Gruppo MutuiOnline IM:MOL

Moltiply Group continues its strong growth trajectory, driven by successful integration and expansion of recent acquisitions like Verivox and Pricewise B.V. into new European markets, coupled with sustained high demand for its online comparison and BPO services. Revenue reaches over €1.06 billion by 2026, and a modest P/S multiple expansion to 3.0x (from current ~2.0x) results in a valuation of €3.19 billion, representing a 100% upside from the current market capitalization, capped at the late-stage maximum.

The company maintains its established market leadership in Italy and achieves steady, albeit moderating, growth in its international operations. Revenue grows to approximately €868 million by 2026, and the valuation multiple remains stable at 2.0x P/S, leading to a market capitalization of €1.74 billion, a 37% upside from the current valuation.

Increased competition from traditional banks and other fintech players, coupled with potential regulatory headwinds or slower-than-expected integration of acquisitions, leads to a significant deceleration in growth and margin pressure. Revenue reaches only €727 million by 2026, and the P/S multiple contracts to 1.2x, resulting in a valuation of €0.87 billion, a 30% downside from the current market capitalization.