on Ferratum Oyj (isin : FI4000106299)
Multitude SE Shows Strong Q2 Performance with Improved Profitability
Multitude SE has released its Q2 figures, revealing notable improvements in profitability. Despite a lower-than-expected interest income of €64.7m, the company's EBIT surged to €16.8m, driven by reduced impairments, which decreased to €23.8m. The net loan book inched up to €594m, while debt investments demonstrated significant growth.
The interest expenses also rose to €11.4m due to the increase in the loan book and higher average interest costs. The EBT of €5.4m outperformed the company's initial expectations.
With a strong loan book growth in SME and Wholesale Banking, the firm remains optimistic about achieving its FY24 EBIT guidance of €67.5m, although it conservatively projects €61.4m for now.
NuWays AG maintains a "BUY" recommendation for Multitude SE with an unchanged target price of €12, highlighting the stock's apparent undervaluation at 4x PE'25.
R. E.
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