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Multitude AG (von NuWays AG): BUY 11.03.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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Multitude 6,58 EUR ±0,00 % Lang & Schwarz

Original-Research: Multitude AG - from NuWays AG

11.03.2026 / 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
Target price: EUR 11
Target price on sight of: 12 months
Last rating change:
Analyst: Julius Neittamo

Strong profitability expected, set to overachieve guidance

Multitude will report its Q4’25 preliminary results tomorrow. Here is what to expect:

Q4’25 interest income is expected to fall 7% yoy to €62.8m, driven by Consumer Banking, where interest income is projected to decline 14.7% yoy to €45.9m (eNuW). The decrease is explained by segment divestments realised in Q3’25 and by the lagged effects of a lower interest environment. As mentioned in our previous note, top line is likely to continue facing negative impacts through Q1'26, though a stable interest rate environment going forward should provide a solid base for an improvement in FY26e. In February, the ECB left its rates unchanged for a fifth consecutive time while projecting headline inflation at 1.9% for 2026, slightly down from 2.1% in 2025. A Reuters poll conducted on 9-12 February showed a strong consensus among economists, with 66 out of 74 expecting the deposit rate to stay at 2% at least through 2026.

CapitalBox is seen increasing 1% yoy to € 9m (eNuW). The segment is also impacted by the aforementioned prior rate cuts. Further, CapitalBox operates in a rather soft market, as Eurostat data show business registrations up +0.5% qoq versus +2.5% qoq for bankruptcy declarations, suggesting macro‑driven volume pressure on top of the group’s deliberate de‑risking.

Wholesale Banking, piloted in 2023, has quickly evolved into a strong growth avenue, that is set to increase 60% yoy to €7.9m (eNuW), on the back of an already strong performance in 9M’25 (+63.5% yoy). Here, Multitude targets overlooked deals outside the expertise of traditional banks, serving customers with specific, tailor‑made financing needs.

The net fee and commission income is seen at € 4m, up 14.3% sequentially and nearly doubled yoy. The partnership business is highly net profit margin accretive, thanks to its capital-light and scalable setup. Mind you, the partnership model beat our estimates every quarter in FY25, where significant upside is still seen for FY26e with +39.7% yoy expected.

On cost base, impairment losses are seen to continue on their long-term downward trend, declining 3.6% yoy to € 22m. Multitude’s loan book quality has been steadily improving over the years, as impairment levels have gone down from 31.5% to 15.2% in a seven-year span, despite the loan book increasing from € 468m to € 880m in the same timeframe.

Net profit is seen at € 6.3m, reflecting a margin of 10% (eNuW). While this is a yoy decline from Q4’24 (€ 7.5m), it is acknowledged that the comparable quarter was very strong thanks to a more favorable interest rate environment. The Q4’25 results should nevertheless position Multitude to overachieve its full year net income guidance of € 24-26m, at € 26.5m. Dividends of €0.31 per share are expected (vs. €0.44 last year incl. a €0.20 extraordinary component).

We do not make any changes ahead of the results and keep our BUY rating with a PT of € 11, based on our residual income model.
 

You can download the research here: multitude-ag-2026-03-11-previewreview-en-64c50
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
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2289272  11.03.2026 CET/CEST

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