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 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

Broad-based growth, conservative guidance

Q2 26 delivered a step change, with EBIT of € 19.1m (Q2 25: € 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 € 116m, c. 10% above the mid-point (previously: € 113m). In detail:

Growth accelerated at group level, with sales up 14.9% yoy to € 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 € 144m, with performance fees behind less than a third of the increase. Wealth management rose € 22m yoy to € 111m (+24% yoy), of which only € 6.4m came from the step-up in performance fees to € 8m (Q2 25: € 1.6m) and the balance from the underlying business on an 8% higher AuM base. A further € 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 € 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 € 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 € 67m after -1% yoy in Q1. Old-age provision revenue increased 6% yoy to € 52m. Health insurance grew 7% yoy to € 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 € 41m. Managed non-life premium volume reached a record € 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 € 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 € 40-50m versus € 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 € 6m at a 66% incremental margin. Even so, our € 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 € 116m rests on modest underlying H2 assumptions, making a guidance hike in Q3 reasonable.

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

You can download the research here: mlp-se-2026-08-14-previewreview-en-922e8
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: [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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2382944 14.08.2026 CET/CEST