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

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Original-Research: MHP Hotel AG - from NuWays AG

07.07.2025 / 09:00 CET/CEST

Dissemination of a Research, transmitted by EQS News - a service of EQS

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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: 07.07.2025

Target price: EUR 3.00

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

Successful cap hike paves to way for portfolio expansion

MHP has successfully completed the announced capital increase, raising gross

proceeds of EUR 4.5m (placement price of EUR 1.45) from institutional investors.

The oversubscribed offering underscores strong investor interest, especially

in light of the ample growth opportunities within the company's market

segment. Coupled with a committed credit line, MHP can access a EUR 10m "war

chest" to accelerate the portfolio expansion. Importantly, this capital

increase also improves the company's free float (from 16% to now 21.6%) and

further diversifies the shareholder base.

Additional capital to accelerate portfolio expansion. As previously

highlighted, the current market situation with many peers from the economy

segment struggling (e.g. Lindner Hotels filed for insolvency) is offering

plenty of opportunities for MHP to take over and reposition hotels in top

locations into the premium segment. Thanks to MHP's operational excellence,

reflected by the industry's leading KPIs such as RevPar and profitability,

the company should be well positioned to be able to takeover several

attractive locations in the near future, in our view. Any announcements

would result in further upside to our mid-term estimates, which only include

contributions from the existing portfolio as well as the two projects

(Hamburg and Stuttgart) that are currently under construction.

In light of the ample financial headroom, MHP could additionally also

initiate the roll-out of its own boutique brand MOOONS (eNuW) following the

the successful debut of its first location in Vienna with above average

margins.

Strong operational development. In FY25e, management guides for 15% yoy

sales growth to EUR 180m (eNuW: EUR 185m) and EUR 15m EBITDA (eNuW: EUR 15.3m),

which looks reachable thanks to the good start into the year (Q1 sales %

yoy) with 12% higher RevPar. Mind you, from mid/end Q3, the opening of the

Conrad hotel in Hamburg (283 additional rooms; 10.5% increase of rooms on

group level) should contribute to contribute to Logis and F&B sales.

Changes: We reflect the cash inflow from the capital increase as well as the

higher umber of shares in our model.

We maintain our high conviction in the stock, which continues to look cheap

on both EV/ adj. EBITDA as well as FCFY and thus reiterate our BUY

recommendation 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=025e7ba1caee24c8e0b0e06fb7adb57b

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

ﯯ뻻

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.

ﯯ뻻

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2165724 07.07.2025 CET/CEST

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