come in solid, but with room for sequential improvements until YE. Here is what to expect:

Sales should come in at € 59m (+9% yoy, -6% qoq), mainly driven by the strong growth of the net loan book (NAR) to € 636m in FY23 (including c. € 576 loan to customer and c. € 60m attributable to warehouse lending) unfolding its full effect in Q1. We expect ferratum to have contributed some 84%, CapitalBox 13% and the new segment wholesale banking 3% to total sales.

EBIT is anticipated at € 10.3m (+7% yoy, -16.3% qoq), following the higher topline and rather stable S&M expenses and personnel expenses as well as other operating expenses, compensating for impairments on loans (19% yoy, -15% qoq), that should come in higher than in Q1´23 due increased loan book. As interest expenses should should have increased by c. 10% yoy to € 7.7m (eNuW; -1% qoq), EBT should come in at € 2.8m (-4% yoy).

While our estimates for Q1 imply a solid yoy growth in a challenging economic phase, further significant sequential improvements throughout the year are necessary to reach the FY24 EBIT guidance of € 67.5m (vs eNuW: € 57m). In our view, the guidance looks ambitious, but is not out of range assuming 1) further growth of the loan book, partially materializing throughout the remainder of 2024, 2) the strong growth momentum of CapitalBox as well as 3) opportunities around the new segment wholesale banking that already gained traction in FY23. That, paired with ongoing tight cost control, that the company already showed in FY23, unlocking scale effects (assuming ongoing topline growth as a result of the growing loan book and stable margins) as well as the fact that Multitude reached its guidance for the 3 rd consecutive year in FY23 give us additional confidence.
As the stock is still trading at negative EV and a 3.4x PE´24, the growing, highly profitable, resilient and dividend paying company to look undebatable cheap.

BUY with an unchanged PT of € 12 PT, based on our residual income model. Mind you that Multitude is one of our NuWays' Top Picks for FY24.

You can download the research here:
http://www.more-ir.de/d/29713.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 6,320 Kaufen 137,30
KGV 2025e KGV 10Y-Ø BGFL-Ratio Shiller-KGV
6,80 14,75 0,46 13,83
KBV KCV KUV EV/EBITDA
0,76 0,87 0,60 2,27
Dividende '22 in € Dividende '23e in € Div.-Rendite '23e
in %
Hauptversammlung
0,12 0,19 3,01 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
15,76% 45,80% 45,62% 68,09%
    
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