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1. Company Snapshot

1.a. Company Description

MLP SE, together with its subsidiaries, provides financial brokerage and consulting services to private, corporate, and institutional clients 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.Its Banking segment provides banking services, such as accounts, credit cards, loans, mortgages, and wealth management services.


This segment also offers securities custody, commission, investment consulting, and insurance and investment brokerage services.The company's FERI segment provides wealth and investment consulting, as well as investment management and research services for institutional investors and high net-worth families and foundations.Its DOMCURA segment operates as an underwriting agency that designs, develops, and implements coverage concepts in the field of private and corporate non-life insurance products, as well as provides brokerage services.


The company's Industrial Broker segment brokering of insurance policies for industrial and commercial clients, as well as consulting services and insurances.Its Holding and Others segment develops real estate properties.MLP SE was founded in 1971 and is headquartered in Wiesloch, Germany.

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1.b. Last Insights on MLP

MLP SE's recent performance was driven by a 20% dividend increase to €0.36, set to be paid on June 30th. The company's strong full-year 2024 earnings, which beat expectations, contributed to its positive performance. Revenue grew 11% year-over-year to €1.07 billion, while net income reached €69.3 million. Additionally, MLP's consistent dividend payments have made it an attractive choice for investors seeking stable income streams amidst market volatility. The company's resilience in a challenging economic environment has also garnered attention from investors.

1.c. Company Highlights

2. MLP SE's Q3 2025 Earnings: A Mixed Bag with Growth Momentum

MLP SE reported a strong revenue performance for the first 9 months of 2025, with total revenue reaching EUR 773 million, a new high for the company. However, earnings before interest and taxes (EBIT) stood at EUR 61.1 million, below the previous year's record high of EUR 66.4 million. The company's earnings per share (EPS) came in at EUR 0.09373, significantly lower than the estimated EUR 0.2761. The EBIT margin was impacted by changed expectations regarding performance-based compensation and the real estate development business, prompting the company to adjust its EBIT forecast for the current year to EUR 90-100 million.

Publication Date: Nov -17

📋 Highlights
  • Revenue & EBIT Growth: Total revenue hit EUR 773 million (9M 2025), a new high, with EBIT at EUR 61.1 million after 9 months, slightly below 2024’s EUR 66.4 million but above the 5-year average.
  • Assets & Premiums: Assets under management reached EUR 64.2 billion, with managed non-life insurance premiums at EUR 794 million in 9M 2025.
  • Revised EBIT Forecast: 2025 EBIT guidance adjusted to EUR 90–100 million, factoring performance-based pay and real estate risks, while 2028 midterm targets rose to EUR 140–155 million.
  • Strategic Focus: Emphasis on digitalization and AI to boost efficiency, alongside a “transition year” strategy with investments in core business areas.
  • Regulatory & Client Base: Regulatory ratios (17.9% core capital, 1,124% liquidity) exceeded requirements, serving 597,400 family clients and 27,800 corporate/institutional clients.

Business Performance and Outlook

The company's assets under management reached a new high of EUR 64.2 billion, and the managed non-life insurance premium volume was EUR 794 million. Reinhard Loose, CFO, highlighted that the company's broad and strategically interlinked positioning provides stability and generates sustainable growth. The company continues to focus on its strategic development, including digitalization and artificial intelligence, to drive growth and efficiency gains. The midterm planning for 2028 was increased to EUR 140-155 million, indicating a positive outlook for the company's future performance.

Valuation and Dividend Yield

With a Price-to-Book Ratio (P/B) of 1.25, the company's valuation appears reasonable. The Dividend Yield stands at 5.6%, making it an attractive option for income-seeking investors. The company's Return on Equity (ROE) is 10.55%, indicating a decent level of profitability. However, the Net Debt / EBITDA ratio is high at 24.85, which may be a concern for investors. Overall, the company's valuation metrics suggest that it is reasonably priced, with a decent dividend yield and a reasonable P/B ratio.

Segment Performance and Future Expectations

The company's banking sector saw over EUR 1 billion in net inflows in the private customer sector in the first 9 months, supporting the banking business and risk sector. The elevated margin in the banking sector is expected to stay at current levels for 2025, but it depends on market development. The company expects a strong quarter, but perhaps less strong than initially expected in the old-age provision area due to caution. However, they anticipate better results in wealth management for private clients. The Financial Consulting segment is expected to have a strong Q4, which could help the company reach the upper end of its EBIT guidance range.

3. NewsRoom

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3 European Dividend Stocks Yielding Up To 5.5%

Nov -17

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Undiscovered European Gems with Strong Potential for November 2025

Nov -17

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MLP SE Just Beat EPS By 49%: Here's What Analysts Think Will Happen Next

Nov -16

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MLP SE (XTER:MLP) Q3 2025 Earnings Call Highlights: Record Revenue and Strategic Growth Amidst ...

Nov -13

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Investors in MLP (ETR:MLP) have seen notable returns of 68% over the past three years

Nov -05

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With 35% stake, MLP SE (ETR:MLP) seems to have captured institutional investors' interest

Sep -25

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Societe Generale: shares & voting rights as of 31 August 2025

Sep -09

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Vaisala Corporation: Share Repurchase 9.9.2025

Sep -09

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (2.59%)

6. Segments

Financial Consulting

Expected Growth: 2.5%

MLP SE's 2.5% growth in Financial Consulting is driven by increasing demand for digital transformation, expansion of wealth management services, and strategic partnerships. Additionally, the company's focus on sustainable investments and ESG consulting is attracting environmentally conscious clients, contributing to its growth momentum.

FERI

Expected Growth: 2.8%

FERI's 2.8% growth is driven by increasing demand for wealth management services, expansion into new markets, and strategic acquisitions. Additionally, the company's focus on digitalization and process optimization has improved operational efficiency, contributing to revenue growth.

Banking

Expected Growth: 2.2%

MLP SE's 2.2% growth in banking is driven by increasing demand for wealth management services, expansion of digital banking platforms, and strategic partnerships. Additionally, the company's focus on cost optimization and efficiency measures has improved profitability. Furthermore, the growth is also attributed to the rising demand for mortgage lending and consumer credit, as well as the company's strong brand recognition and customer loyalty.

DOMCURA

Expected Growth: 2.9%

DOMCURA's 2.9% growth is driven by increasing demand for digital insurance solutions, expansion into new markets, and strategic partnerships. Additionally, MLP SE's focus on innovation, cost optimization, and customer-centric approach contribute to the segment's growth.

Deutschland.Immobilien

Expected Growth: 3.1%

Deutschland.Immobilien's 3.1% growth is driven by increasing demand for residential and commercial properties in Germany, fueled by low interest rates, urbanization, and a strong economy. Additionally, MLP SE's diversified portfolio and strategic acquisitions have expanded its market share, contributing to the segment's growth.

Consolidation

Expected Growth: 2.6%

Consolidation with MLP SE drove 2.6% growth, fueled by increased scale, cost synergies, and enhanced operational efficiency. Additionally, strategic partnerships and expanded product offerings contributed to revenue growth, while a strong brand presence and loyal customer base ensured retention and acquisition of new clients.

Industrial Broker

Expected Growth: 2.4%

The 2.4% growth of Industrial Broker from MLP SE is driven by increasing demand for logistics and transportation services, expansion of e-commerce, and rising industrial production. Additionally, strategic acquisitions and partnerships have enhanced the company's capabilities, contributing to its growth momentum.

7. Detailed Products

Insurance

MLP SE offers a wide range of insurance products, including life insurance, health insurance, and property insurance, to provide financial protection to individuals and families.

Pension and Retirement Provision

MLP SE provides pension and retirement provision products, such as occupational pension schemes and private pension plans, to help individuals plan for their retirement.

Investment and Asset Management

MLP SE offers investment and asset management products, including mutual funds and exchange-traded funds, to help individuals and institutions grow their wealth.

Financial Planning and Advisory Services

MLP SE provides financial planning and advisory services to help individuals and businesses make informed financial decisions.

Brokerage and Trading Services

MLP SE offers brokerage and trading services, including online trading platforms and mobile apps, to enable individuals and institutions to buy and sell securities.

8. MLP SE's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for MLP SE is moderate, as there are alternative investment products available in the market, but the company's diversified portfolio and strong brand reputation help to mitigate this threat.

Bargaining Power Of Customers

The bargaining power of customers is low, as MLP SE operates in a niche market with a loyal customer base, and customers have limited bargaining power due to the company's strong market position.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate, as MLP SE relies on a few large suppliers for its investment products, but the company's strong relationships with suppliers and its diversified supply chain help to mitigate this risk.

Threat Of New Entrants

The threat of new entrants is low, as MLP SE operates in a highly regulated industry with high barriers to entry, and the company's strong brand reputation and established market position make it difficult for new entrants to gain traction.

Intensity Of Rivalry

The intensity of rivalry is high, as MLP SE operates in a highly competitive market with many established players, and the company must continually innovate and differentiate itself to maintain its market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 84.71%
Debt Cost 3.95%
Equity Weight 15.29%
Equity Cost 8.62%
WACC 4.66%
Leverage 554.18%

11. Quality Control: MLP SE passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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HBM Healthcare Investments

A-Score: 6.4/10

Value: 9.6

Growth: 3.8

Quality: 7.5

Yield: 5.6

Momentum: 4.0

Volatility: 7.7

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MLP

A-Score: 5.7/10

Value: 4.8

Growth: 5.1

Quality: 3.1

Yield: 7.5

Momentum: 7.0

Volatility: 6.7

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Altamir

A-Score: 4.9/10

Value: 3.8

Growth: 2.7

Quality: 5.8

Yield: 6.2

Momentum: 4.0

Volatility: 7.0

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MedCap

A-Score: 4.4/10

Value: 1.1

Growth: 9.0

Quality: 7.6

Yield: 0.0

Momentum: 7.0

Volatility: 1.7

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Tamburi Investment Partners

A-Score: 4.2/10

Value: 4.2

Growth: 2.8

Quality: 4.1

Yield: 2.5

Momentum: 3.0

Volatility: 8.7

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Bellevue

A-Score: 4.0/10

Value: 4.4

Growth: 2.4

Quality: 6.1

Yield: 9.4

Momentum: 0.0

Volatility: 1.7

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

6.88$

Current Price

6.88$

Potential

-0.00%

Expected Cash-Flows