NuWays AG Maintains Buy Rating on MLP SE Despite Mixed Q2 Results

On August 15, 2025, NuWays AG published a research update on MLP SE, maintaining a "Buy" recommendation with a target price of EUR 13.00 over the next 12 months. The Q2 results released by MLP met expectations, with sales remaining stable at EUR 228 million. However, a decline in wealth management revenues by 4% to EUR 120 million was noted, primarily due to lower interest income and performance fees.

Despite a challenging quarter, MLP reaffirmed its fiscal year 2025 EBIT guidance of EUR 100-110 million. Management remains optimistic, attributing potential growth to strong health and non-life insurance segments, alongside real estate brokerage services. However, uncertainties in real estate development and unpredictable private equity contributions may pose risks.

The research suggests that the recent share price dip was an overreaction and continues to view MLP shares as attractively valued. The company's performance will rely on achieving EBIT targets in the second half of the year.