Mlp: Guidance catches up, we stay ahead; chg. - NuWays AG Research
MLP raised its FY26 EBIT guidance to € 110-120m (old eCons: € 112m) from € 100-110m last Friday, increasing the mid-point by c. 10%. The revised range still leaves room for a beat (eNuW).
ANNONS
We raise FY26e EBIT to € 123m (previously: € 116m), c. 7% above the revised mid-point. Beyond the current earnings momentum, Germany's pension reform opens a further growth opportunity from 2027.
The advisory opportunity extends beyond retirement saving. Choosing a suitable product, deciding whether to transfer existing savings and determining an appropriate investment strategy should stimulate discussions with both existing and new clients. These conversations give MLP's advisers an opportunity to review clients' wider financial needs, supporting additional business in wealth management, insurance and financing, in our view. Action: EPS estimates raised by c. 5% on average for FY26-28, reflecting higher performance fees and interest income, plus Germany's pension reform.
Detailed Q3 results on 12 November should provide further evidence on underlying growth and the interest result. Stronger near-term earnings and an additional pension growth opportunity support our BUY, new PT € 14 (old: € 12), based on a higher ROE in our Residual Income model.
