Original-Research: MLP SE (von NuWays AG): BUY

^

Original-Research: MLP SE - from NuWays AG

16.04.2026 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

Group.

The issuer is solely responsible for the content of this research. The

result of this research does not constitute investment advice or an

invitation to conclude certain stock exchange transactions.

---------------------------------------------------------------------------

Classification of NuWays AG to MLP SE

Company Name: MLP SE

ISIN: DE0006569908

Reason for the research: Update

Recommendation: BUY

Target price: EUR 12

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

A yield stock on paper, a structural grower underneath

Oftentimes, a 5% dividend yield hints at a rather mature stage of business.

This is not the case for MLP, in our view, a business that benefits from

secular growth, consistent with a 14% adj. EBIT CAGR into 2028e (eNuW).

A recent study on investor-adviser relationships provides additional

external validation for this view (source: CFA Institute). It confirms a

structurally healthy advice market and client trends that should play into

MLP's positioning. Key takeaways include:

* Secular advice demand remains favourable. In fact, the overall advice

usage is even stronger among younger generations. 92% of Gen Z and 89%

of millennials use some form of financial advice or planning service,

compared to 76% of Gen X and 80% of baby boomers. Taken together, these

figures point to the durability of advisory demand and suggest further

runway as younger cohorts progress through key life stages and build

wealth.

* Trusted human advice remains hard to displace, reinforcing the relevance

of MLP's adviser-led model. While younger investors increasingly rely on

apps, social media and Gen-AI tools, human advisers remain the most

trusted source of investment guidance. Broader access to information

therefore does not appear to weaken the role of the adviser.

* MLP's advisory model appears well aligned with changing client needs.

Younger clients increasingly demand broader, more tailored and

life-centred advice, while expecting advisers to connect financial

strategy more closely with broader life goals. This should play to the

strengths of MLP's broad and independent advisory set-up. The same

pattern is visible in product demand, with 94% of Gen Z and millennials

interested in personalized financial products, including customized

portfolios and access to broader investment categories such as private

equity and crypto, options all available via MLP.

Another potentially important medium-term growth lever is the planned

Altersvorsorgedepot. By introducing a subsidised, return-oriented retirement

product without mandatory guarantees, the reform should shift private

retirement saving closer to capital-market solutions and away from the

low-return design constraints that have weighed on product appeal in the

past. MLP should be a clear beneficiary, as a broader and more investable

retirement framework would likely increase advice demand and long-term

savings inflows. Although some details remain open, the key remaining step

is Bundesrat approval, with the reform planned to take effect from January

2027.

The current valuation still looks too low for the visibility and quality of

MLP's earnings growth, in our view, given its high recurring revenue share

(72% of total) and a structurally favourable market backdrop. We also

continue to expect MLP to outperform its FY26 guidance.

Maintain BUY, PT EUR 12, based on Residual Income.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=cc8faf0039362711906ee52509a3ad9c

For additional information visit our website:

https://www.nuways-ag.com/research-feed

Contact for questions:

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

++++++++++

Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

++++++++++

---------------------------------------------------------------------------

The EQS Distribution Services include Regulatory Announcements,

Financial/Corporate News and Press Releases.

View original content:

https://eqs-news.com/?origin_id=64e27b22-395d-11f1-8534-027f3c38b923&lang=en

---------------------------------------------------------------------------

2309442 16.04.2026 CET/CEST

°