Multitude (MULT) AI Stock Analysis

Multitude

(XETRA:MULT)

Select Model

Rating:67Neutral

Price Target:EUR 6.50▲(17.75% Upside)

Action:downgraded

Date:09/23/26

The overall score of 67 reflects a company with significant strengths offset by notable risks. The most impactful factor is the extremely attractive valuation, driven by a very low P/E ratio and an exceptionally high dividend yield. Solid profitability and a dramatic improvement in cash flow generation further support the score. However, these positives are tempered by a concerning 13.7% revenue contraction and rising financial leverage on the balance sheet, which introduce uncertainty about future growth and financial stability. Technicals are neutral and do not significantly sway the score.

Positive Factors

Strong cash generationRecent 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 revenueA 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.

Multitude (MULT) vs. iShares MSCI Germany ETF (EWG)

Market Cap: EUR 117.77M
Dividend Yield: 17.63%
Average Volume (3M): 8,855
Price to Earnings (P/E): 5.9
Beta (1Y): 0.50
Revenue Growth: -6.55%
EPS Growth: -4.83%
Country: Germany
Employees: 750
Sector: General
Sector Strength: 55
Industry: Financial - Credit Services

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 in...

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 customers...

Multitude Financial Statement Overview

Summary

Financial performance is mixed. Profitability is strong with a 73.9% gross margin and 16.1% ROE, and cash flow has dramatically improved to $97.8M TTM. However, a 13.7% revenue decline and rising debt-to-equity of 1.30x weigh on the score. The cash flow turnaround is a major positive, but top-line contraction and leverage risk prevent a higher score.

Income Statement

65Positive

Balance Sheet

45Neutral

Cash Flow

78Positive

Financial statement breakdown
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

Technical Analysis SentimentNegative

Last Price5.52

Price Trends

50DMA5.74Negative

100DMA5.59Negative

200DMA5.69Negative

Market Momentum

MACD-0.07Positive

RSI47.04Neutral

STOCH28.89Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For DE:MULT, the sentiment is Negative. The current price of 5.52 is below the 20-day moving average (MA) of 5.64, below the 50-day MA of 5.74, and below the 200-day MA of 5.69, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 47.04 is Neutral, neither overbought nor oversold. The STOCH value of 28.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for DE:MULT.

Multitude Peers Comparison

Overall Rating

UnderperformOutperform

Sector (55)

Financial Indicators

DE:MULT against its peers
Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
DE:HYQ	67Neutral	EUR 544.72M	18.68	7.55%	―	-4.72%	65.65%
DE:MULT	67Neutral	EUR 118.25M	5.88	16.09%	17.63%	-6.55%	-4.83%
DE:PCZ	60Neutral	EUR 510.06M	6.67	6.97%	5.50%	5.93%	-20.09%
Sector *	55Neutral	$6.65B	3.83	-15.92%	6.20%	10.91%	7.18%
DE:GLJ	41Neutral	EUR 468.68M	6.26	5.80%	4.12%	13.67%	30.29%

* General Sector Average

Performance Comparison

DE:MULT and its peers over the selected period
Ticker	Company Name	Price	Change	% Change
DE:MULT	Multitude Se	5.58	-0.68	-10.86%
DE:GLJ	GRENKE AG	10.20	-3.63	-26.23%
DE:HYQ	HYPOPORT AG	80.15	-40.05	-33.32%
DE:PCZ	ProCredit Holding	8.54	1.32	18.22%
DE:VG80	Varengold Bank AG	2.44	-0.07	-2.79%
DE:MBK	MERKUR PRIVATBANK KGaA	11.50	-7.50	-39.47%

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 23, 2026

Multitude AI Stock Analysis