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MLP AG
(XETRA:MLP)
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Rating:62Neutral
Price Target:
€9.50
▲(3.04% Upside)
Action:Reiterated
Date:09/07/26
The score is held back primarily by financial risk: very high leverage and volatile cash-flow conversion outweigh improving profitability. Technicals are a meaningful positive (price above all major moving averages with supportive momentum), while valuation (mid-teens P/E and ~3.9% yield) and a generally constructive earnings-call outlook provide additional support.
Positive Factors
Revenue and profitability growth
Strong TTM revenue growth combined with improved EBIT and net margins indicates meaningful operating progress. If sustained, higher scale and profitability can strengthen reinvestment capacity and support earnings growth, although the pack notes historical margin variability.
Negative Factors
Very high leverage
Persistently high leverage leaves MLP with limited balance-sheet flexibility if earnings or cash generation weaken. The elevated debt relative to equity can increase financial risk, constrain capital allocation and make the business more sensitive to operating setbacks.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profitability growth
Strong TTM revenue growth combined with improved EBIT and net margins indicates meaningful operating progress. If sustained, higher scale and profitability can strengthen reinvestment capacity and support earnings growth, although the pack notes historical margin variability.
Read all positive factors
MLP AG (MLP) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€1.07B
Dividend Yield3.67%
Average Volume (3M)105.76K
Price to Earnings (P/E)15.6
Beta (1Y)0.78
Revenue Growth3.69%
EPS Growth15.26%
CountryDE
Employees2,583
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)0.63
Shares Outstanding109,334,690
10 Day Avg. Volume91,803
30 Day Avg. Volume105,758
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
€10.90Price Target Upside18.22% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)0.69
Revenue Forecast (FY)€1.14B
MLP AG Business Overview & Revenue Model
Company Description
MLP SE, a German financial services group founded in Wiesloch in 1971, operates through its subsidiaries to deliver comprehensive financial advisory and brokerage solutions to private individuals, corporations, and institutional clients across Ger...
How the Company Makes Money
MLP primarily generates revenue by providing financial advice and arranging financial products for clients, earning compensation tied to these activities. Key revenue streams typically include: (1) commissions and fees from insurance brokerage and...
MLP AG Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 12, 2026
Earnings Call Sentiment Positive
The call presented a largely positive operational and financial picture: record H1 revenue (+10%) and record-level key metrics (AUM EUR 68.8bn; non-life premiums EUR 865m), strong segment growth (Property & Casualty +12%, Wealth +11%), solid capital and liquidity buffers (core ratio 17.7%, LCR 831%), and reiterated full-year and midterm targets. Counterbalancing items include capital market volatility, H1 net outflows (EUR 0.4bn) concentrated client-driven reductions, performance-fee unpredictability (H1 performance fees EUR 8.5m and carries EUR 3.6m), early-stage non-revenue strategic initiatives (Praxeasy) and certain one-off segment reclassifications. Overall, highlights and structural strengths notably outweigh the near-term uncertainties and one-offs, with management taking a conservative stance on H2 performance fees.Positive Updates
Record Total Revenue and EBIT (H1 2026)
Total revenue increased by 10% year-over-year to ~EUR 583 million in the first 6 months of 2026. EBIT reached a new record level in H1 (reported in presentation as EUR 64 million; core figure referenced EUR 60.4 million), driven by revenue growth and disciplined cost management.
Negative Updates
Capital Market Volatility and H2 Uncertainty
Management flagged increased volatility (notably related to the Persian Gulf conflict and German economic headwinds) that unsettled consumers and markets in H1. As a result, they conservatively excluded further performance fees from H2 planning and retained unchanged 2026 guidance due to uncertainty about second-half market behavior.
Read all updates
Q2-2026 Updates
Positive
Negative
Record Total Revenue and EBIT (H1 2026)
Total revenue increased by 10% year-over-year to ~EUR 583 million in the first 6 months of 2026. EBIT reached a new record level in H1 (reported in presentation as EUR 64 million; core figure referenced EUR 60.4 million), driven by revenue growth and disciplined cost management.
Read all positive updates
Company Guidance
MLP reiterated its full‑year 2026 EBIT guidance of EUR 100–110m and reaffirmed mid‑term targets of EUR 140–155m EBIT and EUR 1.3–1.4bn total revenue for 2028, while confirming revenue growth across Wealth, Life & Health and Property & Casualty; in H1 2026 the group posted record total revenue of ~EUR 583m (up 10%), EBIT of EUR 60.4m, assets under management of EUR 68.8bn and managed non‑life insurance premium volume of EUR 865m, with recurring revenue ~70% (end‑2025). H1 performance fees were EUR 8.5m plus Q2 carry fees of EUR 3.6m (performance fees convert to roughly two‑thirds EBIT), equity rose from EUR 585m to EUR 589m, the regulatory core capital ratio was 17.7% and the LCR 831%; management noted a personnel‑cost run‑rate increase of ~3%, H1 net flows were net outflows of EUR 0.4bn (but the banking business reached EUR 16.2bn AuM with net inflows of EUR 0.6bn), and cautioned that performance‑based compensation is conservatively modelled (limited H2 upside assumed) while digitalization/AI and tight cost control underpin the path to the guidance.MLP AG Financial Statement Overview
Summary
Income Statement
72
Positive
Balance Sheet
43
Neutral
Cash Flow
38
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.10B | 1.05B | 1.06B | 967.17M | 931.70M | 922.80M |
| Gross Profit | 280.97M | 223.46M | 339.89M | 307.82M | 285.15M | 293.92M |
| EBITDA | 149.59M | 100.71M | 137.51M | 114.43M | 113.52M | 128.50M |
| Net Income | 69.14M | 55.63M | 69.27M | 48.58M | 51.49M | 62.63M |
Balance Sheet | ||||||
| Total Assets | 4.24B | 4.29B | 4.15B | 3.92B | 3.78B | 3.69B |
| Cash, Cash Equivalents and Short-Term Investments | 73.35M | 148.10M | 1.22B | 1.12B | 1.07B | 1.45B |
| Total Debt | 3.18B | 3.28B | 3.19B | 3.03B | 2.91B | 2.76B |
| Total Liabilities | 3.65B | 3.70B | 3.58B | 3.39B | 3.26B | 3.20B |
| Stockholders Equity | 589.72M | 585.71M | 570.46M | 538.53M | 527.38M | 495.25M |
Cash Flow | ||||||
| Free Cash Flow | 20.41M | -12.39M | 137.74M | 100.06M | -314.72M | 536.29M |
| Operating Cash Flow | 40.34M | 10.64M | 164.97M | 116.67M | -292.45M | 546.35M |
| Investing Cash Flow | -59.90M | -52.47M | -28.72M | 28.55M | -84.44M | -45.37M |
| Financing Cash Flow | -57.82M | -58.91M | -41.30M | -53.23M | -38.22M | 14.02M |
MLP AG Technical Analysis
Positive
9.22
Price Trends
8.58
Positive
8.08
Positive
7.51
Positive
Market Momentum
0.27
Negative
70.22
Negative
94.17
Negative
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 9.22 is below the 20-day moving average (MA) of 9.26, above the 50-day MA of 8.58, and above the 200-day MA of 7.51, indicating a bullish trend. The MACD of 0.27 indicates Negative momentum. The RSI at 70.22 is Negative, neither overbought nor oversold. The STOCH value of 94.17 is Negative, 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 | €14.47B | 18.89 | 13.58% | 4.15% | 24.12% | 34.62% | |
62 Neutral | €1.07B | 15.56 | 11.68% | 3.67% | 3.69% | 15.26% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
48 Neutral | €122.56M | 1.62 | 38.39% | ― | -34.50% | 19.25% | |
42 Neutral | €109.76M | -4.46 | -37.23% | 4.38% | 48.10% | -139.91% |
* General Sector Average
DE:MLP
MLP AG
9.80
2.78
39.62%
DE:DWS
DWS Group GmbH & Co KGaA
72.35
22.21
44.30%
DE:ILK2
PlanetHome Investment AG
0.60
-0.52
-46.43%
DE:A7A
FinLab AG
14.05
-0.75
-5.07%
DE:LQAG
Lloyd Fonds Aktiengesellschaft
4.50
0.22
5.14%
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.