Original-Research: Multitude SE - from NuWays AG Classification of NuWays AG to Multitude SE Company Name: Multitude SE ISIN: FI4000106299 Reason for the research: Update Recommendation: Kaufen from: 13.05.2024 Last rating change: Analyst: Frederik Jarchow Solid Q1 figures ahead // Multitude to continue on growth path On Thursday, Multitude will report Q1´24 figures that should come in solid, but with room for sequential improvements until YE. Here is what to expect: Sales should come in at € 59m (+9% yoy, -6% qoq), mainly driven by the strong growth of the net loan book (NAR) to € 636m in FY23 (including c. € 576 loan to customer and c. € 60m attributable to warehouse lending) unfolding its full effect in Q1. We expect ferratum to have contributed some 84%, CapitalBox 13% and the new segment wholesale banking 3% to total sales. EBIT is anticipated at € 10.3m (+7% yoy, -16.3% qoq), following the higher topline and rather stable S&M expenses and personnel expenses as well as other operating expenses, compensating for impairments on loans (19% yoy, -15% qoq), that should come in higher than in Q1´23 due increased loan book. As interest expenses should should have increased by c. 10% yoy to € 7.7m (eNuW; -1% qoq), EBT should come in at € 2.8m (-4% yoy). While our estimates for Q1 imply a solid yoy growth in a challenging economic phase, further significant sequential improvements throughout the year are necessary to reach the FY24 EBIT guidance of € 67.5m (vs eNuW: € 57m). In our view, the guidance looks ambitious, but is not out of range assuming 1) further growth of the loan book, partially materializing throughout the remainder of 2024, 2) the strong growth momentum of CapitalBox as well as 3) opportunities around the new segment wholesale banking that already gained traction in FY23. That, paired with ongoing tight cost control, that the company already showed in FY23, unlocking scale effects (assuming ongoing topline growth as a result of the growing loan book and stable margins) as well as the fact that Multitude reached its guidance for the 3 rd consecutive year in FY23 give us additional confidence. As the stock is still trading at negative EV and a 3.4x PE´24, the growing, highly profitable, resilient and dividend paying company to look undebatable cheap. BUY with an unchanged PT of € 12 PT, based on our residual income model. Mind you that Multitude is one of our NuWays' Top Picks for FY24. You can download the research here: http://www.more-ir.de/d/29713.pdf For additional information visit our website www.nuways-ag.com/research. 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- 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.

Original-Research: Multitude SE - from NuWays AG Classification of NuWays AG to Multitude SE Company Name: Multitude SE ISIN: FI4000106299 Reason for the research: Update Recommendation: Kaufen from: 10.04.2024 Target price: EUR 12.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow FY23 final figures in line // Strong FY24 ahead; chg. Multitude recently reported final figures for FY23 that were in line with prelims. Management also confirmed its FY24 EBIT guidance of € 67.5m. In detail: Sales came in at € 230.5m (+9% yoy vs eNuW old: 228m), driven by the strong growth of the net loan book (NAR) to € 636m (+21% yoy; including c. € 576 loan to customer (vs eNuW: € 560m) and c. € 60m attributable to warehouse lending). Importantly, all segments contributed significant yoy NAR and sales growth. EBIT increased by 45% yoy to € 45.5m, slightly above our estimates of € 44.6m (eNuW old) and achieved its FY23 guidance of € 45m. The solid bottom line is due to stable OPEX thanks to efficiency measures (marketing and personnel) as well as the solid topline growth. Driven by NAR expansion and higher reference rates, interest expenses increased to € 26,6m (vs eNuW old: € 25.4m, including: € 22.2m interest for customer deposits and € 4.3m foreign exchange loss; excluding € 5.4m interest expenses for perpetual bonds), resulting in an EBT of € 19m (+40% yoy). On the back of this strong set of numbers, management confirmed the FY24 EBIT guidance of € 67.5m (vs eNuW old: € 51m) expecting further topline growth and scale effects. In our view, the guidance looks ambitious, but not out of range given 1) the significantly increased loan book that should fully materialize within FY24, 2) the strong growth momentum of CapitalBox as well as the opportunities around the new segment Wholesale Banking that already gained traction in FY23. That, paired with the ongoing stable performance of the group's “cashcow” (ferratum) and tight cost control that the company already showed in FY23 give us additional confidence. Mind you, the company reached its guidance for the 3rd consecutive year in FY23. As the stock is still trading at a negative EV and a 3.4x PE´24, the growing, highly profitable, resilient and dividend paying company continues to look mispriced. Multitude remained one of our NuWays Alpha picks for FY24 and we reiterate BUY with an increased PT of € 12 PT (old: € 10), as we roll-over our residual income model. You can download the research here: http://www.more-ir.de/d/29363.pdf For additional information visit our website www.nuways-ag.com/research. 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- 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.

Original-Research: Multitude SE - from NuWays AG Classification of NuWays AG to Multitude SE Company Name: Multitude SE ISIN: FI4000106299 Reason for the research: Update Recommendation: BUY from: 18.03.2024 Target price: 10.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Strong Q4 figures // Bullish FY24 guidance confirmed; chg End of last week, Multitude reported a very strong set of Q4 figures and confirmed its FY24 EBIT guidance of € 67.5m. In detail: Sales came in at € 63.1m, up 9% qoq and 15% yoy, slightly above our estimates of € 60.4m (eNuW; restated to reflect directly attributable CAC), driven by the strong growth of the net loan book (NAR) to € 636m (21% yoy; including c. € 60m attributable to warehouse lending). Importantly, all segments contributed significantly to yoy NAR growth. In FY23, Multitude reached € 231m sales (9% yoy vs eNuW: 228m). EBIT increased by 16% qoq to € 13.5m (40% yoy), above our estimates of € 12.2m (eNuW). With 45.5m on the FY base, the company achieved its FY23 guidance of € 45m. The solid bottom line is due to stable OPEX thanks to efficiency measures (marketing, personnel) as well as topline growth. Driven by NAR expansion and higher reference rates, financial costs increased to c. € 8.5m (vs eNuW: € 6.6), resulting in an EBT of approximately € 4.1m (vs eNuW: € 6.3m). On the back of this strong set of numbers, management confirmed the FY24 EBIT guidance of € 67.5m (vs eNuW old: € 51m) expecting further topline growth and scale effects. In our view, the guidance looks ambitious, but not out of range given 1) the significantly increased loan book that should fully materialize within FY24, 2) the strong growth momentum of CapitalBox as well as the opportunities around the new segment wholesale banking that already gained traction in FY23. That paired with the ongoing stable performance of the “cashcow” of the Group (ferratum) and tight cost control that the company already showed in FY23 give us additional confidence. Mind you that the company reached its guidance for the 3rd consecutive year in FY23. As the stock looks still trading at a negative EV and a 3.4x PE´24, the growing, highly profitable, resilient and dividend paying company continues to look undebatably cheap. Multitude remains in our NuWays Alpha List and we reiterate BUY with an unchanged € 10 PT, based on our residual income model. You can download the research here: http://www.more-ir.de/d/29173.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden: www.nuways-ag.com/research. 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- 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.

Original-Research: Multitude SE - from NuWays AG Classification of NuWays AG to Multitude SE Company Name: Multitude SE ISIN: FI4000106299 Reason for the research: Update Recommendation: BUY from: 06.03.2024 Target price: 10.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Frederik Jarchow Small value-accretive acquisition through CapitalBox; chg Yesterday, Multitude announced to have acquired the Danish factoring specialist Omniveta Finance through its SME unit CapitalBox. Last week, CapitalBox also launched a new collateral lending product. In detail: Value-accretive acquisition. Founded in 2012, Omniveta is a factoring specialist, that is purchasing invoices (eNuW: on avg. 30 days credit period) from suppliers with a certain discount (eNuW: 10-20%, including handling fees). With that, Omniveta is improving the overall liquidity of Danish SME´s. We expect that the company is generating a low single digit million Euro amount in sales and being more or less break-even on the bottom line. Multitude is seen to have paid You can download the research here: http://www.more-ir.de/d/29079.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- 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.

Original-Research: Multitude SE - von NuWays AG Einstufung von NuWays AG zu Multitude SE Unternehmen: Multitude SE ISIN: FI4000106299 Anlass der Studie: Update Empfehlung: BUY seit: 14.02.2024 Kursziel: 10.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow With full speed into 2024 After two years of delivering significant EBIT growth, we expect Multitude to continue on its growth path and remain on track to meet the new guidance for FY26 of € 30m net income. Here is why: Demand for loans to remain undebatable high. According to a survey of EY, consumer loans and corporate loans in the Eurozone grew by 1.6% and 5.5% in FY23 and are expected to grow by 1.9% and 2.7% in FY24. We expect numbers to be even higher in Multitude´s niche within these verticals (near prime consumer loans (ferratum) and SME loans (CapitalBox)). Consequently, Multitude´s net loan book (NAR) should continue to grow to € 605m in FY24 (eNuW). Risks are well under control: Being very restrictive and selective, Multitude is granting only 10% of loan applications. That paired with the strategic shift towards premium loans has reduced impaired loan coverage ratio to 30% a few years ago. We expect this trend to continue in FY24 (eNuW: Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28877.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Multitude SE - von NuWays AG Einstufung von NuWays AG zu Multitude SE Unternehmen: Multitude SE ISIN: FI4000106299 Anlass der Studie: Update Empfehlung: BUY seit: 14.02.2024 Kursziel: 10.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow With full speed into 2024 After two years of delivering significant EBIT growth, we expect Multitude to continue on its growth path and remain on track to meet the new guidance for FY26 of € 30m net income. Here is why: Demand for loans to remain undebatable high. According to a survey of EY, consumer loans and corporate loans in the Eurozone grew by 1.6% and 5.5% in FY23 and are expected to grow by 1.9% and 2.7% in FY24. We expect numbers to be even higher in Multitude´s niche within these verticals (near prime consumer loans (ferratum) and SME loans (CapitalBox)). Consequently, Multitude´s net loan book (NAR) should continue to grow to € 605m in FY24 (eNuW). Risks are well under control: Being very restrictive and selective, Multitude is granting only 10% of loan applications. That paired with the strategic shift towards premium loans has reduced impaired loan coverage ratio to 30% a few years ago. We expect this trend to continue in FY24 (eNuW: Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28877.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Multitude SE - von NuWays AG Einstufung von NuWays AG zu Multitude SE Unternehmen: Multitude SE ISIN: FI4000106299 Anlass der Studie: CMD Feedback Empfehlung: BUY seit: 22.11.2023 Kursziel: € 10,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Leaner business structure and new guidance; chg During yesterday´s CMD, Multitude unveiled its new, regrouped business tribes as well as a new net income guidance for 2026 that should be well in reach. New tribe “Wholesale Banking” introduced. The wholesale business, that was previously grouped under SweepBank, should deal with the financing issues of larger Multitude Bank clients. While the business should grow organically, further inorganic growth (after the sortter acquisition) is clearly in the cards. Sweep grouped under ferratum and capitalbox. After a thorough analysis, management decided to group sweep under ferratum (consumer banking) and capitalbox (SME banking) in order to realize crossselling potentials arising from i.e. sweeps extended product offering (i.e. credit card offering). On top, the sweep tech team should further improve the digital offering of capitalbox and ferratum. New net income guidance for 2026. After having reached its EBIT guidance in 2022 and being well on track regarding the 2023 EBIT guidance, management introduced a new net income guidance for 2026 of € 30m. While we consider the new target as well achievable (eNuW: € 31m), it implies an impressive CAGR of 26% given the rising interest rates, indicating further topline growth and scale effects. Overall, the CMD provided a lot of confidence, that Multitude is on track to further: 1) profitably grow the business while being very restrictive and selective on the risk side, 2) reduce costs by steadily increasing efficiency and automating processes and 3) enjoy scale effects. For 2023, this should translate into € 45m EBIT, implying an EBIT margin of 19.6% and EPS of € 0.65. Note that management´s current dividend policy implies a payout ratio of 25-50%, which would translate into a 5-10% yield. Despite the recovery during the last days, the stock is still heavily mispriced, trading at negative EV and a 4.1x PE´23, conseridering that Multitude is a growing, highly profitable, resilient and dividend paying company. With the share overhang that burdened the stock over last quarters now hopefully off the table (after the recent share reduction of Union Investment), we see further tailwind for the stock and reiterate BUY with a slightly reduced € 10 PT, based on our residual income model. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28365.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

Original-Research: Multitude SE - von NuWays AG Einstufung von NuWays AG zu Multitude SE Unternehmen: Multitude SE ISIN: FI4000106299 Anlass der Studie: Q3 Review Empfehlung: BUY seit: 17.11.2023 Kursziel: € 11,00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Frederik Jarchow Solid Q3 // Fully on track to reach guidance; chg Yesterday, Multitude published Q3´23 figures. While current trading remained solid, the ongoing tight cost control is bearing fruit, visible in the ongoing strong bottom line: Sales came in at € 57.9m (4% qoq, 7% yoy) is broadly in line with our estimates of € 58.9m, driven by the strong growth of the lending portfolio to 548m (5% qoq, 8% yoy). Importantly all three tribes contributed to the growth (ferratum tribe: € 46.8m, 4% qoq, 3% yoy; CapitalBox: € 5.5m, 5% qoq, 23% yoy; sweep: € 5.0m, 6% qoq, 30% yoy). EBIT increased by 27% yoy to € 11.6m (4% qoq), in line with our estimate of € 12.2m. The strength resulted from ongoing tight cost control (personnel: +6% yoy; other operating expenses: -6% yoy) and a further growing loan book at stable margins that is driving top line. As interest expenses came in as expected at € 6.4m (21% qoq, 79% yoy vs. eNuW: € 6.5m), EBT increased by 13% yoy to € 5.8m. With another solid quarter in the books, Multitude is still seen well on track to reach its FY23 EBIT guidance of € 45m (vs eNuW: € 44.6m, 41% yoy). Further sequential growth of the net loan book in Q4 to € 560m until eoy, combined with ongoing tight cost control should allow to reach the goal with an implied EBIT margin of 19%. Expecting a further moderate sequential increase of interest expenses, we see EPS to stand at € 0.65 at YE. In a nutshell, Multitude should remain a growing company with perspectively three profit centers within the Group (currently two: ferratum and CapitalBox). The strategic transition from a near prime loan provider to a prime loan provider bode well for the company and should continue to eliminate risks, further stabilizing operations and profits. More details should be provided during the CMD next Tuesday. The stock is still heavily mispriced, trading at negative EV and a 3.3x PE´23, completely neglecting the promising guidance for 2023e and 2024e and the earnings potential. Importantly, Union Investment announced earlier this week to have reduced its position to below 5% from >10%. This share overhang that burdened the stock over last quarters should now be rather off the table and should provide tailwind for the stock. BUY with an unchanged € 11 PT, based on our residual income model. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28319.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen 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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.