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MLP AG

656990 / DE0006569908 //
Quelle: Xetra: 17:35:13
656990 DE0006569908 // Quelle: Xetra: 17:35:13
MLP AG
5,610 EUR
Kurs
0,36%
Diff. Vortag in %
4,415 EUR
52 Wochen Tief
6,060 EUR
52 Wochen Hoch
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Tools

Fundamentalanalyse

News

08.03.2024 | 09:02:33 (dpa-AFX)
Original-Research: MLP SE (von NuWays AG): BUY

^

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

++++++++++

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.

°

07.03.2024 | 09:10:00 (dpa-AFX)
Nach Immobiliendelle: Finanzdienstleister MLP will Betriebsergebnis steigern
07.03.2024 | 07:34:48 (dpa-AFX)
EQS-News: FY 2023: MLP beweist Widerstandsfähigkeit des Geschäftsmodells - konstanter Dividendenvorschlag, Wachstumsziel 2025 bekräftigt (deutsch)
19.02.2024 | 09:01:26 (dpa-AFX)
Original-Research: MLP SE (von NuWays AG): BUY
12.02.2024 | 13:45:05 (dpa-AFX)
INDEX-MONITOR: Morphosys und Vitesco im März vor Platztausch in MDax und SDax
01.02.2024 | 15:35:24 (dpa-AFX)
EQS-Adhoc: MLP SE: Vorläufiges, ungeprüftes EBIT des MLP Konzerns unterhalb des prognostizierten Korridors für das Gesamtjahr 2023 aufgrund Firmenwertabschreibung innerhalb des Segments Deutschland.Immobilien (deutsch)
25.01.2024 | 09:01:33 (dpa-AFX)
Original-Research: MLP SE (von NuWays AG): BUY

DZ BANK Produktauswahl

Mini-Futures Long

Produktauswahl : Basiswert MLP AG

MLP AG
Mini-Futures long DJ5FBU

1,91x Hebel

MLP AG
Mini-Futures long DFF4HJ

2,37x Hebel

MLP AG
Mini-Futures long DJ5V9T

3,10x Hebel

MLP AG
Mini-Futures long DJ6L0D

4,84x Hebel

MLP AG
Mini-Futures long DQ1EES

7,07x Hebel

MLP AG
Mini-Futures long DJ72XZ

6,30x Hebel

Min KO-Schwellenabstand in % Max

Endlos Turbos Long

Produktauswahl : Basiswert MLP AG

MLP AG
Endlos Turbo long DQ1ESM

10,26x Hebel

MLP AG
Endlos Turbo long DJ7W7X

8,31x Hebel

MLP AG
Endlos Turbo long DJ58K2

5,39x Hebel

MLP AG
Endlos Turbo long DJ5M3E

3,66x Hebel

MLP AG
Endlos Turbo long DJ6DHS

2,34x Hebel

MLP AG
Endlos Turbo long DW2FHA

2,00x Hebel

Min KO-Schwellenabstand in % Max

Endlos Turbos Short

Produktauswahl : Basiswert MLP AG

MLP AG
Endlos Turbo short DW3AEC

13,94x Hebel

MLP AG
Endlos Turbo short DW5FXH

11,67x Hebel

MLP AG
Endlos Turbo short DW5FXJ

9,23x Hebel

MLP AG
Endlos Turbo short DW1SLX

5,29x Hebel

MLP AG
Endlos Turbo short DJ6PHL

4,01x Hebel

MLP AG
Endlos Turbo short DJ722X

2,66x Hebel

Min KO-Schwellenabstand in % Max

Mini-Futures Short

Produktauswahl : Basiswert MLP AG

MLP AG
Mini-Futures short DJ72X0

2,29x Hebel

MLP AG
Mini-Futures short DJ653H

3,20x Hebel

MLP AG
Mini-Futures short DW1UBF

4,56x Hebel

MLP AG
Mini-Futures short DW268P

5,98x Hebel

MLP AG
Mini-Futures short DJ5SPR

10,05x Hebel

MLP AG
Mini-Futures short DJ6H9G

3,81x Hebel

Min KO-Schwellenabstand in % Max

Knock Out Map