Original-Research: EPH Group AG (von NuWays AG): BUY

Original-Research: EPH Group AG - from NuWays AG



03.11.2026 / 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.



---------------------------------------------------------------------------



Classification of NuWays AG to EPH Group AG



     Company Name:                EPH Group AG
     ISIN:                        AT0000A34DM3



     Reason for the research:     Update
     Recommendation:              BUY
     Target price:                EUR 83
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



Tegernsee permit secured, Burgenland adds attractive optionality



Last week, EPH announced that the bulding permit for its Tegernsee project
has been granted. This marks an important milestone, as it was the key
condition precedent of the February term sheet, so signing of the final
purchase agreement is expected shortly, with implementation to follow
immediately. The project is partly financed through the new secured bond,
whose security package includes the shares of the Tegernsee project company.
The project moves from agreement in principle to a permitted site, which is
a clear de-risking step.



300 bed, 5-star resort project in Burgenland adds nice optionality. Via its
100% subsidiary EPH BGL GmbH, EPH signed purchase agreements with five
landowners for a c. 26,363 sqm plot in a well-known wine region. The planned
wine, gourmet, golf and spa resort is to be run by an international
operator. The total purchase price is just EUR 263,630 (c. EUR 10/sqm) and only
becomes due once the land is rezoned and a final building permit is granted.
Yet, as this is a greenfield development, we do not expect any contribution
before FY29/30e. Importantly, EPH can withdraw if no permit exists by 31
December 2030. The structure is textbook capital-light with minimal upfront
cash, while the value uplift from rezoning and permitting accrues to EPH but
the flip side being the long timeline.



The wider pipeline in a nutshell. With ten projects in Austria and Germany,
EPH has built a broad pipeline within three years, led by the 49%-owned
Oberndorf resort in the Kitzbühel Alps, where the state and municipality
have signalled that the rezoning application can now be filed and an
international hotel brand has expressed interest in operating. Three
land-for-equity projects (Großglockner, Ossiacher See and Kalkalpen National
Park) have signed purchase agreements and already have zoning in place, with
sellers' claims of c. EUR 3m to be contributed against new EPH shares at EUR
92.50, although closing still depends on assuming or repaying the bank debt
on the plots. Further projects include a 300-bed resort in Hochrindl, a
499-bed resort in Vorarlberg that already has a building permit and is paid
for with parking spaces rather than cash, and a 200-bed golf resort (Pure
Place) on leased land. Entry prices are low, but some projects still hinge
on rezoning, permits and operator contracts, so value realisation depends on
execution and timing rather than on demand.



Financing. The subscription of the new secured 2026/2033 bond (up to EUR 50m,
10% coupon, monthly interest payments) runs until 25 November. The offer
period of the cash capital increase (up to 142,858 new shares) runs until 30
November. Both measures are intended to fund the further development of the
existing projects.



Share price not reflecting operations. The share price has fallen by 89% in
the past six months on extremely low trading volume. The same holds true for
the two corporate bonds that trade at 61% and 38% respectively. Such moves
in an illiquid stock are driven by technical factors and a handful of small
orders rather than by fundamentals, so the weakness is not justified in our
view. It does not reflect operational performance which, is pointed out
above, was highlighted by a couple of positive data points in recent months.



Overall, Tegernsee shows tangible progress, while Burgenland adds a very
cheap land option with significant upside after rezoning. The wider pipeline
offers visibility, with execution and permitting as the key variables. We
reiterate our BUY rating with a PT of EUR 83 (old: EUR 102) based on DCF.



You can download the research here:
https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=25fee7b1bb6025860a217bff105f610c
For additional information visit our website:
https://www.nuways-ag.com/research



Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [e-mail]
LinkedIn: https://www.linkedin.com/company/nuwaysag
Adresse: Mittelweg 16-17, 20148 Hamburg, Germany
++++++++++
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.
++++++++++



---------------------------------------------------------------------------



The EQS Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
View original content:
https://eqs-news.com/?origin_id=74705253-d757-11f1-b46d-066675bb9927&lang=en



---------------------------------------------------------------------------



2427108 03.11.2026 CET/CEST