MLP AG (DE:MLP)
XETRA:MLP
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MLP AG
(XETRA:MLP)
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Rating:53Neutral
Price Target:
€8.00
▲(13.80% Upside)
Action:Reiterated
Date:04/11/26
Overall score is held back primarily by elevated leverage and the sharp deterioration in 2025 cash flow (including negative free cash flow), despite continued profitability. Technical indicators are neutral-to-slightly positive and valuation support from a moderate P/E and ~5% dividend yield helps offset some of the financial risk.
Positive Factors
Recurring, commission-based business model
MLP’s core economics rely on placement commissions, renewal/trail fees and asset-management fees. That recurring fee mix creates durable revenue streams tied to an advised client book, supporting predictable long-term cashflow and enabling higher lifetime client value.
Negative Factors
High and persistent leverage
A sustained debt-to-equity ratio near 5.5x materially limits balance-sheet flexibility. High leverage amplifies earnings volatility, constrains strategic investment, and raises refinancing risk if operating cashflow weakens or interest costs rise, affecting multi-quarter resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Recurring, commission-based business model
MLP’s core economics rely on placement commissions, renewal/trail fees and asset-management fees. That recurring fee mix creates durable revenue streams tied to an advised client book, supporting predictable long-term cashflow and enabling higher lifetime client value.
Read all positive factors
MLP AG (MLP) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€860.30M
Dividend Yield5.21%
Average Volume (3M)75.33K
Price to Earnings (P/E)6.4
Beta (1Y)0.79
Revenue Growth0.52%
EPS Growth-16.10%
CountryDE
Employees2,454
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)0.54
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:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 13, 2026
Earnings Call Sentiment Positive
The call conveyed a predominantly positive operational and financial start to FY2026: record Q1 revenue (+5%) and EBIT (EUR 41.3m), strong P&C growth (+12%) and stable AUM with net inflows. Capital and liquidity metrics are robust and guidance and midterm targets were reaffirmed. Headwinds include interest-rate-related weakness in real estate/financing, soft Life & Health momentum, modest cost pressures from inflation and very low performance fees. Overall, positives (record results, strong capital/liquidity, recurring revenue, confirmed guidance and strategic AI/digital initiatives) outweigh the manageable challenges.Positive Updates
Record Revenue and EBIT
Total revenue increased by 5% in Q1 to around EUR 315 million (new all-time high). EBIT reached a new Q1 high of EUR 41.3 million and the company states it is well on track to meet FY2026 EBIT guidance of EUR 100–110 million.
Negative Updates
Weakness in Real Estate Brokerage and Mortgages
Real estate brokerage and loans/mortgages were negatively impacted in Q1 by rising long-term interest rates; management reduced its expected growth for this area from a previously higher (double-plus) view to a single-plus outlook for the year.
Read all updates
Q1-2026 Updates
Positive
Negative
Record Revenue and EBIT
Total revenue increased by 5% in Q1 to around EUR 315 million (new all-time high). EBIT reached a new Q1 high of EUR 41.3 million and the company states it is well on track to meet FY2026 EBIT guidance of EUR 100–110 million.
Read all positive updates
Company Guidance
Management reaffirmed 2026 guidance of EBIT EUR 100–110m and its midterm targets of EBIT EUR 140–155m and total revenue EUR 1.3–1.4bn by end‑2028, confirming revenue outlooks for the Wealth, Life & Health and Property & Casualty competence fields and saying rising revenue across all three will underpin 2026 earnings; Q1 already showed progress with total revenue up 5% to ~EUR 315m, Q1 EBIT a record EUR 41.3m, assets under management stable at EUR 65.2bn with net inflows of EUR 0.2bn, performance fees of ~EUR 0.5m, non‑life insurance premium volume at a new high of EUR 859m, recurring revenue ~70% (end‑2025), equity up to EUR 615m (from EUR 585m), a regulatory capital ratio of 17.8% and an LCR of 781%, and banking CET1 up ~120bps; management noted performance‑based fees are conservatively included, expects significant midterm increases in AUM and non‑life premiums, and will rely on cost discipline plus digitalisation/AI efficiency gains to deliver the plan despite modest near‑term personnel/OpEx build‑outs.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
Positive
7.03
Price Trends
7.46
Positive
7.34
Positive
7.21
Positive
Market Momentum
0.12
Positive
55.80
Neutral
40.25
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:MLP, the sentiment is Positive. The current price of 7.03 is below the 20-day moving average (MA) of 7.84, below the 50-day MA of 7.46, and below the 200-day MA of 7.21, indicating a bullish trend. The MACD of 0.12 indicates Positive momentum. The RSI at 55.80 is Neutral, neither overbought nor oversold. The STOCH value of 40.25 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | €189.64M | 3.60 | 15.86% | 5.53% | 0.49% | 38.41% | |
67 Neutral | €11.85B | 12.18 | 10.11% | 3.91% | 21.42% | 42.84% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €122.56M | 0.49 | 145.03% | ― | -73.69% | 251.19% | |
53 Neutral | €860.30M | 6.38 | 9.90% | 5.21% | 0.52% | -16.10% | |
52 Neutral | €91.37M | -1.81 | -32.51% | ― | 11.71% | -140.08% |
* General Sector Average
DE:MLP
MLP AG
7.97
0.02
0.26%
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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.