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
  ... 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
    }
    ... 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
    }
  }
}


fitch-affirms-multitudes-parent-company-credit-profile

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

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).

Here are Ron’s pre-comments as Multitude releases its Q4 results on Thursday, March 12.  Multitude reports its preliminary 2025 results on the morning of March 12. We forecast that the decline in the largest segment will continue due to lower interest rates and the divestment of certain business units, while development in smaller segments is stable or shows moderate growth. The guidance anticipates a fairly clear decline in earnings for Q4, and our forecasts are in line with this expectation. The 2026 guidance is already known (EUR 30 million net profit), and we are largely focused on identifying concrete measures necessary to achieve this goal, as it requires strong earnings growth despite headwinds from a declining net interest margin.                   Inderes              Multitude Q4'25 -ennakko: Polku kohti vuoden 2026 ohjeistusta  - Inderes    Multitude raportoi alustavat vuoden 2025 tuloksensa maaliskuun 12. päivän aamuna.

“Lomakylä Järvisydän - Backing Premium Hospitality Real Estate in Finland A €23.5 million financing package from Wholesale Banking is supporting the continued growth of Lomakylä Järvisydän, a Finnish real estate company focused on high-end hospitality assets. The transaction enabled the acquisition and enhancement of multiple landmark hospitality properties in the Finnish Lakeland region. This case reflects Wholesale Banking’s ability to support established operators and developers in the tourism and real estate sectors with tailored, asset-backed financing solutions that fuel long-term growth” The attached quote was found on the website, but I’m sure it could be found if one bothered to dig through the financial statements. As I understand it, this was apparently granted in 2024 or 2025.

I wonder when that was granted / how much of it is significantly remaining; Multitude seems to have quite substantial credit losses in general.

There has been talk in various media lately about the corporate restructuring/bankruptcy filings of the Järvisydän Group. In today’s local newspaper, the administrator mentioned that there is a significant amount of debt and the creditor is Multitude Bank. A quick check of Multitude’s website shows a “reference” for over 20 million in financing for a tourism company located in South Savo. I haven’t followed Multitude that closely, but this will likely have some impact on the company’s finances if write-downs have to be made—and they probably will be if the corporate restructuring goes through.

Great interview, Roni and Ilkka! Digitalization, scalability, a proven track record in risk management – I think there’s a lot of good here on top of an understandable business. The CEO has been with the company for a long time and there is a strong major owner; these are also things I like about this.

Awesome… Roni and Iikka have made a video about Multitude.                    Inderes              Multitude: P/E 6,5x. Saksaan listattu digipankki - Inderes    Aika: 23.01.2026 klo 14.32 Multituden tulos on noussut voimakkaasti viime vuosina ja osaketta hinnoitellaan silti P/E 6,5x. Olemme osakkeessa lisää‑puolella.                             Topics: 00:00 Intro  00:09 Multitude as a company  01:47 Customer base  02:26 Earnings have grown strongly  04:51 Credit losses  06:45 Operations across Europe  07:46 P/E 6.5x – why is the stock cheap?

Thanks Roni for the fairly comprehensive answer. I need to do my own background work better in the future. I personally still believe that in light of the figures, or compared to the Stockholm peers for example, this is glaringly mispriced at the moment. I’m just trying to find some explanation for this; maybe that German conservatism is a good guess!

Multitude

Multitude announced that the parent company's, Multitude AG's, Long-Term Issuer Default Rating (IDR) was affirmed at 'B+' (stable outlook).

<p>Multitude announced that the parent company&apos;s, Multitude AG&apos;s, Long-Term Issuer Default Rating (IDR) was affirmed at &apos;B+&apos; (stable outlook). Fitch upgraded the Group&apos;s standalone credit profile (SCP) to &apos;bb-&apos; from &apos;b+&apos; and Multitude Bank PLC&apos;s rating to &apos;BB-&apos;.</p>
<p>We see the upgrade in the Groups standalone credit profile as a slight positive signal although it&apos;s good to note that the credit profile still is clearly in the speculative area and the parent company&apos;s credit rating was affirmed. We see the upgrade is aligned with Multitude&apos;s positive impairment loss trend and improved asset quality. We view improved credit rating could support lower funding costs for Multitude in the long term facilitate capital market access, which is critical for maintaining diversified funding sources. The news doesn&apos;t cause changes to our estimates.</p>

	2024	25e	26e
Operating income	219.0	214.7	217.9
growth-%	7.4 %	-2.0 %	1.5 %
EBIT (adj.)	23.2	28.7	30.9
EBIT-% (adj.)	10.6 %	13.4 %	14.2 %
EPS (adj.)	0.66	0.96	1.03
Dividend	0.44	0.29	0.31
Dividend %	9.1 %	4.8 %	5.1 %
P/E (adj.)	7.3	6.3	5.9
EV/EBITDA	neg.	neg.	1.2

Fitch affirms Multitude's parent company credit profile

Key Estimate Figures13.11.2025

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