Multitude: Q1 miss on cost ramp up, but fundamentals remain intact - NuWays AG Research
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Multitude: Q1 miss on cost ramp up, but fundamentals remain intact - NuWays AG Research

Multitude released its Q1'26 results yesterday. Q1 displayed Multitude's momentum in the de- risking strategy, moving the business towards a more diversified, lower-risk earnings mix driven by Wholesale Banking, partnerships and fee-based income stream. While profitability was dragged by elevated funding and OPEX, the underlying business developped better than expected.

While the ramp-up of product portfolio is elevating the cost base, the fundamentals are developing better than expected. Thus, we keep our PT of € 11 based on residual income model and reiterate our BUY rating.
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