MLP : Advising clients creates long-term value
Founded in 1971, MLP is a financial services provider for private, corporate and institutional clients primarily in Germany. The group divides its business into three competence fields: Wealth, Life & Health and Property & Casualty. In view of its attractive and defensive business model (~70% recurring revenue), growing total revenues (CAGR of +5.4%, 2024 to 2027e) and EBIT margins (+70bp to 9.6% in 2027e vs 2024), a sound balance sheet (average equity ratio of c. 15% and average ROE of 12.4%, 2025e to 2027e), as well as an attractive dividend yield (5.4%, average 2025e to 2027e), we initiate coverage with an Outperform rating and a target price of € 11.MLP is the holding company for the MLP Group. Co.'s subsidiary, MLP Finanzdienstleistungen AG, is the Group's consulting company for private and corporate clients, and also as an insurance broker for brokering insurance policies. Co.'s business segments include: financial services, which provides consulting services for academics and other clients, mainly relating to insurance, investments, occupational pension provision schemes and various loans, as well as the brokering of contracts concerning these financial services, and includes finance portfolio management, the trustee credit business and the loan and credit card business; and FERI AG, which covers wealth and investment consulting.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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