contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  createdAt
  changedAt
  isPremium
  authors {
    __typename
    name
    pageUrl
    id
  }
  companies {
    name
    id
  }
  tags {
    name
    id
  }
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
      researchContentUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


multitude-provides-8-meur-in-debt-capital-to-an-estonian-fintech-company-hoovi

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

changedAt

Analyst

Roni Peuranheimo

Multitude is a digital bank that offers lending and online banking services to consumers, small and medium-sized businesses, and other fintechs overlooked by traditional banks. The company was founded in 2005 in Finland and currently operates in 17 countries. The company operates with three business units: Consumer Banking (Ferratum), SME Banking (CapitalBox) and Wholesale Banking (Multitude Bank).

It looks like the next opportunity to get in on this will be at a price of €7.xx, at least before the dividend detaches.

It is possible if these levels are broken through. Dividend-hungry investors might very well cause this.

Now, there are signs in the air that it’s time to leave your fork behind. Yesterday, it traded almost all day between €6.6-€6.7, and if no miracles happen, it will shoot up today along with the rest of the market. Maybe it will break seven today?

Yeah, this has been a pretty good swing stock between 5.9-6.4. It’s illiquid (Vähänvaihtoinen) and the bid-ask spread is usually calculated in percentages. P.S. I don’t know what news came out today that caused a sudden 10% drop. A 10% dividend yield is certainly welcome.

Yup, maybe this is a lesson for everyone: a German company’s stock exchange releases might not show up on the same media radar as Nordic stocks. In my opinion, something for Multitude’s IR girls to ponder too. But I’d be surprised if the stock doesn’t clearly move up from around six euros.

That is certainly true, the stock had been coming down more sharply than the market recently, so with positive news, it’s natural that the recovery was also swift. Still, I had to mention the disproportion between the share price increase and the proposed dividend, as it caught my eye. In Multitude’s case, a purely cheap P/E ratio has clearly not attracted investors, as the quality and sustainability of earnings have certainly been somewhat concerning. Now that the cheap earnings-based valuation is also realized as cash flow to owners, the enthusiasm makes sense.  Yes, unfortunately, the comment didn’t make it into yesterday’s morning review. However, I noticed the dividend proposal in the morning and then just put the comment in for the next morning’s review. But the comment could have been released faster. If you want to receive press releases immediately, you should subscribe to them via email.

Regarding that price increase, the stock dipped very low on Wednesday along with the rest of the market, so at least half of yesterday’s rise was probably related to that. The stock’s trading volume is quite small, so it sometimes moves a bit erratically anyway. Yesterday, someone picked up the stock at €6.5 right in the morning, but after that, it went significantly lower to €6.02. I suspect that yesterday’s report didn’t reach all investors at the same time; I myself only found it in the afternoon, even though it was apparently published first thing in the morning. The report is still not on Nordnet, and even Inderes woke up to this later than usual. Perhaps the company has something to improve here, or did I miss something myself?

Multitude

Multitude's Wholesale Banking unit has entered into a strategic partnership with the Estonian fintech company Hoovi. 

Multitude&apos;s Wholesale Banking unit has entered into a strategic partnership with the Estonian fintech company Hoovi. The company will provide Hoovi with 8 MEUR in debt capital through a structured bond issue. Our estimates expect significant growth in Wholesale Banking&#x2019;s debt investments in the coming years and thus, the news doesn&#x2019;t cause a need for immediate estimate revisions. 
Hoovi is an Estonian fintech company specializing in embedded credit and hire purchase solutions for merchants and SMEs. Hoovi enables merchants to increase their sales and improve financing to customers by directly integrating financing options into business transactions. 
Financing other fintech is deeply embedded in the strategy of Multitude&#x2019;s Wholesale Banking business unit. Thus, a transaction like this didn&#x2019;t come as a surprise. Multitude&#x2019;s Wholesale Banking was established as a separate independent business unit at the beginning of 2024. Since then, the business unit has experienced significant growth while also being profitable (measured by earnings before taxes).

	2023	24e	25e
Operating income	204.0	215.3	229.0
growth-%	4.6 %	5.5 %	6.4 %
EBIT (adj.)	19.0	20.1	26.6
EBIT-% (adj.)	9.3 %	9.3 %	11.6 %
EPS (adj.)	0.51	0.53	0.83
Dividend	0.19	0.20	0.27
Dividend %	4.3 %	3.0 %	3.9 %
P/E (adj.)	8.7	12.7	8.1
EV/EBITDA	neg.	0.5	2.2

Multitude provides 8 MEUR in debt capital to an Estonian fintech company Hoovi

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Key Estimate Figures20.12.2024

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