MLP AG (MLP) AI Stock Analysis

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MLP AG

(XETRA:MLP)

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Rating:62Neutral

Price Target:EUR 12.50▲(6.47% 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 margin improvementStrong TTM revenue expansion alongside improved EBIT and net margins indicates better operating momentum and earnings capacity. Although margins have varied historically, the current improvement can support reinvestment, advisor productivity and stronger profitability over the next several quarters.

Negative Factors

Very high leveragePersistently high debt relative to equity leaves MLP with limited balance-sheet flexibility if earnings or cash generation weaken. Elevated leverage can increase financial risk, constrain capital allocation and make the company more exposed to adverse operating conditions than its profitability alone suggests.

MLP AG (MLP) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 1.29B
Dividend Yield: 3.07%
Average Volume (3M): 110.97K
Price to Earnings (P/E): 18.6
Beta (1Y): 0.75
Revenue Growth: 3.69%
EPS Growth: 15.26%
Country: Germany
Employees: 2,583
Sector: General
Sector Strength: 55
Industry: Asset Management

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 German...

MLP AG Earnings Call Summary

Earnings Call Date:Aug 13, 2026(Q2-2026)|% Change Since:52.47%|Next Earnings Date:Nov 12, 2026

Earnings Call SentimentPositive

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.

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 trends are constructive (TTM revenue ~+2.6x YoY with improved EBIT and net margins), but the balance sheet is a major risk with persistently high leverage (debt-to-equity ~5.4–5.6x). Cash flow is also a constraint: while TTM operating cash flow and free cash flow turned positive, the multi-year volatility and sharply negative TTM FCF growth reduce confidence in durability.

Income Statement

72Positive

Balance Sheet

43Neutral

Cash Flow

38Negative

Financial statement breakdown
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	109.84M	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

Technical Analysis SentimentPositive

Last Price11.74

Price Trends

50DMA10.28Positive

100DMA9.13Positive

200DMA8.18Positive

Market Momentum

MACD0.38Negative

RSI73.58Negative

STOCH81.83Negative

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 11.74 is above the 20-day moving average (MA) of 11.13, above the 50-day MA of 10.28, and above the 200-day MA of 8.18, indicating a bullish trend. The MACD of 0.38 indicates Negative momentum. The RSI at 73.58 is Negative, neither overbought nor oversold. The STOCH value of 81.83 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

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

DE:MLP against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:DWS	70Outperform	EUR 13.62B	17.78	13.58%	4.41%	24.12%	34.62%
DE:MLP	62Neutral	EUR 1.28B	18.63	11.68%	3.07%	3.69%	15.26%
DE:A7A	60Neutral	EUR 122.56M	1.62	38.39%	―	-34.50%	19.25%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
DE:LQAG	46Neutral	EUR 107.07M	-4.32	-37.23%	―	48.10%	-139.91%

* General Sector Average

Performance Comparison

DE:MLP and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:MLP	MLP AG	11.74	5.54	89.39%
DE:DWS	DWS Group	68.10	16.49	31.95%
DE:ILK2	PlanetHome Investment AG	0.30	-0.93	-75.65%
DE:A7A	FinLab AG	13.60	-2.00	-12.82%
DE:LQAG	Lloyd Fonds Aktiengesellschaft	4.37	0.37	9.25%

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.

Date of analysis: Sep 07, 2026

MLP AG AI Stock Analysis