MLP SE (von NuWays AG): BUY 28.04.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: MLP SE - from NuWays AG



28.04.2026 / 09:00 CET/CEST
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Classification of NuWays AG to MLP SE



     Company Name:                MLP SE
     ISIN:                        DE0006569908



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 12
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



Planning pays dividends



We hosted a roadshow with MLP CEO Dr. Uwe Schroeder-Wildberg. Key takeaways
confirm the equity story momentum: MLP combines a c. 5% dividend yield with
continuously improving revenue visibility and tangible adj. earnings growth.



  * Client proposition centred on "peace of mind". MLP's model is built
    around long-term financial planning and stable, mostly fee-based,
    adviser relationships. This is relevant in a market where customers can
    easily compare single products such as Tagesgeld, neobank accounts or
    ETFs. MLP's focus remains the full financial package: banking,
    insurance, wealth, old-age provision and financing, anchored in personal
    advice and a long-term customer relationship. This supports retention
    and cross-selling as clients move through life stages.



  * Earnings quality continues to improve. 72% of sales are already
    recurring. Wealth and property and casualty (P&C) insurance are the main
    recurring growth pillars, helped by savings plans, rising customer
    maturity and inflation-linked premium volumes in non-life insurance.
    This improves forecasting quality and lowers reliance on one-off product
    sales. Against this backdrop, performance fees are not the foundation:
    MLP includes only high-single-digit EURm performance fees annually (c. 1%
    of sales) in its mid-term targets, compared to a seven-year average of
    c. EUR 23m. With c. 70% incremental EBIT margin, stronger performance fees
    would be upside. 2025 also offers a low comparable base (only c. EUR 11m).



  * Disintermediation risk looks manageable. Neobanks, ETFs and AI remain
    relevant competitive forces, especially on pricing. Still, human advice
    remains the single most trusted source of investment guidance (source:
    CFA Institute), supporting the relevance of MLP's adviser-led model.
    MLP's answer is to integrate digitalisation and AI into the advisory
    process, improving transparency, speed and adviser productivity while
    preserving the personal relationship.



  * AI is turning into an operating lever. MLP already uses AI in
    business-relevant processes, with cost control visible in 2025 (adj.
    EBIT margin up 0.1pp yoy, despite declining performance fees). In P&C,
    an AI-supported claims solution can handle claims in roughly 10 minutes.
    Simultaneously, an insurance contract-checking tool can analyse existing
    client contracts and generate counter-offers with better pricing, better
    service or both. This supports customer benefit, adviser efficiency and
    the broader digitalisation case.



  * Dividend case backed by growth and cash. The dividend (5% yield at
    current levels) remains well supported by MLP's 50-70% payout target and
    an expected 14% adj. EBIT CAGR into 2028e (eNuW, in line with mid-term
    targets). Consequently, the sustainable dividend should grow going
    forward, further anchored by MLP's ambition to maintain dividend
    continuity. In addition, EUR >80m net available cash after regulatory
    buffers leaves room for M&A, special dividends or buybacks. Yet, the
    cash buffer should be seen to maintain financial flexibility, rather
    than a near-term distribution trigger.



In sum, MLP remains a quality financial advisory platform with a rare
combination of yield, earnings growth, recurring revenue visibility and
balance-sheet quality. BUY, PT EUR 12, on Residual Income.




You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=58b7818201ec02b3a4cb5b5ab8c50bde
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2316202 28.04.2026 CET/CEST