Original-Research: MLP SE (von NuWays AG)
Original-Research: MLP SE - von NuWays AG
Einstufung von NuWays AG zu MLP SE
Unternehmen: MLP SE
ISIN: DE0006569908
Anlass der Studie: Update
Empfehlung: BUY
seit: 19.02.2024
Kursziel: 11.00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch
Case fully intact despite PW; chg.
Topic: MLP released a profit warning and is now expecting an FY'23 EBIT of
€ 71m, thus missing the guidance of € 75-85m due to € 4m of goodwill
impairments in the real estate business.
Below market expectations: Adjusting for the impairment, the guidance range
should have been met at the lower end € 75m, indicating a € 5m miss vs our
estimate of € 80m(eCons: € 77m). This shoud mainly stem from lower than
expected sales in Q4, while the cost base should have remained unchangend.
Case remains fully intact for FY'24e and beyond: While the real estate
business has been MLP's problem child, this impairment has been anticipated
by the market, however at a smaller extent. Nevertheless, this does not
impact our view on FY'24e, where we expect EBIT to reach € 90m (+27% yoy;
eCons: € 88m), based on 1) no further downside from real estate, 2) a
continuously strong banking business as well as 3) ongoing synergies across
MLP's manifold segments while potential performance fees (not included in
our estimates) could serve as a cherry on top. Moreover, management feels
confident about their EBIT growth path, as they reaffirmed the mid-term
guidance of € 100-110m of EBIT by FY'25e (eNuW: € 95m; eCons: € 96m).
FY'23 dividend announced: Given the non-cash relevenat impairment as well
as the solid net cash position of € 2.26 per share (as of 9M'23) MLP
announced to keep the dividend stable at € 0.30 per share (5.5% dividend
yield), despite slightly lower EPS.
Attractive risk/reward profile: While the bad news should now remain tothe
past, we look optimistically into FY'24e (see 8-pager from 25th January
2024). The risk/reward profile looks attractive and the stock seems to be
downside protected by MLP's parts (FERI: € 5.12; net cash: € 2.27; MLP ex
FERI: € 5.52; all per share), witnessed by the shares currently trade on
the same level from before the profit warning. Moreover, valuation looks
unjustified, given a 21% FCFY'24e, a 58% discount to its parts and
historically low multiples albeit improvements in underlying profitability
(see p. 2).
Hence, we confirm our BUY recommendation with an unchanged PT of € 11.00,
based on FCFY'24e and SOTP.
Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28917.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.
Kontakt für Rückfragen
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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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.
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-------------------übermittelt durch die EQS Group AG.-------------------Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.