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
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      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

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).

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!

Hi @Siirala You can read about the background of the company’s Frankfurt listing in this Kauppalehti article, for example, where founder and largest owner Jorma Jokela discusses the matter: Ferratum suuntaa mobiili edellä Frankfurtiin | Kauppalehti Nowadays, the company has many shareholders and, as far as I know, bond investors specifically in the DACH region, so in that regard, the Frankfurt listing is quite logical. It doesn’t seem to have gained much attention from retail investors there either; after all, Germans are, on average, presumably quite conservative and risk-averse investors. The company’s CEO explained the change of domicile to Switzerland in our first interview, so I’ll leave it here (timestamp 12:18-14:25): https://www.inderes.fi/videos/multitude-q424-sijoittajat-palkitaan-lisaosingoilla In other words, Euroclear previously caused challenges for Finnish shareholders (domiciled in Finland, listed in Germany). Now that the company’s domicile is also abroad, it is possible to invest in the company like any other foreign company. More details on the transfer can be found here: Multitude – Kotipaikan siirto Suomesta Sveitsiin - Castrén & Snellman We intend to film a short video soon where we will go through some of the company’s latest news

Can Roni or someone else comment on whether the listing in Frankfurt makes sense? Trading volume seems to be around tens of thousands on average, yet the market cap is 129 MEUR. There are more of these types of listings in Stockholm. Antti Kumpulainen is, of course, also welcome to respond to this. The headquarters are located in Zug, Switzerland, so is there some tax planning behind these locations?

I have a small amount of Multitude bonds in my bond portfolio purchased through Mintos, with a coupon rate of 3-month Euribor + 6.75%. The YTM is approx. 7.4% p.a. if held until maturity.

For me, at least the listing venue matters, meaning the costs (and the fact that I currently have enough banks in my portfolio). My own “bank Excel” shows green for Multitude in terms of valuation, meaning the current share valuation is moderate for my taste. I haven’t combed through the balance sheet (since it’s not on my buy list), so I can’t assess if there’s anything there that wouldn’t please me. This didn’t provide a crazy amount of new info about Multitude as an investment, so feel free to flag the post if you feel like it.

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 %	3.2 %	4.3 %
P/E (adj.)	8.7	11.7	7.5
EV/EBITDA	neg.	neg.	1.8

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

Key Estimate Figures20.12.2024

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