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Original-Research: MLP SE - von NuWays AG

Einstufung von NuWays AG zu MLP SE

Unternehmen: MLP SE
ISIN: DE0006569908

Anlass der Studie: Update
Empfehlung: BUY
seit: 15.12.2023
Kursziel: EUR 11,00
Kursziel auf Sicht von: 12 Monaten
Letzte Ratingänderung:
Analyst: Henry Wendisch

Prepared for the future - Analyst meeting feedback

Topic: MLP recently hosted its annual analyst meeting and gave insights
into strategic developments:

Advanced digitalization: On group level as well as for all MLP consultants,
the company has invested heavily into its digitalization. For example, AI
enabled robotic process automations significantly reduced the time spent on
daily and repetitive tasks for MLP consultants, increasing operating
efficiency and giving the consultants more time for valuable sales
activities. On the customer side, the newly launched web- and mobile app
'Financial Home' gives customers a full overview of all their assets,
including
third party insurance contracts, brokerage- and bank accounts. This should
mitigate potential churn to insurtechs as well as create lock in effects
and a better user experience for MLP customers.

Managing demography: MLP's new 'trainee program' started in July '23 and
aims to attract the new generation of MLP consultants. With a meaningful
part of consultants aged above 55 years, the constant and reliable inflow
of new consultants is a major priority in the coming years in order to find
well-suited successors if old consultants retire. This is especially
important, as clients are more prone to churn if their consultant retires
without a suitable successor due to the personal relationship. Hence, MLP
plans to attract more than 500 new consultants in the mid-term, which seems
achievable given c. 100 new hires in FY' 23e and c. 200 planned for FY
'24e.

M&A strategy: With RVM already in the group, MLP aims to expand its reach
into industrial insurance brokerage segment. with the goal to lift notable
synergies across the group. However, this is a highly fragmented but
strongly consolidating market which is why valuations are still too high to
acquire targets at reasonable prices.

Regulatory environment: MLP feels very comfortable with the current
regulations and looks optimistically into the future: (1) the proposed
comission ban (on EU level) has been removed in May, (2) Germany aims to
reform the tax-priviledged private old-age provision which should create
demand for consultancy and (3) the proposed tax incentives for real estate
investments by changing the depreciation method should foster demand for
real estate brokerage as well as development, where
MLP focuses on retirement homes.

All in all, MLP seems to well prepared for the future. BUY with unchanged
PT of EUR 11.00 (FCFY' 24e).

Die vollständige Analyse können Sie hier downloaden:
http://www.more-ir.de/d/28551.pdf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden
www.nuways-ag.com/research.

Kontakt für Rückfragen
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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-------------------übermittelt durch die EQS Group AG.-------------------

Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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