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Original-Research: MLP SE - from NuWays AG
14.11.2025 / 10:14 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to MLP SE
Company Name: MLP SE
ISIN: DE0006569908
Reason for the research: Update
Recommendation: BUY
from: 14.11.2025
Target price: EUR 12.50
Target price on sight of: 12 months
Last rating change:
Analyst: Henry Wendisch
Q3 review: PW, but healthy and de-risked core business
Having reduced its FY'25 EBIT guidance last week, yesterday's Q3 figures
show a healthy corebusiness. In detail:
MLP reduced its FY'25e EBIT guidance last week to EUR 90-100m (before: EUR
100-110m) due to a mixof two main reasons:
(1) a low-double digit EUR m amount of performance fees was baked into the
original guidance. In Q3,MLP recorded performance fees of only EUR 2.8m (vs. EUR
17m in Q3'24) and thus only EUR 4.8m per 9M(vs. EUR 26m in 9M'24). As we now
expect EUR 6.5m in FY'25 performance fees (Q4: EUR 1.7m), thepreviously
anticipated figure seems out of reach.
(2) the turn around in its real estate development segment
Deutschland.Immobilien (DI) was initiallyexpected to provide a EUR 12m
incremental EBIT tailwind in FY'25e, but falls short of expectations.
Although Q3 showed a slightly positive EUR 0.4m EBIT (9M: EUR -3m), the current
development projectsshould not be sufficient to reach a positive EBIT for
FY'25e, in our view. Therefore, we now estimatethis segment to deliver EUR
-11m in FY'25e EBIT (prev.: EUR 0m), which also includes an estimatedgoodwill
impairment of EUR 6m.
RE development to be completely abandonded. Following several years of
uncertainty and havingexperienced a slowdown in demand after the sharp
increase in interest rates in 2022, MLP hasdecided to completely abandon any
new RE development projects, where MLP carries thedevelopment risk. Only
existing projects will be finished. This decision might imply an
additionalimpairment of DI's remaining goodwill of up to EUR 11.7m in Q4'25e.
On the positive side, MLP therefore substantially derisks its business and
thus upgraded its FY'28e mid-term EBIT targetrange to EUR 140-155m (prev. EUR
140-150m).
Q3 shows healthy core business. Total sales arrived 2% lower at EUR 244m,
however, underlyingsales (excl. performance fees) grew by 3% yoy in Q3,
showing the intact core business. Moreimportantly, the Q3 EBIT of EUR 18.4m
improved against a high comparable base (Q3'24: EUR 17.8m witha strong
performance fee effect). In turn, this highlights a strong improvement in
underlyingprofitability (EBIT ex performance fee effect), which has expanded
by 146% yoy to EUR 16.5m with a4pp yoy higher underlying EBIT margin.
Specifically, the largest profitability driver was the bankingbusiness,
showing a stellar 29% EBIT margin (+8.7pp yoy), but also supported by
marginimprovements at DOMCURA (+9.5pp yoy) and Financial Consulting (+2.9pp
yoy).
In light of this, the magnitude of MLP's negative share price development
following the guidance cut,seems unjustified in our view, especially in
light of the solid underlying performance shown in Q3.MLP's core business
remains well intact and the company's value should not be derived from
REdevelopment and performance fees, in our view. Therefore, the share price
drop offers a buyingopportunity, which is why we recommend to BUY with a
slightly lower PT of EUR 12.50 (old: EUR 13.00),based on FCFY'26e.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=c6c9bcc56cefad96a27e311436184329
For additional information visit our website:
https://www.nuways-ag.com/research-feed
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.
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2230108 14.11.2025 CET/CEST
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