Multitude AG (von NuWays AG): BUY 12.08.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Multitude AG - from NuWays AG



12.08.2026 / 09:00 CET/CEST
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Classification of NuWays AG to Multitude AG



     Company Name:                Multitude AG
     ISIN:                        CH1398992755



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 11.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo



Q2 preview; partnership business to support profitability



Multitude will report its Q2'26 results this Thursday. Consumer Banking
interest income is expected at EUR 42.8m (-15% yoy, +4.5% qoq; eNuW), with the
first sequential growth since Q4'24, though still impacted by divestments
from FY25. SME Banking should post interest income of EUR 9.2m (+6% yoy, +4.2%
qoq; eNuW), while Wholesale Banking is seen at EUR 7.8m (+70% yoy, +12.6% qoq;
eNuW), driven by continued expansion of the secured debt book. The unit's
loan portfolio was recently strengthened by a EUR 16m facility to UAB
Nordecum, a Lithuanian digital consumer lender. Its contribution to Q2
should only be marginal, however, as the deal was announced on 17 June. At
group level we expect interest income of EUR 59.8m (-6% yoy, +5% qoq; eNuW).



The partnership & brokerage business is set to continue growing strongly.
Fee and commission income is seen at EUR 5.9m (+97% yoy; eNuW), giving a total
revenue of EUR 65.7m (-1% yoy, +7% qoq; eNuW), which would put the fee and
commission income share at 9.0% of revenue (+4.4pp yoy; eNuW). Group net
operating income should be at EUR 55.2m (+1% yoy; eNuW), where net fee and
commission income (EUR +2.9m yoy; eNuW) partially offsets the yoy decline of
net interest income (EUR -3.8m yoy; eNuW). Net operating income looks set to
be further supported by results from associates; eNuW EUR 1.1m.



Mind you, Multitude increased its ownership in Sortter to a majority stake
on May 20th, which should have been consolidated from that date. This is not
yet reflected in our model, as neither the stake nor the closing date has
been disclosed thus far. Sortter generated revenues of EUR 17.2m, posting a
net profit of EUR 1.6m in FY25, thus the inorganic lift to the fee and
commission income line can already be material in Q2'26. In Q1'26, Sortter
contributed EUR 0.2m to results from associates.



Profitability should come in resilient, but dragged by increased costs. Cost
income ratio jumped to 55% in Q1'26 (+10pp yoy, +7pp qoq), driven by the
ramp-up of partnerships and Wholesale Banking, which Multitude sees as
necessary investments to fuel growth. Cost income ratio is seen at 53% in
Q2'26 (+5pp yoy, -2pp qoq; eNuW), while impairments are seen to continue on
their downward trend with EUR 19.1m (-5.7% yoy; eNuW), as Multitude continues
its de-risking strategy. Q2'26 EBT of EUR 6.8m is seen at -15% yoy (eNuW) with
a margin of 10.3% (-1.7pp yoy; eNuW), while net profit should be EUR 5.9m
(-15% yoy; eNuW), with a margin of 9.0% (-1.4pp yoy; eNuW).



Multitude sees profitability to be H2-weighted. Our estimates would put
H1'26 profitability at EUR 10.3m, making the EUR 30m guidance challenging, yet
achievable, as three incremental drivers should build through H2: the
Sortter consolidation, residual earn-outs from the FY25 divestments, and
Wholesale Banking, where interest income grew 76% yoy in Q1'26 at a fraction
of group cost of risk. We model net profit to land at EUR 29.3m (eNuW) for
FY26. Mind you, Multitude has exceeded guidance in each of the last four
years.



We make only minor adjustments to our model ahead of the report, which do
not lead to any changes in our valuation. At EUR 5.30/share, the stock trades
at FY26e P/E of 5.3x (adj. for perpetuals), which we regard as undemanding
for a business generating ~19% RoTE with an increasingly capital-light
revenue mix (eNuW). We confirm our BUY rating with a PT of EUR 11.



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For additional information visit our website:
https://www.nuways-ag.com/research



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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2381064 12.08.2026 CET/CEST