MLP SE (von NuWays AG): BUY 13.11.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: MLP SE - from NuWays AG



13.11.2026 / 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 14
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



Q3 review: momentum confirmed



MLP's Q3 results confirm the earnings uplift behind October's guidance
increase. EBIT reached EUR 26.7m (Q3 25: EUR 18.3m), driven by higher FERI
performance fees, growth in underlying wealth management and higher net
interest income. The confirmed EUR 110-120m FY26 guidance still looks
conservative, with our EBIT forecast unchanged at EUR 123m. In detail:



Q3 group sales increased 15% yoy to EUR 271.9m, sustaining Q2's growth pace
(+15% yoy). The EBIT margin on total revenue widened by 2pp to 9.5%, mainly
reflecting the higher contribution from FERI's performance fees. Higher
variable compensation at FERI and IT expenses contributed to a 15% increase
in administration costs to EUR 121.4m.



  * Higher client assets and interest income support the Wealth business
    area. Revenue rose 26% yoy to EUR 161.2m. Of this, wealth management
    contributed EUR 127.9m (+34% yoy), including c. EUR 21m of performance fees
    (Q3 25: EUR 2.8m). Excluding performance fees, wealth management revenue
    still grew c. 15% (eNuW), supported by a 9% higher AuM base of EUR 70.1bn.
    This larger asset base should also support recurring management fees
    into FY27. Higher interest rates are also lifting returns on banking
    assets, with net interest income up c. 12% to EUR 16m. With September's
    ECB rate increase to 2.5% only partly reflected in Q3, the full-quarter
    effect should provide an additional boost to net interest income in Q4.



  * Life & Health's recovery remains uneven. Revenues declined 4% yoy to EUR
    66.1m in a seasonally less relevant quarter, following 6% growth in Q2,
    as old-age provision revenue fell 7% to EUR 48.6m. At the same time,
    health insurance grew 5% to EUR 17.5m, supported by demand for higher
    standards of healthcare. On the back of a mixed Q3, MLP now expects flat
    FY26 revenue in Life & Health, versus slight growth previously, in line
    with eNuW (-0.7% yoy).



  * Property & Casualty's premium book supports continued growth. Revenue
    grew 9% yoy to EUR 42.1m. Managed non-life premiums increased c. 10% yoy
    to EUR 870m, broadly maintaining the growth rate seen at June.



The upper end of guidance still leaves room for outperformance. The EUR 120m
upper end of MLP's FY26 EBIT guidance implies Q4 EBIT of c. EUR 33m, down c.
9% yoy versus last year's EUR 36m adjusted for the goodwill impairment in
Deutschland.Immobilien. The implied decline looks cautious given the larger
recurring fee base and higher interest income. Our unchanged EUR 123m FY26
EBIT forecast implies c. EUR 36m in Q4, broadly matching last year's adjusted
level. Additional FERI performance fees remain a potential source of upside.



Pension reform provides an additional growth opportunity from 2027.
Voluntary transfers of existing Riester savings into the Altersvorsorgedepot
should broaden MLP's recurring fee base. Our estimate of c. EUR 6-7m
incremental annual EBIT by 2028 remains unchanged.



Reiterate BUY with an unchanged EUR 14 PT, based on Residual Income.



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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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2434224 13.11.2026 CET/CEST