WBAG:MLP

Stock Analysis Report

Executive Summary

MLP SE, through its subsidiaries, provides financial brokerage and consulting services to private clients, companies, and institutional investors in Germany.

Rewards

Trading at 8% below its fair value

Earnings are forecast to grow 7.6% per year

Risk Analysis

Unstable dividend track record



Snowflake Analysis

Second-rate dividend payer and slightly overvalued.


Similar Companies

Share Price & News

How has MLP's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: MLP has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

1.2%

MLP

1.1%

AT Capital Markets

0.1%

AT Market


1 Year Return

30.3%

MLP

19.8%

AT Capital Markets

4.3%

AT Market

Return vs Industry: MLP exceeded the Austrian Capital Markets industry which returned 19.3% over the past year.

Return vs Market: MLP exceeded the Austrian Market which returned 5.1% over the past year.


Shareholder returns

MLPIndustryMarket
7 Day1.2%1.1%0.1%
30 Day5.9%4.6%-0.3%
90 Day28.9%10.8%0.2%
1 Year36.9%30.3%24.7%19.8%8.1%4.3%
3 Yearn/a16.6%3.0%25.9%14.5%
5 Yearn/a9.8%-10.6%53.9%32.6%

Price Volatility Vs. Market

How volatile is MLP's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is MLP undervalued compared to its fair value and its price relative to the market?

9.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MLP (€5.95) is trading below our estimate of fair value (€6.47)

Significantly Below Fair Value: MLP is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: MLP is good value based on its PE Ratio (20.1x) compared to the Capital Markets industry average (22.7x).

PE vs Market: MLP is poor value based on its PE Ratio (20.1x) compared to the Austrian market (14.2x).


Price to Earnings Growth Ratio

PEG Ratio: MLP is poor value based on its PEG Ratio (2.6x)


Price to Book Ratio

PB vs Industry: MLP is overvalued based on its PB Ratio (1.6x) compared to the XE Capital Markets industry average (1.4x).


Next Steps

Future Growth

How is MLP forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

7.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: MLP's forecast earnings growth (7.6% per year) is above the savings rate (-0.1%).

Earnings vs Market: MLP's earnings (7.6% per year) are forecast to grow slower than the Austrian market (9.9% per year).

High Growth Earnings: MLP's earnings are forecast to grow, but not significantly.

Revenue vs Market: MLP's revenue (4.2% per year) is forecast to grow faster than the Austrian market (2.7% per year).

High Growth Revenue: MLP's revenue (4.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MLP's Return on Equity is forecast to be low in 3 years time (9.2%).


Next Steps

Past Performance

How has MLP performed over the past 5 years?

6.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MLP has high quality earnings.

Growing Profit Margin: MLP's current net profit margins (4.8%) are lower than last year (5.4%).


Past Earnings Growth Analysis

Earnings Trend: MLP's earnings have grown by 6.5% per year over the past 5 years.

Accelerating Growth: MLP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MLP had negative earnings growth (-5.1%) over the past year, making it difficult to compare to the Capital Markets industry average (3.7%).


Return on Equity

High ROE: MLP's Return on Equity (7.9%) is considered low.


Return on Assets


Return on Capital Employed


Next Steps

Financial Health

How is MLP's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: MLP has a low level of unsold assets or inventory.

Debt Coverage by Assets: MLP's debt is not covered by short term assets (assets are -38.4x debt).


Financial Institutions Analysis

Asset Level: MLP's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if MLP has a sufficient allowance for bad loans.

Low Risk Liabilities: MLP reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if MLP has an acceptable proportion of non-loan assets held.

Low Risk Deposits: MLP has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if MLP has an appropriate level of bad loans.


Next Steps

Dividend

What is MLP's current dividend yield, its reliability and sustainability?

3.41%

Current Dividend Yield


Dividend Yield vs Market

company3.4%marketbottom25%1.6%markettop25%4.5%industryaverage3.1%forecastin3Years4.0%

Current dividend yield vs market & industry

Notable Dividend: MLP's dividend (3.36%) is higher than the bottom 25% of dividend payers in the Austrian market (1.58%).

High Dividend: MLP's dividend (3.36%) is low compared to the top 25% of dividend payers in the Austrian market (4.47%).


Stability and Growth of Payments

Stable Dividend: MLP's dividend payments have been volatile in the past 10 years.

Growing Dividend: MLP's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (67.6%), MLP's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MLP's dividends in 3 years are forecast to be covered by earnings (61.6% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

9.8yrs

Average management tenure


CEO

Uwe Schroeder-Wildberg (54yo)

16.1yrs

Tenure

€1,561,000

Compensation

Dr. Uwe Schroeder-Wildberg has been the Chief Executive Officer of MLP AG (Marschollek Lautenschlaeger & Partner AG) since January 1, 2004 and has been its Chairman of the Executive Board since January 1,  ...


CEO Compensation Analysis

Compensation vs Market: Uwe's total compensation ($USD1.69M) is above average for companies of similar size in the Austrian market ($USD1.18M).

Compensation vs Earnings: Uwe's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Uwe Schroeder-Wildberg
Chairman of the Executive Board & CEO16.1yrs€1.56mno data
Reinhard Loose
CFO & Member of the Executive Board9yrs€995.00k0.0092% 58.6k
Manfred Bauer
Member of the Executive Board9.8yrs€1.02m0.010% 66.0k
Mirko See
Head of Group Accounting0yrsno datano data
Andreas Herzog
Head of Investor Relations and Financial Communications0yrsno datano data
Hans-Joachim Letzel
Head of Legal Department0yrsno datano data
Jan Berg
Head of Communications and Politics0yrsno datano data
Carsten Soßna
Head of Account and Securities Settlement0yrsno datano data
Frank Fuchs
Head of Loans and Mortgages0yrsno datano data
Haimo Wassmer
Head of Sales Applications0yrsno datano data

9.8yrs

Average Tenure

54yo

Average Age

Experienced Management: MLP's management team is seasoned and experienced (9.8 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Claus-Michael Dill
Deputy Chairman of the Supervisory Board1.7yrsno datano data
H. C. Lautenschläger
Honorary Chairman1.7yrsno data4.22% 27.0m
Peter Lutke-Bornefeld
Chairman of the Supervisory Board11.2yrsno data0.18% 1.2m
Tina Müller
Supervisory Board Member4.7yrsno data0.00092% 5.9k
Burkhard Schlingermann
Employee Representative Member of Supervisory Board6.8yrsno data0.000050% 319.3
Alexander Beer
Employee Representative Member of Supervisory Board6.8yrsno datano data
Matthias Lautenschläger
Supervisory Board Member1.7yrsno data0.0086% 55.0k

4.7yrs

Average Tenure

65yo

Average Age

Experienced Board: MLP's board of directors are considered experienced (4.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

MLP SE's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: MLP SE
  • Ticker: MLP
  • Exchange: WBAG
  • Founded: 1971
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Market Cap: €638.678m
  • Shares outstanding: 108.99m
  • Website: https://www.mlp-se.com

Number of Employees


Location

  • MLP SE
  • Alte Heerstrasse 40
  • Wiesloch
  • Baden-Württemberg
  • 69168
  • Germany

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
MLPDB (Deutsche Boerse AG)YesOrdinary SharesDEEURJan 1992
0NDPLSE (London Stock Exchange)YesOrdinary SharesGBEURJan 1992
MLPXTRA (XETRA Trading Platform)YesOrdinary SharesDEEURJan 1992
MLPDBATS-CHIXE (BATS 'Chi-X Europe')YesOrdinary SharesGBEURJan 1992
MLPSWX (SIX Swiss Exchange)YesOrdinary SharesCHCHFJan 1992
MLPWBAG (Wiener Boerse AG)YesOrdinary SharesATEURJan 1992

Biography

MLP SE, through its subsidiaries, provides financial brokerage and consulting services to private clients, companies, and institutional investors in Germany. The company’s Financial Consulting segment offers consulting services for academics and other clients related to insurance, investments, occupational pension provision schemes, and loans and mortgages, as well as the brokering of contracts in financial services. This segment is also involved in the finance portfolio management activity. Its FERI segment provides wealth and investment consulting, as well as investment management and research services for institutional investors and high net-worth individuals. The company’s DOMCURA segment operates as an underwriting agency that designs, develops, and implements coverage concepts in the field of private and commercial non-life insurance products, as well as provides brokerage services. Its Banking business segment provides banking services, such as wealth management, accounts and cards, and lending services. This segment also offers securities custody, commission, investment consulting, and insurance and investment brokerage services. MLP SE was founded in 1971 and is headquartered in Wiesloch, Germany. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/02/18 23:14
End of Day Share Price2020/02/18 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.