MLP AG (DE:MLP)
XETRA:MLP
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MLP AG
(XETRA:MLP)
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Rating:49Neutral
Price Target:
€7.00
▼(-0.43% Downside)
Action:ReiteratedDate:04/01/26
The score is held back mainly by high leverage and the sharp 2025 free cash flow downturn, alongside weak technical momentum. Partially offsetting this are a moderate P/E with a strong dividend yield and an earnings call that showed record revenue/AUM but softer EBIT and lowered guidance.
Positive Factors
Scale in asset management
AUM of €64.2bn and the position as the second-largest bank-independent asset manager in Germany provide durable scale for asset-based fees and distribution. This scale supports recurring management fee revenue, bargaining power with product providers, broader client coverage and resilience in fee income over time.
Negative Factors
Elevated leverage
Debt-to-equity of roughly 5.5–5.6x is a material structural constraint: it raises interest and refinancing sensitivity, reduces financial flexibility to invest or absorb shocks, and increases risk if earnings or cash generation soften, limiting strategic optionality over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Scale in asset management
AUM of €64.2bn and the position as the second-largest bank-independent asset manager in Germany provide durable scale for asset-based fees and distribution. This scale supports recurring management fee revenue, bargaining power with product providers, broader client coverage and resilience in fee income over time.
Read all positive factors
MLP AG (MLP) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€796.90M
Dividend Yield5.21%
Average Volume (3M)75.33K
Price to Earnings (P/E)13.6
Beta (1Y)0.71
Revenue Growth2.33%
EPS Growth1.58%
CountryDE
Employees2,454
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)0.10
Shares Outstanding109,334,690
10 Day Avg. Volume75,863
30 Day Avg. Volume75,326
Financial Highlights & Ratios
PEG Ratio-0.71
Price to Book (P/B)1.29
Price to Sales (P/S)0.72
P/FCF Ratio-61.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
€8.80Price Target Upside25.18% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.68
Revenue Forecast (FY)€1.13B
MLP AG Business Overview & Revenue Model
Company Description
MLP SE, together with its subsidiaries, provides financial brokerage and consulting services to private, corporate, and institutional clients in Germany. The company's Financial Consulting segment offers consulting services for academics and other...
How the Company Makes Money
MLP primarily earns revenue through commission-based and fee-based income generated from arranging and servicing financial products and advice. A major stream comes from brokering insurance contracts (e.g., health, life, property/casualty, disabil...
MLP AG Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:May 20, 2026
Earnings Call Sentiment Neutral
MLP demonstrated robust performance in several areas, achieving record highs in total revenue and assets under management. However, the company faced challenges with a decline in EBIT, reduced performance fees, and weaker-than-expected results in certain business segments such as real estate and old-age provision.Positive Updates
Record High in Total Revenue
MLP achieved new highs in total revenue of around EUR 773 million for the first 9 months of 2025, despite a challenging macroeconomic environment.
Negative Updates
Decline in EBIT
EBIT for the first 9 months of 2025 was EUR 61.1 million, below the previous year's record high of EUR 66.4 million.
Read all updates
Q3-2025 Updates
Positive
Negative
Record High in Total Revenue
MLP achieved new highs in total revenue of around EUR 773 million for the first 9 months of 2025, despite a challenging macroeconomic environment.
Read all positive updates
Company Guidance
During the conference call discussing MLP SE's results for the third quarter and first nine months of 2025, significant metrics were highlighted. The company achieved new highs in total revenue, reaching approximately EUR 773 million, with a recurring revenue share of almost 70%. Assets under management rose to EUR 64.2 billion, making MLP the second-largest bank-independent asset manager in Germany. Managed non-life insurance premium volume hit a new high of EUR 794 million. Despite a challenging macroeconomic environment, MLP's EBIT for the first nine months stood at EUR 61.1 million, slightly below the previous year's record of EUR 66.4 million but above the five-year average of EUR 47.6 million. The company revised its EBIT forecast for 2025 to EUR 90-100 million, accounting for lower performance-based compensation and weaker old-age provision business. MLP's strategic focus on digitalization, notably AI, and its robust multi-pillar business model, aim to support its ambitious midterm EBIT target of EUR 140-155 million by 2028.MLP AG Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
38
Negative
Cash Flow
33
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.08B | 1.05B | 1.06B | 967.17M | 931.70M | 922.80M |
| Gross Profit | 335.45M | 223.46M | 339.89M | 307.82M | 285.15M | 293.92M |
| EBITDA | 123.50M | 100.71M | 137.51M | 114.43M | 113.52M | 128.50M |
| Net Income | 60.06M | 55.63M | 69.27M | 48.58M | 51.49M | 62.63M |
Balance Sheet | ||||||
| Total Assets | 4.17B | 4.29B | 4.15B | 3.92B | 3.78B | 3.69B |
| Cash, Cash Equivalents and Short-Term Investments | 77.17M | 148.10M | 1.22B | 1.12B | 1.07B | 1.45B |
| Total Debt | 3.15B | 3.28B | 3.19B | 3.03B | 2.91B | 2.76B |
| Total Liabilities | 3.61B | 3.70B | 3.58B | 3.39B | 3.26B | 3.20B |
| Stockholders Equity | 560.78M | 585.71M | 570.46M | 538.53M | 527.38M | 495.25M |
Cash Flow | ||||||
| Free Cash Flow | 38.33M | -12.39M | 137.74M | 100.06M | -314.72M | 536.29M |
| Operating Cash Flow | 57.33M | 10.64M | 164.97M | 116.67M | -292.45M | 546.35M |
| Investing Cash Flow | -45.53M | -52.47M | -26.89M | 28.55M | -84.44M | -45.37M |
| Financing Cash Flow | -89.10M | -58.91M | -43.44M | -53.23M | -38.22M | 14.02M |
MLP AG Technical Analysis
Negative
7.03
Price Trends
7.20
Negative
7.02
Negative
7.33
Negative
Market Momentum
-0.04
Positive
43.92
Neutral
43.11
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:MLP, the sentiment is Negative. The current price of 7.03 is below the 20-day moving average (MA) of 7.09, below the 50-day MA of 7.20, and below the 200-day MA of 7.33, indicating a bearish trend. The MACD of -0.04 indicates Positive momentum. The RSI at 43.92 is Neutral, neither overbought nor oversold. The STOCH value of 43.11 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:MLP.
MLP AG Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | €178.36M | 4.34 | 13.05% | 5.53% | 1.42% | 8.56% | |
67 Neutral | €11.43B | 12.18 | 10.11% | 3.91% | -6.82% | 30.45% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €123.91M | 1.21 | 145.03% | ― | ― | ― | |
49 Neutral | €796.90M | 13.59 | 9.58% | 5.21% | 2.33% | 1.58% | |
48 Neutral | €77.19M | -3.88 | -12.63% | ― | 10.82% | 43.50% |
* General Sector Average
DE:MLP
MLP AG
7.29
0.84
13.11%
DE:MPCK
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5.06
0.56
12.44%
DE:DWS
DWS Group GmbH & Co KGaA
57.15
20.86
57.48%
DE:ILK2
PlanetHome Investment AG
0.25
0.21
525.00%
DE:A7A
FinLab AG
13.75
2.22
19.25%
DE:LQAG
Lloyd Fonds Aktiengesellschaft
4.19
0.26
6.62%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.