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


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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.
++++++++++

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2309442 16.04.2026 CET/CEST

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