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Multitude
(XETRA:MULT)
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Rating:75Outperform
Price Target:
€6.50
▲(9.43% Upside)
Action:Reiterated
Date:09/23/26
The score is driven primarily by attractive valuation (low P/E and very high dividend yield) and strong recent cash-flow generation. Offsetting factors include the TTM revenue decline and rising leverage, while technicals are only mildly supportive with largely neutral momentum.
Positive Factors
Strong cash generation
Recent operating and free cash flow provide internally generated funding for loan growth, operating needs, and capital allocation. Because free cash flow is roughly in line with earnings, reported profitability is converting into cash rather than relying solely on accounting results.
Negative Factors
Declining revenue
A significant TTM revenue contraction indicates that loan-related income and business activity are not currently expanding at the pace needed for durable top-line growth. If sustained, weaker revenue can limit operating leverage and make future earnings growth more dependent on margin performance.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong cash generation
Recent operating and free cash flow provide internally generated funding for loan growth, operating needs, and capital allocation. Because free cash flow is roughly in line with earnings, reported profitability is converting into cash rather than relying solely on accounting results.
Read all positive factors
Multitude (MULT) vs. iShares MSCI Germany ETF (EWG)
Market Cap
€122.99M
Dividend Yield16.96%
Average Volume (3M)10.20K
Price to Earnings (P/E)5.9
Beta (1Y)0.59
Revenue Growth-6.55%
EPS Growth-4.83%
CountryDE
Employees750
SectorGeneral
Sector StrengthN/A
IndustryFinancial - Credit Services
Share Statistics
EPS (TTM)0.97
Shares Outstanding21,723,960
10 Day Avg. Volume5,704
30 Day Avg. Volume10,196
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.77
Price to Sales (P/S)0.49
P/FCF Ratio1.26
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)1.21
Revenue Forecast (FY)€235.43M
Multitude Business Overview & Revenue Model
Company Description
Multitude AG, along with its various subsidiaries, provides a comprehensive suite of digital financial services in Finland, encompassing both lending and online banking. Its diverse credit offerings include micro, Plus, and Prime loans, as well as...
How the Company Makes Money
Multitude primarily makes money by originating and servicing loans through its consumer and SME-focused businesses. Its core revenue stream is interest income earned on outstanding loan portfolios (the spread between the interest charged to custom...
Multitude Financial Statement Overview
Summary
Income Statement
66
Positive
Balance Sheet
58
Neutral
Cash Flow
81
Very Positive
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 248.07M | 255.36M | 246.73M | 232.92M | 212.83M | 205.27M |
| Gross Profit | 183.28M | 194.21M | 175.16M | 208.81M | 158.20M | 160.99M |
| EBITDA | 56.87M | 56.29M | 36.30M | 49.43M | 41.52M | 89.61M |
| Net Income | 25.58M | 26.65M | 20.23M | 11.05M | 11.77M | 1.23M |
Balance Sheet | ||||||
| Total Assets | 1.55B | 1.39B | 1.10B | 990.88M | 755.23M | 819.03M |
| Cash, Cash Equivalents and Short-Term Investments | 525.69M | 396.39M | 266.72M | 297.26M | 163.65M | 314.94M |
| Total Debt | 202.23M | 157.46M | 126.99M | 97.77M | 51.36M | 143.51M |
| Total Liabilities | 1.40B | 1.22B | 949.98M | 807.23M | 573.27M | 649.54M |
| Stockholders Equity | 155.58M | 162.97M | 193.75M | 138.65M | 181.96M | 169.49M |
Cash Flow | ||||||
| Free Cash Flow | 97.78M | 99.67M | -37.58M | 128.61M | -37.05M | 60.18M |
| Operating Cash Flow | 98.77M | 100.53M | -24.86M | 139.43M | -26.15M | 71.72M |
| Investing Cash Flow | -243.83M | -292.49M | -21.47M | -188.25M | -35.33M | -13.68M |
| Financing Cash Flow | 291.11M | 246.44M | 12.15M | 179.36M | -99.99M | 152.50M |
Multitude Technical Analysis
Neutral
5.94
Price Trends
5.61
Positive
5.59
Positive
5.68
Positive
Market Momentum
0.02
Positive
47.85
Neutral
41.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:MULT, the sentiment is Neutral. The current price of 5.94 is above the 20-day moving average (MA) of 5.80, above the 50-day MA of 5.61, and above the 200-day MA of 5.68, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 47.85 is Neutral, neither overbought nor oversold. The STOCH value of 41.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for DE:MULT.
Multitude Peers Comparison
UnderperformOutperform
Sector (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | €122.99M | 5.92 | 16.09% | 16.96% | -6.55% | -4.83% | |
71 Outperform | €527.14M | 6.97 | 6.97% | 5.27% | 5.93% | -20.09% | |
66 Neutral | €505.28M | 17.62 | 7.55% | ― | -4.72% | 65.65% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
54 Neutral | €513.31M | 6.79 | 5.80% | 3.80% | 13.67% | 30.29% |
* General Sector Average
DE:MULT
Multitude
5.80
-0.58
-9.09%
DE:GLJ
GRENKE AG
11.06
-5.81
-34.43%
DE:HYQ
HYPOPORT
75.60
-64.80
-46.15%
DE:PCZ
ProCredit Holding AG
8.92
0.06
0.68%
DE:VG80
Varengold Bank AG
2.54
-0.31
-10.88%
DE:MBK
MERKUR PRIVATBANK KGaA
12.00
-5.60
-31.82%
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.