Original-Research: MLP SE (von NuWays AG): BUY
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^ Original-Research: MLP SE - from NuWays AG Classification of NuWays AG to MLP SE Company Name: MLP SE ISIN: DE0006569908 Reason for the research: Update Recommendation: BUY from: 08.03.2024 Target price: EUR 11.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Henry Wendisch Comeback of RE and performance fees around the corner; chg. Topic: MLP released FY'23 preliminary results and suprised positively with Q4's better than expected real estate business. MLP also looks set to record performance fees in Q1 for the first time since 2021. Q4 sales in line with estimates: Sales rose by 5% yoy to EUR 289m (eNuW: EUR 294m) with a strong impact from Old-Age Provision (EUR 90m, 31% of sales; eNuW: EUR 102m), but also strong growth from Interest Income (EUR 20.3m, +133% yoy; eNuW: EUR 19.6m), Non-Life Insurance (EUR 39m, +22% yoy; eNuW: EUR 42m) as well as Wealth Management (EUR 80m, +4% yoy; eNuW: EUR 91m). Surprisingly, the negative trend in Real Estate could be stopped, as Q4 RE sales came in much better than expected at EUR 26.2m, up 19% yoy (eNuW: EUR 5.1m), thanks to both Brokerage (EUR 11.1m, +62.4% yoy; eNuW: EUR 3.5m) and Development (EUR 15m; flat yoy; eNuW: EUR 1.6m). Q4 EBIT in line with previously released PW: The positive impact from the interest result (EUR 12.8m; +64% yoy; eNuW: EUR 13.5m) led to an overall Q4 EBIT of EUR 25.4m, up 9% yoy, while it was also burdened by a one-off goodwill impairment on a real estate subsidiary of EUR 4m. FY'24e guidance conservative: The company guides for an EBIT range of EUR 75-85m (eNuW: EUR 89m; eCons: EUR 88m) for FY'24e, based on positive outlooks in Wealth as well as Life & Health. Upside could emerge from 1) a potential rebound in Real Estate (company guides 'very positively'), which was already visible during Q4'23, and 2) highly profitable performance fees which seem to be likely in Q1'24e already. Both of FERI's largest public funds (EquityFlex & Optoflex) currently exceed the threshold to be eligible for performance fees and the record day (March 31st, last day of Q1) is close. Against this backdrop, management seems to guide conservatively, in our view. Mid-term targets confirmed: By Y/E'25e, MLP aims to achieve an EBIT in the range of EUR 100-110m, based on its diversified business mix coupled with continous growth and efficiency gains. This would imply an EBIT 23-'25e CAGR of 19-25%. Overall, MLP's stock is too cheap to ignore at current levels, trading at historically low multiples. The SDAX uplisting on March 18th should also support the stock's trading volumes and visibility. Hence, we reiterate BUY and confirm MLP in the NuWay's Alpha List with unchanged PT of EUR 11.00, based on FCFY'24e and SOTP. You can download the research here: http://www.more-ir.de/d/29099.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.
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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