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
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.

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The result of this research does not constitute investment advice
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