Original-Research: MHP Hotel AG (von NuWays AG): BUY
11.02.2026 - 09:00:30
Original-Research: MHP Hotel AG - von NuWays AG
11.02.2026 / 09:00 CET/CEST
Veröffentlichung einer Research, übermittelt durch EQS News - ein Service
der EQS Group.
Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung
oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.
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Einstufung von NuWays AG zu MHP Hotel AG
Unternehmen: MHP Hotel AG
ISIN: DE000A3E5C24
Anlass der Studie: Update
Empfehlung: BUY
Kursziel: EUR 3.3
Kursziel auf Sicht von: 12 months
Letzte Ratingänderung:
Analyst: Philipp Sennewald
Strong Q4 Hotel performance, Chg.
Yesterday, MHP released strong Q4 hotel performance figures, closing FY25
with record quarterly hotel revenues, underlining the continued strength of
MHP's premium positioning and rate-driven growth strategy. In detail:
Q4 hotel sales increased 16% yoy to EUR 52.6m (eNuW: EUR 54.2m), driven by
sustained demand in the premium and luxury segments. Growth was
predominantly rate-driven, with ADR rising to EUR 249 (+10% yoy) while
occupancy also came in strong at 82% (+1pp yoy). Adj. RevPar (excl. newly
opened Conrad Hamburg) hence improved 10% yoy to EUR 203, confirming the
pricing power of MHP rather than purely volume driven expansion. Including
the Conrad, RevPar stood at EUR 195 and the occupancy at 78%, reflecting the
still ongoing ramp-up (opening in Q3'25).
Operationally, performance was broad-based across the portfolio. The
Koenigshof Munich continued its stabilization and delivered c. 40% sales
growth in Q4, supported mainly by occupancy gains but also higher rates.
Sheraton Düsseldorf Airport benefited from strong corporate demand in
October and November (+20%), while Le Méridien Vienna and MOOONS Vienna
showed resilient momentum, with December revenues up c. 20% yoy.
Importantly, Vienna further strengthens its strategic relevance for MHP,
with the group now operating three hotels in the city and a fourth (Sheraton
Vienna) scheduled to open in 2027.
From a full-year perspective, Q4 caps a strong FY25. Based on the quarterly
hotel performance as well as the H1 report, FY25 sales are seen to come in
at EUR 178m (+10.4% yoy, eNuW old: EUR 185m), which was also strongly driven by
a 14.3% growth of F&B sales. While no bottom-line figures where disclosed,
management reiterated that EBITDA is expected to come in at EUR 15m, implying
a better than anticipated margin of 8.5% (vs 8.3% eNuW old). Mind you, this
figure includes c. EUR 5m key money contributions which leads to an adj.
EBITDA of c. EUR 10m (eNuW).
Looking ahead, management guides for EUR 225m sales (eNuW: EUR 226m) and >EUR 10m
EBITDA (eNuW: EUR 10.4m) in FY26. Key drivers of the implied 26.5% yoy growth
are seen to be the first full-year contribution of the Conrad and the recent
addition of Hyatt Regency Vienna (EUR 25m contribution according to
management), putting the organic growth target at 12.5%, which we regard as
reasonable given the strong momentum and the Conrad catching up to group
average KPIs. While profitability will be partly burdened by rebranding,
renovation and transaction costs in FY26e, the underlying operational
momentum remains fully intact, visible in our adj. EBITDA forecast.
Overall, the release fully confirms our conviction in a high-quality case,
that is characterized by an excellent market position, a strong portfolio
and a capital-light set-up allowing for strong cash conversion.
Reiterate BUY with an unchanged PT of EUR 3.30 based on DCF.
Die vollständige Analyse können Sie hier downloaden:
https://eqs-cockpit.com/c/fncls.ssp?u=c1580bf56bf71192ee953b16504a32cf
Die Analyse oder weiterführende Informationen zu dieser können Sie hier
downloaden: https://www.nuways-ag.com/research-feed
Kontakt für Rückfragen:
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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2274562 11.02.2026 CET/CEST
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