Original-Research: Multitude SE (von NuWays AG): BUY
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^ 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: BUY from: 18.03.2024 Target price: 10.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Strong Q4 figures // Bullish FY24 guidance confirmed; chg End of last week, Multitude reported a very strong set of Q4 figures and confirmed its FY24 EBIT guidance of EUR 67.5m. In detail: Sales came in at EUR 63.1m, up 9% qoq and 15% yoy, slightly above our estimates of EUR 60.4m (eNuW; restated to reflect directly attributable CAC), driven by the strong growth of the net loan book (NAR) to EUR 636m (21% yoy; including c. EUR 60m attributable to warehouse lending). Importantly, all segments contributed significantly to yoy NAR growth. In FY23, Multitude reached EUR 231m sales (9% yoy vs eNuW: 228m). EBIT increased by 16% qoq to EUR 13.5m (40% yoy), above our estimates of EUR 12.2m (eNuW). With 45.5m on the FY base, the company achieved its FY23 guidance of EUR 45m. The solid bottom line is due to stable OPEX thanks to efficiency measures (marketing, personnel) as well as topline growth. Driven by NAR expansion and higher reference rates, financial costs increased to c. EUR 8.5m (vs eNuW: EUR 6.6), resulting in an EBT of approximately EUR 4.1m (vs eNuW: EUR 6.3m). On the back of this strong set of numbers, management confirmed the FY24 EBIT guidance of EUR 67.5m (vs eNuW old: EUR 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 "cashcow" of the Group (ferratum) and tight cost control that the company already showed in FY23 give us additional confidence. Mind you that the company reached its guidance for the 3rd consecutive year in FY23. As the stock looks still trading at a negative EV and a 3.4x PE´24, the growing, highly profitable, resilient and dividend paying company continues to look undebatably cheap. Multitude remains in our NuWays Alpha List and we reiterate BUY with an unchanged EUR 10 PT, based on our residual income model. You can download the research here: http://www.more-ir.de/d/29173.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.
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