Original-Research: MHP Hotel AG - from NuWays AG 13.06.2025 / 09:00 CET / CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
13.06.2025 - 09:00:36Original-Research: MHP Hotel AG (von NuWays AG): Buy
Original-Research: MHP Hotel AG - from NuWays AG
13.06.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
Group.
The issuer is solely responsible for the content of this research. The
result of this research does not constitute investment advice or an
invitation to conclude certain stock exchange transactions.
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Classification of NuWays AG to MHP Hotel AG
Company Name: MHP Hotel AG
ISIN: DE000A3E5C24
Reason for the research: Update
Recommendation: Buy
from: 13.06.2025
Target price: EUR 3.00
Target price on sight of: 12 months
Last rating change:
Analyst: Phillipp Sennewald
Strong FY24 no surprise after guidance hike, chg.
Y24 sales increased by 18.2% yoy to EUR 161m (eNuW: EUR 160m), carried by both
F&B (+17.1% to EUR 32.2m) as well as Logis (+18.6% to EUR 122.7m) sales.
Overall, the strong increase in Logis sales is a result of improved
occupancy (+5.6pp to 77.5%) as well as an increased ADR of EUR 217.75 (+6.5%
yoy), which led to a strongly improved RevPar of EUR 168.73 (+14.8% yoy).
While the wave of big events and concerts (UEFA Euro, Adele concerts, etc.)
surely had its impact on occupancy, especially the continuously improving
ADR underscores MHP's price leadership. Mind you, that the company has by
far the highest ADR's of all hotel companies in Germany.
On this basis, FY24 EBITDA substantially improved from EUR 1.1m in FY23 (EUR 4m
adj.) to EUR 10.4m in FY24, implying a margin of 6.4%. In our view, this was
predominantly caused by positive operating leverage. Notably, the company's
own brand MOOONS (1 hotel in Vienna) achieved a strong result with an EBITDA
margin of 11%.
Against the backdrop of a good start into the year (see Theme part of our
initiation), management again confirmed the FY guidance of EUR 180m sales
(eNuW: EUR 185.3m) and EUR 15m EBITDA (eNuW: EUR 15.3m/ EUR 10.3m adj. EBITDA excl.
key-money payments), implying a 15% yoy top-line increase and an 8.3% EBITDA
margin.
Expansion as potential catalyst. As stated before, CEO Frehse once again
highlighted that the current market situation offers some appealing
investment opportunities for MHP. As some peers have struggled recently,
options for MHP to take over and reposition hotels in prominent locations
should become available. Here, the company in yesterday's corporate news
reiterated that is currently observing several options to increase existing
financing capabilities in order to be more flexible. Mind you, that we do
not include any portfolio expansion in our model, thus leaving some upside
to our estimates.
Overall, the release fully underpins our conviction in the case as MHP again
proved the financial resilience and strength of its positioning in the
luxury hotel segment.
We thus confirm BUY with an unchanged PT of EUR 3.00 based on DCF.
You can download the research here: http://www.more-ir.de/d/32850.pdf
For additional information visit our website:
https://www.nuways-ag.com/research-feed
Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: research@nuways-ag.com
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss
bestimmter Börsengeschäfte.
Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++
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2154664 13.06.2025 CET/CEST
