Moltiply Group (AO) | Buy | Conf. call feedback: Mavriq near-term pressure, BPO margin upside

研报英文原文证据摘录

Moltiply Group (AO) | Buy | Conf. call feedback: Mavriq near-term pressure, BPO margin upside

Moltiply Group Buy | Target Price: EUR60.00

Company description Management

Moltiply Group is an Italian company operating through two separate business Marco Pescarmona, Chairman

divisions: 1) Mavriq, which generates c.60% revenues and 64% of EBITDA, and Alessandro Fracassi, CEO

Moltiply (40% and 36%). The former offers online comparison and Francesco Masciandro, CFO

intermediation services with MutuiOnline.it, Segugio.it, trovaprezzi.it., SOS Key shareholders

Tariffe.it, Rastreator (in Spain), LeLynx (in France), Pricewise (in the Netherlands) Free float 62.30%

and finally, Verivox (in Germany). The latter provides outsourcing services for Alma Ventures 32.10%

financial institutions. Treasury shares 6.12%

Investment case Valuation methodology

Moltiply is starting to recover after two years of declining Our TP is based on a DCF model with a WACC of 10.7% and a

mortgages. The outlook is positive for most of the business lines terminal value EV/EBITDA of 12x.

and the cash generation should quickly reduce leverage Moltiply trades at c.9x EV/EBITDA and 13x the P/E adjusted,

(D/EBITDA of 1.8x at FY 2026E). which aligns with historical multiples. However, we expect it to

Management has announced a rebranding, whereby the listed trade at higher multiples due to increased diversification both

company and the former BPO division share the name Moltiply. geographically and across different verticals.

The former Broking division is now called Mavriq. Risks to our rating

Mavriq is now a pan-European business and is becoming a Reduction in mortgages and consumer products

leader in the price comparison sector, boosting growth potential Concentration among banks