Original-Research: Multitude SE - from NuWays AG

Classification of NuWays AG to Multitude SE

Company Name: Multitude SE

ISIN: FI4000106299

Reason for the research: Update

Recommendation: Kaufen

from: 13.05.2024

Last rating change:

Analyst: Frederik Jarchow

Solid Q1 figures ahead // Multitude to continue on growth path

On Thursday, Multitude will report Q1Ž24 figures that should come in solid,

but with room for sequential improvements until YE. Here is what to expect:

Sales should come in at EUR 59m (+9% yoy, -6% qoq), mainly driven by the

strong growth of the net loan book (NAR) to EUR 636m in FY23 (including c. EUR

576 loan to customer and c. EUR 60m attributable to warehouse lending)

unfolding its full effect in Q1. We expect ferratum to have contributed

some 84%, CapitalBox 13% and the new segment wholesale banking 3% to total


EBIT is anticipated at EUR 10.3m (+7% yoy, -16.3% qoq), following the higher

topline and rather stable S&M expenses and personnel expenses as well as

other operating expenses, compensating for impairments on loans (19% yoy,

-15% qoq), that should come in higher than in Q1Ž23 due increased loan

book. As interest expenses should should have increased by c. 10% yoy to EUR

7.7m (eNuW; -1% qoq), EBT should come in at EUR 2.8m (-4% yoy).

While our estimates for Q1 imply a solid yoy growth in a challenging

economic phase, further significant sequential improvements throughout the

year are necessary to reach the FY24 EBIT guidance of EUR 67.5m (vs eNuW: EUR

57m). In our view, the guidance looks ambitious, but is not out of range

assuming 1) further growth of the loan book, partially materializing

throughout the remainder of 2024, 2) the strong growth momentum of

CapitalBox as well as 3) opportunities around the new segment wholesale

banking that already gained traction in FY23. That, paired with ongoing

tight cost control, that the company already showed in FY23, unlocking

scale effects (assuming ongoing topline growth as a result of the growing

loan book and stable margins) as well as the fact that Multitude reached

its guidance for the 3 rd consecutive year in FY23 give us additional


As the stock is still trading at negative EV and a 3.4x PEŽ24, the growing,

highly profitable, resilient and dividend paying company to look

undebatable cheap.

BUY with an unchanged PT of EUR 12 PT, based on our residual income model.

Mind you that Multitude is one of our NuWays' Top Picks for FY24.

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