Original-Research: Multitude SE (von NuWays AG): Kaufen
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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: 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 EUR 67.5m. In detail: Sales came in at EUR 230.5m (+9% yoy vs eNuW old: 228m), driven by the strong growth of the net loan book (NAR) to EUR 636m (+21% yoy; including c. EUR 576 loan to customer (vs eNuW: EUR 560m) and c. EUR 60m attributable to warehouse lending). Importantly, all segments contributed significant yoy NAR and sales growth. EBIT increased by 45% yoy to EUR 45.5m, slightly above our estimates of EUR 44.6m (eNuW old) and achieved its FY23 guidance of EUR 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 EUR 26,6m (vs eNuW old: EUR 25.4m, including: EUR 22.2m interest for customer deposits and EUR 4.3m foreign exchange loss; excluding EUR 5.4m interest expenses for perpetual bonds), resulting in an EBT of EUR 19m (+40% yoy). 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 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 EUR 12 PT (old: EUR 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: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++
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