Original-Research: MLP SE (von NuWays AG): BUY

Original-Research: MLP SE - from NuWays AG



14.08.2026 / 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 MLP SE



     Company Name:                MLP SE
     ISIN:                        DE0006569908



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 12
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Simon Keller



Broad-based growth, conservative guidance



Q2 26 delivered a step change, with EBIT of EUR 19.1m (Q2 25: EUR 4.9m) driven
by a higher AuM base, performance fees and an improved interest result.
Guidance was confirmed but looks conservative, hence we raise FY26e EBIT to
EUR 116m, c. 10% above the mid-point (previously: EUR 113m). In detail:



Growth accelerated at group level, with sales up 14.9% yoy to EUR 257m after
+4.3% in Q1 and flat yoy in Q4 25. The EBIT margin widened by 5pp yoy to
7.1%, reflecting operating leverage and positive mix in a seasonally weaker
quarter.



  * Wealth revenues grew 21% yoy to EUR 144m, with performance fees behind
    less than a third of the increase. Wealth management rose EUR 22m yoy to EUR
    111m (+24% yoy), of which only EUR 6.4m came from the step-up in
    performance fees to EUR 8m (Q2 25: EUR 1.6m) and the balance from the
    underlying business on an 8% higher AuM base. A further EUR 3.6m of
    carried interest was booked in other income, but was mostly offset by
    personnel bonuses and hence almost EBIT-neutral. Real estate brokerage
    rose 44% yoy to EUR 11m, largely reflecting phasing following a 28%
    decline in Q1, leaving H1 up 7% yoy. Loans & mortgages (-16% yoy) stayed
    soft due to low application volumes. Interest income returned to growth
    at EUR 20m (+3% yoy) as the rate comp eased, and the ECB's move to 2.25%
    should support interest income into H2.



  * Life & Health returned to growth, with revenues up 6% yoy to EUR 67m after
    -1% yoy in Q1. Old-age provision revenue increased 6% yoy to EUR 52m.
    Health insurance grew 7% yoy to EUR 17m, supported by rising advisory
    demand amid debates over Germany's healthcare system.



  * Property & Casualty delivered a fourth consecutive quarter of
    double-digit growth, up 12% yoy to EUR 41m. Managed non-life premium
    volume reached a record EUR 865m, growing 10% yoy against the 5.2% GDV
    expects for the German market this year, implying continued market share
    gains. This premium base is largely recurring and benefits from
    inflation-linked adjustments, underpinning revenue visibility into H2
    and FY27.



The confirmed EUR 100-110m guidance rests on an H2 that recent history does
not support. H2 would contribute just 40% to 45% of full-year EBIT, against
a five-year average of 52%. In absolute terms this means EUR 40-50m versus EUR
54m adj. EBIT in H2 25, so even the top end asks for a c. 9% yoy decline at
a time when the AuM base is 8% higher yoy, managed non-life premiums are 10%
higher and net interest rose 15% yoy in H1. One reason is that management
assumes no further performance fees at all, while we model EUR 6m at a 66%
incremental margin. Even so, our EUR 116m implies an H2 share of only 48% and
c. 5% underlying H2 EBIT growth once performance fees are stripped from both
periods (eNuW).



To sum up, MLP combines a c. 5% dividend yield with a 72% recurring revenue
share and an adj. EBIT CAGR of c. 15% into 2028e (eNuW). Even our
above-guidance EBIT estimate of EUR 116m rests on modest underlying H2
assumptions, making a guidance hike in Q3 reasonable.



BUY, unchanged PT EUR 12, based on Residual Income.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=b32abc6e84e52e5da179068cbb561612
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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