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.

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 EURm performance fees annually (c. 1%
    of sales) in its mid-term targets, compared to a seven-year average of
    c. EUR 23m. With c. 70% incremental EBIT margin, stronger performance fees
    would be upside. 2025 also offers a low comparable base (only c. EUR 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, EUR >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 EUR 12, on Residual Income.




You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=58b7818201ec02b3a4cb5b5ab8c50bde
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