Multitude AG (von NuWays AG): BUY 14.08.2026, 09:01 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Multitude AG - from NuWays AG



14.08.2026 / 09:01 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 12
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo



Q2 review: Sortter acquisition looks very attractive; PT UP



Multitude reported Q2'26 results yesterday. Consumer Banking interest income
came in at EUR 41.2m (-18% yoy, +0.4% qoq), below eNuW EUR 42.8m, as FY25
divestments still negatively impacted topline. SME Banking posted EUR 8.9m
(+2% yoy, +0.7% qoq; eNuW EUR 9.2m), while Wholesale Banking came in at EUR 7.5m
(+64% yoy, +9.2% qoq; eNuW EUR 7.8m) on the back of the expanding secured debt
book, confirming the segment as the group's growth engine at a 26% EBT
margin. At group level, interest income totalled EUR 57.6m (-10% yoy, +1.6%
qoq; eNuW EUR 59.8m). Fee and commission income jumped to EUR 7.7m (+161% yoy; EUR
+1.8m vs eNuW), lifting its share to 11.8% of revenue (+7.4pp yoy). The beat
was inorganic, however, as Sortter was fully consolidated from May 20th and
contributed EUR 2.9m in fee and commission income, implying adj. fee income of
EUR 4.8m (+62% yoy; EUR -1.1m vs eNuW). Total revenue was thus EUR 65.3m (-2% yoy,
+6% qoq; vs eNuW EUR 65.7m).



Net operating income grew 3.5% yoy to EUR 56.6m (EUR 55.2m; eNuW). The beat was
driven by (i) higher fee and commission income following Sortter's
consolidation (EUR +1.6m vs eNuW), (ii) EUR 2.5m from the revaluation of the
previously held ~20% Sortter stake and (iii) EUR 0.5m of fair value and FX
gains, which included a EUR 1.3m gain on the revaluation of the FY25
divestment earn-outs, partly offset by FX and derivative losses.



Loan book de-risking continues steadily. Impairments fell to a new low of EUR
16.9m (EUR 19.1m; eNuW), taking the annualised cost of risk to 6.8% (-2.7pp
yoy). This reflects Multitude's strategic shift: originating in lower-risk,
lower-yield markets while monetising the riskier ones through its platform
and brokerage capabilities.



Costs remained stable. Cost-income-ratio was 52% in Q2'26 (-1pp vs eNuW),
driven by lower personnel and G&A expenses (EUR -1.3m vs eNuW), though selling
and marketing expenses were higher (EUR +1.6m vs eNuW). Here, Multitude sees
elevated cost-income-ratio through FY26, due to investments in Wholesale
banking, the partnership business as well as due to PPA amortisations.



The large profit beat rested largely on non-recurring elements. Reported EBT
came in at EUR 10.0m in Q2'26 (EUR +3.2m vs eNuW), with net profit of EUR 8.7m (EUR
+2.8m vs eNuW). Adjusted for the Sortter revaluation, fair value and FX
gains as well as the EUR 0.5m inorganic EBT contribution from Sortter, organic
adj. EBT was EUR 6.6m (EUR 6.8m; eNuW).



The Sortter acquisition looks very attractive and shifts the group's revenue
mix toward fees. Multitude paid EUR 7.0m for the remaining ~80%, implying EUR
8.8m equity value for the full stake. Sortter also carried EUR 9.0m of debt
owed to Multitude, cancelled on consolidation. Net of EUR 3.5m cash acquired,
the implied EV is EUR 14.2m, which would put the deal at 0.6x EV/sales.
Management guides Sortter to a EUR 25m revenue run-rate (+47% yoy) with EUR 5m
net profit, implying a 1.8x P/E on the equity consideration. The low price
reflects a share option over the remaining shares, agreed in 2023 when
Multitude first took a 19.97% stake.



We consolidate Sortter and raise our estimates. We now forecast FY26 net
profit of EUR 31.9m (old: EUR 29.3m), above guidance of EUR 30m, as (i) Sortter
will contribute a full six months in H2, (ii) impairments are seen to trend
lower while (iii) consumer lending is set to return to growth.



In light of the above, we raise our PT to EUR 12 (old: EUR 11) and confirm our
BUY rating based on residual income model.



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https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=b3b1e080e13070c24f7fd1a812ec5328
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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2382936 14.08.2026 CET/CEST