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

Original-Research: MLP SE - from NuWays AG

28.04.2026 / 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.

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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

Planning pays dividends

We hosted a roadshow with MLP CEO Dr. Uwe Schroeder-Wildberg. Key takeaways confirm the equity story momentum: MLP combines a c. 5% dividend yield with continuously improving revenue visibility and tangible adj. earnings growth.

• Client proposition centred on "peace of mind". MLP's model is built around long-term financial planning and stable, mostly fee-based, adviser relationships. This is relevant in a market where customers can easily compare single products such as Tagesgeld, neobank accounts or ETFs. MLP's focus remains the full financial package: banking, insurance, wealth, old-age provision and financing, anchored in personal advice and a long-term customer relationship. This supports retention and cross-selling as clients move through life stages.
• Earnings quality continues to improve. 72% of sales are already recurring. Wealth and property and casualty (P&C) insurance are the main recurring growth pillars, helped by savings plans, rising customer maturity and inflation-linked premium volumes in non-life insurance. This improves forecasting quality and lowers reliance on one-off product sales. Against this backdrop, performance fees are not the foundation: MLP includes only high-single-digit €m performance fees annually (c. 1% of sales) in its mid-term targets, compared to a seven-year average of c. € 23m. With c. 70% incremental EBIT margin, stronger performance fees would be upside. 2025 also offers a low comparable base (only c. € 11m).
• Disintermediation risk looks manageable. Neobanks, ETFs and AI remain relevant competitive forces, especially on pricing. Still, human advice remains the single most trusted source of investment guidance (source: CFA Institute), supporting the relevance of MLP's adviser-led model. MLP's answer is to integrate digitalisation and AI into the advisory process, improving transparency, speed and adviser productivity while preserving the personal relationship.
• AI is turning into an operating lever. MLP already uses AI in business-relevant processes, with cost control visible in 2025 (adj. EBIT margin up 0.1pp yoy, despite declining performance fees). In P&C, an AI-supported claims solution can handle claims in roughly 10 minutes. Simultaneously, an insurance contract-checking tool can analyse existing client contracts and generate counter-offers with better pricing, better service or both. This supports customer benefit, adviser efficiency and the broader digitalisation case.
• Dividend case backed by growth and cash. The dividend (5% yield at current levels) remains well supported by MLP's 50-70% payout target and an expected 14% adj. EBIT CAGR into 2028e (eNuW, in line with mid-term targets). Consequently, the sustainable dividend should grow going forward, further anchored by MLP's ambition to maintain dividend continuity. In addition, € >80m net available cash after regulatory buffers leaves room for M&A, special dividends or buybacks. Yet, the cash buffer should be seen to maintain financial flexibility, rather than a near-term distribution trigger.

In sum, MLP remains a quality financial advisory platform with a rare combination of yield, earnings growth, recurring revenue visibility and balance-sheet quality. BUY, PT € 12, on Residual Income.


You can download the research here: mlp-se-2026-04-28-update-en-75ac1
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: [e-mail]
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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2316202 28.04.2026 CET/CEST