^
Original-Research: Multitude AG - from NuWays AG
22.08.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
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.
---------------------------------------------------------------------------
Classification of NuWays AG to Multitude AG
Company Name: Multitude AG
ISIN: CH1398992755
Reason for the research: Update
Recommendation: BUY
from: 22.08.2025
Target price: EUR 12.50
Target price on sight of: 12 months
Last rating change:
Analyst: Frederik Jarchow
Strong Q2 figures // Guidance appears conservative; PT up
Yesterday, Multitude published a strong set of Q2 figures. While interest
income was remained flattish, the bottom line beat expectations again. Here
are the details:
Sales are flattish at EUR 63.6m (-2% yoy, -1% qoq vs eNuW: EUR 64.7m), mainly
driven by consumer banking that declined by 6% yoy to EUR 50.4m (-3% qoq vs
eNuW: EUR 54.6m). Importantly, interest income of wholesale banking increased
by 61% yoy to 4.6m (vs eNuW: 4.4m) and commission fees by 150% yoy to EUR 3.0m
(vs eNuW: EUR 2.5m), mostly stemming from the partner business, effectively
compensating for the lower interest income.
EBT came in at strong EUR 8.0m (47% yoy), beating our expectation (eNuW: EUR
7.8m) thanks to outstanding risk management visible in the significantly
lower impairments (-15% to EUR 20.2m), despite an increasing loan book (22%
yoy to EUR 852m). This contrary developments paired with the flattish interest
income is indicating a improving quality of the loan portfolio. Apart from
that, the ongoing cost control as well as efficiency and automation measures
kept OPEX rather stable, promising further scale-effects in the future. Net
income came in at EUR 6.9m.
With H1 net income of EUR 14.2m, Multitude is seen well on track to reach its
already increased FY25 net profit guidance of EUR 24-26m (eNuW new: EUR 28.1m),
especially considering the substantially increased loan book that served as
an early indicator for future topline growth in the past. We are hence
convinced that the company should achieve EUR 267m interest income in FY25
(eNuW).
Going forward, further sequential growth of the net loan book in Q3 and Q4
to EUR 880m until YE, combined with ongoing tight cost control should allow an
EBT margin of 12% in FY25 and 14% in FY26. Moreover, interest expenses are
expected to increase only moderately by 10% yoy to EUR 45.1m in FY25 and
should be compensated by increasing topline (interest spread should remain
stable). Apart from that, we see an ongoing dynamic in the commission income
mostly stemming from the partner business as well as from the payment
business within wholesale banking. For FY25, we conservatively anticipate
some EUR 16.3m and for FY26 some EUR 20.3m.
In a nutshell, we continue to look at Multitude as a growing company with
perspectively three profit centers within the Group. While the cash cow of
the Group - the consumer banking segment - should deliver only stable
interest income, but increasing commission fees, we expect growing interest
income in CapitalBox and Wholesale banking going forward. As OPEX are seems
to be well under control, Multitude should continue to enjoy the typical
scale effects of a platform business, driving EBT and net income.
Despite the positive stock price performance since the beginning of the
year, the company does still not look expensive for a growing, highly
profitable, dividend paying company, trading at only 6.9x P/EŽ25.
We reiterate BUY with a increased PT of EUR 12.50 (old: EUR 12.00), based on our
residual income model. With that, Multitude remains one of our NuWays Alpha
picks.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=e8c37b1ad6deeaabf848a212aaf37361
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
++++++++++
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.
++++++++++
---------------------------------------------------------------------------
The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Archive at www.eqs-news.com
---------------------------------------------------------------------------
2187408 22.08.2025 CET/CEST
°