Märkte & Kurse

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Original-Research: Multitude SE - from NuWays AG

09.04.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to Multitude SE

     Company Name:                Multitude SE
     ISIN:                        CH1398992755

     Reason for the research:     Update
     Recommendation:              BUY
     from:                        09.04.2025
     Target price:                EUR 12.00
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Frederik Jarchow

Strong FY24: Delivered as promised and more to come; chg

Last week, Multitude reported a particularly strong set of Q4 figures and
confirmed its net income guidance for FY25 and FY26. In detail:

Sales came in at EUR 69.8m, up 7% qoq and 14% yoy, in line with our estimates
of EUR 70m (eNuW), driven by the strong growth of the net loan book (NAR) to EUR
763m (+20% yoy; including c. EUR 112m debt investments attributable to
wholesale banking). Importantly, all segments contributed significant yoy
NAR and sales growth over the year, resulting in FY group sales of EUR 264m
(+14% yoy vs eNuW: 265m).

EBIT increased by 8% qoq to EUR 20.4m (+29% yoy), significantly above our
estimates of EUR 18.6m (eNuW). With 68m for the FY, the company achieved its
FY24 guidance of EUR 67.5m (vs eNuW: EUR 65.7m). The solid bottom line is due to
top-line growth as well as stable OPEX thanks to efficiency measures
(marketing, personnel) and resulting scale effects. Driven by NAR expansion,
higher average reference rates and the issued perpetual bond, financial

costs increased to EUR 11.6m (vs eNuW: EUR 12.2m), resulting in an EBT of EUR 8.8m

(vs eNuW: EUR 6.5m) in Q4, which translates into EUR 23.3m in FY24 (vs eNuW: EUR
20.8m).

On the back of this strong set of numbers, management the confirmed its net
income guidance of EUR 23m for FY25 and EUR 30m for FY26 (vs eNuW: EUR 23.5m in
FY25 and EUR 30m in FY26) expecting further top.line growth and scale effects.
In our view, the guidance looks ambitious, but not out of range given 1) the
significantly increased loan book that should fully materialize within FY25,
2) the strong growth momentum of CapitalBox as well as the huge potential in
the wholesale banking that have just started to pick-up. That paired with
the ongoing stable performance "cashcow" of the Group (ferratum) and tight
cost control that the company already showed in FY24 give us additional
confidence. Mind you that the company has achieved its guidance for last
three years.

As the stock is still trading at 4.3x PE´25, the growing, highly profitable,
resilient and dividend paying (EUR 0.44/share; 8.5% dividend yield) company to
look undebatable cheap.

Consequently, Multitude remained a NuWays Alpha pick and we reiterate BUY
with an unchanged PT of EUR 12, based on our residual income model.

You can download the research here: http://www.more-ir.de/d/32212.pdf
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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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

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2113630 09.04.2025 CET/CEST

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