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

Original-Research: MHP Hotel AG - from NuWays AG

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13.06.2025 / 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: 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: [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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2154664 13.06.2025 CET/CEST

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Quelle: dpa-AFX