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Multitude

5.70 EUR-0.35 %21.9. klo 18.30
Less than 1K followers

MULT

XETRA

Overview
Financials & Estimates
Dividend
Investor views
Compare
0.00 %
-5.63 %
+3.64 %
-1.38 %
-2.73 %
-19.38 %
+68.64 %
+14.00 %
-68.46 %

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).

Read more
Market cap
122.16M EUR
Turnover
10.07K EUR
P/E (adj.) (26e)
ROE-% (26e)
P/B (26e)
EV/S (26e)
Dividend yield-% (26e)
Coverage
Recommendation
Buy
Target price
Updated
13.08.2026
Disclaimer
Revenue and EBIT-%
EPS and dividend
Risk
Business risk
Valuation risk
Low
High
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Forum discussions
Here are Ronin’s quick comments on Multitude’s Q2 results Multitude’s Q2 results clearly exceeded our expectations. This was partly boosted by higher-than-expected earn-outs from last year’s divestments, which is a non-recurring operational item. Despite the earn-outs, however, the...
8/13/2026, 6:36 AM
by Sijoittaja-alokas
5
Multitude’s performance was definitely strong again. If one believes in the confirmed guidance for 2026 and the growth for 2027 and 2028, then Inderes’ forecasts should be raised quite significantly. It remains to be seen if we’ll see a target price increase from Roni! If one doesn...
8/13/2026, 12:07 PM
by Siirala
4
Hi @Siirala Nothing majorly new, though it’s always good to recap and hear things phrased in different ways . An interesting individual highlight was the strong price development of the perpetual bond and the bank’s Tier 2 bond.
9/17/2026, 8:21 AM
by Roni Peuranheimo
3
As I understand it, for the company, it mainly relates to the challenges created by low trading volume. The potential amount of share buybacks is limited to a certain percentage of the historical trading volume. Therefore, announcing a specific amount for profit distribution would...
8/17/2026, 7:49 AM
by Roni Peuranheimo
3
Hi @Siirala Thanks, good to hear that the analysis is of interest! That is a relevant question, and it is certainly influenced by many factors. One clear reason is, of course, exactly as you mentioned, the reputation as a payday lender. Microloans have now been divested, and the ...
8/14/2026, 10:28 AM
by Roni Peuranheimo
3
fixed-income.org „Wir haben in den letzten fünf Jahren die Kapitalmarkt Guidance immer... Interview with Multitude’s CFO – worth a read, and if your German isn’t up to scratch, AI’s is. For me at least, this gives faith that the targets for this year and the coming years are achievable...
9/16/2026, 11:25 AM
by Siirala
2
Thanks for the good work, Roni; you clearly have a deep understanding of the company. Could you elaborate a bit on your thoughts regarding the stock’s low multiples—what might explain them (reputation as a payday lender, low stock liquidity, etc.)—and do you believe they will correct...
8/14/2026, 6:40 AM
by Siirala
2
Read more on our forum
Roni Peuranheimo
Roni Peuranheimo

Analyst

Latest research

Latest analysis report

Released: 14.08.2026

Latest extensive report

Released: 22.04.2026

Operating income and EBIT-%

Operating income M

EBIT-% (adj.)

EPS and dividend

EPS (adj.)

Dividend %

Multitude Q2'26: Income streams diversify, valuation doesn’t follow
Research14.08.2026 klo 08.00 by
Roni Peuranheimo

Multitude Q2'26: Income streams diversify, valuation doesn’t follow

Multitude’s Q2 came in clearly above our expectations, although partly due to positive one-off items.

Multitude
Multitude Q2'26: ”Painettiin kaasua”17:42
Video13.08.2026 klo 15.15 by
Roni Peuranheimo

Multitude Q2'26: ”Painettiin kaasua”

Multituden vahvaa Q2-tulosta vauhdittivat viime vuoden divestoinneista saadut odotettua suuremmat lisäkauppahinnat sekä odotettua pienemmät arvonalentumistappiot.

Multitude
Multitude H1 2026 results
Webcast13.08.2026 klo 11.00

Multitude H1 2026 results

Multitude

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Multitude Q2'26 flash comment: Very strong earnings supported by both one-off earn outs and solid operative development
Analyst Comment13.08.2026 klo 09.30 by
Roni Peuranheimo

Multitude Q2'26 flash comment: Very strong earnings supported by both one-off earn outs and solid operative development

Q2 earnings exceeded expectations as a shift toward lower-risk customers drove impairment losses significantly below our estimates.

Multitude
Multitude Q2'26 preview: Sortter consolidation starts to bring support to figures
Analyst Comment05.08.2026 klo 08.01 by
Roni Peuranheimo

Multitude Q2'26 preview: Sortter consolidation starts to bring support to figures

The 30 MEUR net profit guidance leaves little room for error after a soft Q1, requiring a drastic H2 recovery.

Multitude
Analyst Comment17.06.2026 klo 09.15 by
Roni Peuranheimo

Multitude's Wholesale Banking provides a 16 MEUR facility to Nordecum

A new 16 MEUR facility for Nordecum provides concrete support for Wholesale Banking’s growth.

Multitude
Multitude Q1'26: New pieces to the growth platform
Research22.05.2026 klo 08.00 by
Roni Peuranheimo

Multitude Q1'26: New pieces to the growth platform

Multitude's Q1 earnings missed our estimates, though the company reiterated its full-year guidance.

Multitude
Multitude Q1'26: Sortterista tukea palkkiotuottojen kasvuun12:17
Video21.05.2026 klo 15.15 by
Roni Peuranheimo

Multitude Q1'26: Sortterista tukea palkkiotuottojen kasvuun

Multituden liikevaihto kehittyi Q1:llä odotusten mukaisesti, mutta tuloksen osalta kulurakenne oli selvästi korkeammalla tasolla.

Multitude
Multitude, Q1'26
Webcast21.05.2026 klo 11.00

Multitude, Q1'26

Multitude
Multitude Q1'26 flash comment: Softer-than-expected start for the year
Analyst Comment21.05.2026 klo 09.23 by
Roni Peuranheimo

Multitude Q1'26 flash comment: Softer-than-expected start for the year

Q1 profit missed our estimate.

Multitude
Multitude increases stake in Sortter and becomes majority owner
Analyst Comment21.05.2026 klo 07.15 by
Roni Peuranheimo

Multitude increases stake in Sortter and becomes majority owner

Sortter has had an impressive growth track record.

Multitude
Multitude Q1'26 preview: We expect a softer start for the year
Analyst Comment18.05.2026 klo 08.28 by
Roni Peuranheimo

Multitude Q1'26 preview: We expect a softer start for the year

We expect net operating income to fall as divestments and Swedish interest rate caps weigh on the topline.

Multitude
Multitude extensive report: Profitable niche player in the digital lending space
Extensive research22.04.2026 klo 08.00 by
Roni Peuranheimo

Multitude extensive report: Profitable niche player in the digital lending space

Multitude has had an impressive profit growth track record during the last years, while simultaneously derisking its balance sheet.

Multitude
Generous dividend proposal from Multitude's Board
Analyst Comment27.03.2026 klo 07.30 by
Roni Peuranheimo

Generous dividend proposal from Multitude's Board

The 0.55 EUR dividend proposal exceeded our 0.31 EUR estimate.

Multitude
Multitude Q4'25: Reshaping income streams yield profits
Research13.03.2026 klo 08.00 by
Roni Peuranheimo

Multitude Q4'25: Reshaping income streams yield profits

Multitude’s Q4 profit exceeded our expectations, as well as the company’s own guidance.

Multitude
Multitude Q4'25: Ansaintaprofiili muotoutumassa uusiksi12:49
Video12.03.2026 klo 13.21 by
Roni Peuranheimo

Multitude Q4'25: Ansaintaprofiili muotoutumassa uusiksi

Lievästi laskeneista korkotuotoista huolimatta Multitude ylsi viime vuonna komeaan tuloskasvuun palkkiotuottojen vetämänä. Multituden ansaintaprofiili onkin muuttumassa hiljalleen.

Multitude
Multitude, Webcast, Q4'25
Webcast12.03.2026 klo 11.00

Multitude, Webcast, Q4'25

Multitude
Multitude Q4’25 flash comment: Guidance beat with strong profitability development
Analyst Comment12.03.2026 klo 09.12 by
Roni Peuranheimo

Multitude Q4’25 flash comment: Guidance beat with strong profitability development

Multitude's topline developed in line with our expectations, but the profit exceeded our expectations and the company’s guidance.

Multitude
Multitude Q4'25 preview: Seeking path towards 2026 guidance
Analyst Comment05.03.2026 klo 08.07 by
Roni Peuranheimo

Multitude Q4'25 preview: Seeking path towards 2026 guidance

Multitude will report its preliminary 2025 results on the morning of March 12.

Multitude
Multitude: P/E 6,5x. Saksaan listattu digipankki10:43
Video23.01.2026 klo 14.32 by
Roni Peuranheimo, Iikka Numminen

Multitude: P/E 6,5x. Saksaan listattu digipankki

Multituden tulos on noussut voimakkaasti viime vuosina ja osaketta hinnoitellaan silti P/E 6,5x. Olemme osakkeessa lisää‑puolella.

Multitude