NuWays lifts Multitude price target to EUR 12, keeps buy rating

• NuWays reiterated a BUY on Multitude, lifting its 12-month target price to EUR 12 from EUR 11.
• Q2 2026 revenue reached EUR 65.3 million, down 2% year-on-year; EBT rose to EUR 10 million, boosted by non-recurring items.
• Sortter acquisition drove a sharp rise in fee income; implied enterprise value was EUR 14.2 million, or 0.6x EV/sales.
• NuWays raised its FY26 net profit forecast to EUR 31.9 million from EUR 29.3 million, above management guidance of EUR 30 million.

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