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Stock

MLP SE

MLP.DE
42
Asset Management · Financial Services
Also trades as: 0NDP.L GBP 0.11 (-0.19%)
Price
€10.68
-0.04 (-0.37%)
Market Cap
€1.16B
Exchange
Frankfurt Stock Exchange
Winston Score
42
Winston is serious
Mixed quality — meaningful strengths and weaknesses.
Data as of Oct 12, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Weak
7/30
Growth
Good
10/20
Cash Flow
Weak
0/10
Stability
Mixed
4/10
Valuation
Strong
7/10
Ownership
Good
10/15
Dividends
Strong
4/5

42 of 100 counted points = Winston Score 42.

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§Winston Score History

The full picture

MLP SE is a German financial services company that helps individuals — mostly doctors, engineers, and other professionals — plan their finances. It offers services like retirement planning, insurance, wealth management, and real estate advice. MLP acts as an independent broker, meaning it shops around different providers to find products for its clients rather than selling only its own.

MLP earns money through commissions and fees when clients buy insurance policies, investment products, or take out loans through its platform. It operates almost entirely in Germany and Austria, with a small presence in other European markets. Its main competitive advantage is its long-standing relationships with high-earning professionals, particularly university graduates it targets early in their careers. The key risk is regulatory pressure in Europe around commission-based financial advice, as rules pushing advisors toward flat fees could squeeze MLP's traditional revenue model.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+12.4% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+916.9% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

€0/ year

0.0% of revenue

Below sector average (7%)

Research and development spending

Insider Activity

33.7%ownership

→ Flat

Insider ownership roughly steady over the past year

Cash Position

Cash flow positive

€311M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

MLP SE is a rare growth stock that's already generating positive cash flow while growing at 12%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

−0.1% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 109.3M (2021) → 109.2M (2025)

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
22.6%
Thin — 22.6% gross margin
Profit after running costs
Operating Margin
7.3%
Modest — 7.3% operating margin
Return on the money invested
ROCE
2.8%
Weak — 2.8% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+2.1%
Nearly flat sales (+2.1% YoY)
Profit growth
EPS YoY
+15.4%
Earnings growing fast (+15.4% YoY)

Healthy double-digit earnings growth — what compounders look like.

How steady the profit is
EPS Consistency
5/8 quarters
Mixed — about half the quarters showed growth

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Cash Flow

Profit that turns into cash
Cash Conversion
-36%
Weak — only -36% of profit becomes cash
Spare cash per sale
FCF Margin
-4.5%
Burning cash (-4.5%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

What it owes vs what it owns
Debt / Equity
5.39
Heavy debt load (5.39)
Covers its interest
Interest Cover
8.86x
Comfortably covers interest (8.9x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

Price vs profit
P/E Ratio (TTM)
17.0x
Fair value — P/E 17.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+5.5
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (17.0 → 11.5)

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Dividends

Dividend
Dividend Yield
3.99%
Moderate income — 3.99% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
+40.4%
Dividend growing fast (40.4% YoY)
Payout Ratio
114%
no trend
Paying out more than the last 12 months of profit. The dividend is being funded from cash or borrowing, not this year’s earnings.

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