Original-Research  157  0 Kommentare MLP SE (von NuWays AG): Kaufen

RS Feedback: attractive value for money

On Monday, we hosted a roadshow with CEO Dr. Schroeder-Wildberg, here are our takeaways:

Growth in Wealth Management: The overall growth in wealth across MLP's mass affluent, often highly
educated client base should lead to higher demand for wealth management consultancy. This growth in wealth should stem from (1) the rise of the customers' income over their expected life cycle, (2) a wave of inheritances to come in the next 5-10 years in Germany, which should be over-proportionate at MLP's client base, given their academic background and (3) the growing need of MLP clients, whose life insurance expires over the next two years far (EUR 3bn pay-out), to invest.

Demographic change in Germany leads to ever increasing need to provide for old-age outside of the crippling state pension. Thus, private and corporate pension schemes experience a growing demand, especially from young people. This is MLP's heritage business and continues to be well served by MLP's consultants.

High sales quality: With 68% of revenues being recurring, MLP's sales quality has improved substantially over the last years (30% in 2005). Moreover, MLP also does not rely on one revenue pillar anymore, but shows multiple, negatively correlated revenue streams (see p. 2)
Light at the end of the real-estate tunnel: In the last 3 years, MLP's real estate business experienced a perfect storm, first with the COVID related postponements of projects (development) and secondly with the quick interest rate hike leading to a near standstill in brokerage and development. Now, the trough should have been reached and management sees light at the end of the tunnel, as the market seems to be have gotten used to current interest rates.

M&A war chest filled: Out of the EUR 190m net cash position, EUR 100m can be used for acquisitions. However, current prices are still to high in order to acquire value-accretive targets for the industrial broker segment. Thus, MLP stays is ready and open for acquisitons should the opportunity arise.
The impressions given by management underpin our positive view. At current valuation, the stock offers an attractive value for money proposition. BUY with unchanged PT of EUR 12.00, based on FCFY'24e.

You can download the research here:
http://www.more-ir.de/d/29581.pdf
For additional information visit our website
www.nuways-ag.com/research.

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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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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.

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Die MLP Aktie wird zum Zeitpunkt der Veröffentlichung der Nachricht mit einem Plus von 0,00 % und einem Kurs von 5,66EUR auf Tradegate (30. April 2024, 22:26 Uhr) gehandelt.

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