Mlp: Growth even without the kicker - NuWays AG Research
MLP reported solid Q1 26 results. Growth accelerated and the margin expanded despite still weak performance fees. Hence, the print supports our BUY recommendation.
ANNONS
At group level, total revenues rose 4.7% yoy to € 315m, marking a sequential improvement vs. +1% yoy in Q4 25, driven by growth rate improvements in all three competence fields. EBIT grew 10.2% yoy to € 41.3m, implying a 13.1% margin, up 0.6pp yoy. The drop-through was supported by higher gross profit (+7.2% yoy), partly thanks to lower interest expenses.
To sum up, MLP offers a c. 5% dividend yield, visibility rising with 72% of revenues recurring and an expected adj. EBIT CAGR of c. 14% into 2028e (eNuW). Q1 supports the view that FY26 should make the underlying growth run-rate more visible. With the 2028 ambition of € 0.90-0.99 EPS reaffirmed, the shares continue to look too cheap for the quality and visibility of the earnings path, in our view.
