Multitude: Q3 preview: Sortter and Wholesale to drive profit growth - NuWays AG Research
Multitude reports Q3'26 tomorrow. We expect strong yoy net profit growth, driven by the first full quarter of Sortter and continued momentum in Wholesale Banking, a fast-growing and highly profitable segment.
ANNONS
We forecast revenue up 18% yoy to € 73.8m in Q3'26. Fee and commission income is seen to triple to € 12m, with Sortter contributing an estimated € 6m (eNuW). Mind you, the core business was already strong before the acquisition. In Q1'26, before any Sortter contribution, fee income doubled. Excluding Sortter, we still see fee income up 50% yoy.
Minor adjustment to our model. We trim the share of results from Lea Bank to € 1.6m in H2'26 (was € 2.3m). Our FY26 net profit forecast falls to € 31.3m (was € 31.9m), still above the € 30m guidance.
We reiterate BUY with a € 12 PT, based on our residual income model.
