Multitude AG (von NuWays AG): BUY 11.11.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: Multitude AG - from NuWays AG



11.11.2026 / 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 12
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Julius Neittamo



Q3 preview: Sortter and Wholesale to drive profit growth



Multitude reports Q3'26 tomorrow. We expect strong yoy net profit growth,
driven by the first full quarter of Sortter and continued momentum in
Wholesale Banking, a fast-growing and highly profitable segment.



We forecast revenue up 18% yoy to EUR 73.8m in Q3'26. Fee and commission
income is seen to triple to EUR 12m, with Sortter contributing an estimated EUR
6m (eNuW). Mind you, the core business was already strong before the
acquisition. In Q1'26, before any Sortter contribution, fee income doubled.
Excluding Sortter, we still see fee income up 50% yoy.



We are cautiously optimistic on interest income growth. Q1 and Q2'26 were
the first back-to-back quarters of sequential growth since 2024. With the
microloan wind-down largely complete, Q3'26 is the last quarter carrying a
yoy drag from last year's divestments. We forecast interest income up 6% yoy
and 7% qoq to EUR 61.8m. By segment, Consumer Banking should come in flat yoy
at EUR 44m and SME Banking up 5%, held back by a tough macro backdrop for
European SMEs. Wholesale Banking looks set to keep growing strongly, up 50%
yoy to EUR 8.5m. Though still relatively small, the segment is highly margin
accretive, with a pre-tax margin of 34% in H1'26 versus 14% for the group.



We expect impairments to fall 14% yoy to EUR 16.4m, or 6.5% of the gross loan
book (LTM). First, the exit from riskier microloans has de-risked the
Consumer Banking book, which drives the absolute decline. This reflects
Multitude's strategy, which has been to originate in lower-risk, lower-yield
markets and monetise the riskier ones through the platform and brokerage.
Second, Wholesale Banking is a growing share of the loan book, which lowers
the group's impairment ratio. Its annualised cost of risk was below 1% in
H1'26, versus c. 11% in Consumer Banking.



On operating costs, we expect a cost-to-income ratio of 58% (Q2'26: 52%). We
see it staying elevated through FY26, reflecting investment in Wholesale
Banking and the partnership business, plus PPA amortisation from Sortter.



We forecast net profit of EUR 8.1m, up 33% yoy, driven by Sortter, Wholesale
Banking and lower impairments.



Last Friday, Multitude Bank placed EUR 50m of perpetual AT1 bonds, which will
settle on 13 November. The issue strengthens regulatory capital without
diluting shareholders and creates room to grow the loan book, particularly
in Wholesale Banking. At 3-month EURIBOR + 9.0%, currently c. 11.8%, it is
not cheap: c. EUR 5.9m a year. As the bonds qualify as equity, the coupon does
not hit net profit but reduces earnings attributable to shareholders. We
will add the issue to our estimates after the Q3 results.



Minor adjustment to our model. We trim the share of results from Lea Bank to
EUR 1.6m in H2'26 (was EUR 2.3m). Our FY26 net profit forecast falls to EUR 31.3m
(was EUR 31.9m), still above the EUR 30m guidance.



We reiterate BUY with a EUR 12 PT, based on our residual income model.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=932f0b9f82b8d6862727aabc3b7ab20c
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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2432318 11.11.2026 CET/CEST