Multitude SE Reports Solid Q1 Performance and Receives Buy Rating from NuWays AG

Multitude SE, identified with the ISIN FI4000106299, has recently announced its Q1 figures for the year 2024, showcasing a performance that exceeded expectations. The firm achieved a total sales of €64.2 million, marking a 10% year-over-year increase and a slight improvement from the previous quarter. This growth was primarily driven by an expansion in its net loan book which reached €658 million.

The company's EBIT stood at €11.6 million, which is a 32% increase compared to the same period last year. This robust bottom-line performance was attributed to higher sales levels and reduced operating expenses, despite a significant rise in loan impairments and interest expenses, which also climbed by 48%.

Despite these positive results, Multitude's profit before taxes was slightly down both quarterly and year-over-year, with indications of further improvements needed in loan management and cost efficiencies. NuWays AG maintains a 'Buy' recommendation on Multitude SE with a target price of €12, noting the company's potential for meaningful EBIT growth in the subsequent quarters.