Original-Research: MHP Hotel AG (von NuWays AG): BUY

Original-Research: MHP Hotel AG - from NuWays AG

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23.09.2025 / 09:00 CET/CEST

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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: 23.09.2025

Target price: EUR 3.00

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

H1 in line with est. as profitability strongly improves

Yesterday, MHP Hotel AG released good H1 results, which came in broadly in

line with our estimates. In detail:

H1'25 sales increased by 12.6% to EUR 79.3m, which is in line with our

estimate of EUR 79m. As outlined in our preview, this was predominantly driven

by strong logis sales of EUR 60.1m (+14% yoy), which was supported by a higher

ADR of EUR 222 (+8% yoy) despite a strong comparable base (2024 EURO).

Moreover, the Koenigshof in Munich, which opened last year, contributed EUR 9m

of sales growth. F&B sales also increased 11% yoy to EUR 16.3m, while the

other segment posted a modest 2.4% increase to EUR 3.0m.

Against this backdrop, H1 EBITDA came in at EUR 2.3m (eNuW: EUR 2.1m), implying

a 2.9% margin. This is the first time MHP reported positive EBITDA in the

seasonally weaker H1 since the listing in 2021. In our view, this was

clearly built on operating leverage as well as efficiency gains.

Outlook confirmed. Based on this, management confirmed the FY25 guidance of

EUR 180m sales (eNuW: EUR 185m, eCons: EUR 182m) and EUR 15m EBITDA (eNuW: EUR 15.3m;

eCons: EUR 15.1m/ eNuW: EUR 103m adj. EBITDA excl. key-money payments). In our

view, this is well within reach, considering the historically stronger H2,

the initial impact from the Conrad in Hamburg (283 additional rooms, >10%

increase on group level) as well as the ramp-up of the Koenigshof. Based on

the H1 results, the guidance implies 11.1% yoy H2 sales growth and an EBITDA

margin of 12.6% (vs 13.1% in H2'24), which again is reasonable in our view.

Portfolio expansion pending. During the call, management expressed its

confidence in being able to announce at lease one addition to the portfolio

during the remainder of the year. Importantly, following the successful

capital increase in July (EUR 4.5m gross proceeds), MHP should be equipped

with a "war-chest" exceeding EUR 10m while timing could hardly be better given

the continued struggle of peers, especially in the economy segment. Keep in

mind that we do not model any portfolio additions beyond the Stuttgart

opening in FY28. As such, any additional portfolio expansion would represent

upside to our current estimates.

As the release fully confirms our view on the case and valuation metrics

remain attractive, we confirm BUY with an unchanged PT of EUR 3.00 based on

DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=9c01a1073762816b616ae3dac09a7972

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: [email protected]

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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2201958 23.09.2025 CET/CEST

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Quelle: dpa-AFX