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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: 15.12.2023

Kursziel: EUR 11,00

Kursziel auf Sicht von: 12 Monaten

Letzte Ratingänderung:

Analyst: Henry Wendisch

Prepared for the future - Analyst meeting feedback

Topic: MLP recently hosted its annual analyst meeting and gave insights

into strategic developments:

Advanced digitalization: On group level as well as for all MLP consultants,

the company has invested heavily into its digitalization. For example, AI

enabled robotic process automations significantly reduced the time spent on

daily and repetitive tasks for MLP consultants, increasing operating

efficiency and giving the consultants more time for valuable sales

activities. On the customer side, the newly launched web- and mobile app

'Financial Home' gives customers a full overview of all their assets,

including

third party insurance contracts, brokerage- and bank accounts. This should

mitigate potential churn to insurtechs as well as create lock in effects

and a better user experience for MLP customers.

Managing demography: MLP's new 'trainee program' started in July '23 and

aims to attract the new generation of MLP consultants. With a meaningful

part of consultants aged above 55 years, the constant and reliable inflow

of new consultants is a major priority in the coming years in order to find

well-suited successors if old consultants retire. This is especially

important, as clients are more prone to churn if their consultant retires

without a suitable successor due to the personal relationship. Hence, MLP

plans to attract more than 500 new consultants in the mid-term, which seems

achievable given c. 100 new hires in FY' 23e and c. 200 planned for FY

'24e.

M&A strategy: With RVM already in the group, MLP aims to expand its reach

into industrial insurance brokerage segment. with the goal to lift notable

synergies across the group. However, this is a highly fragmented but

strongly consolidating market which is why valuations are still too high to

acquire targets at reasonable prices.

Regulatory environment: MLP feels very comfortable with the current

regulations and looks optimistically into the future: (1) the proposed

comission ban (on EU level) has been removed in May, (2) Germany aims to

reform the tax-priviledged private old-age provision which should create

demand for consultancy and (3) the proposed tax incentives for real estate

investments by changing the depreciation method should foster demand for

real estate brokerage as well as development, where

MLP focuses on retirement homes.

All in all, MLP seems to well prepared for the future. BUY with unchanged

PT of EUR 11.00 (FCFY' 24e).

Die vollständige Analyse können Sie hier downloaden:

http://www.more-ir.de/d/28551.pdf

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.

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