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

Original-Research: MHP Hotel AG - von NuWays AG 10.06.2026 / 09:00 CET/CEST Veröffentlichung einer Research, übermittelt durch EQS News - ein Service der EQS Group.

Original-Research: MHP Hotel AG - von NuWays AG



10.06.2026 / 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 3.5
     Kursziel auf Sicht von:    12 months
     Letzte Ratingänderung:
     Analyst:                   Philipp Sennewald



Successful placement increase free float; Equity story unfolding



Yesterday, 2.72m already existing MHP Hotel shares were successfully placed
(oversubscribed), equivalent to approximately 5.9% of the share capital.
With this, the free float further increases to roughly 25% (vs 16% roughly
one year ago), representing a deliberate effort to increase the company's
liquidity during the mid- to long-term.



The shares were placed with a number of existing and new investors,
underpinning the attractiveness of the equity story. Following the
transaction, the four founders together retain more than 75% of the share
capital, representing a strong anchor commitment and an unambiguous signal
of long-term conviction in the business.



During the past twelve months, the equity story has increasingly gained
traction. Here are the key takeaways:



  * Industry leading hotel operator with increasing scale. MHP's franchise
    portfolio comprises 11 hotels within the premium segment, including JW
    Marriott, The Luxury Collection, Conrad Hotels & Resorts and Hyatt
    Regency. With an ADR of EUR 226 in 2025, MHP ranked as the outright price
    leader among Germany's top-10 hotel groups. Premium ADR in Europe is
    seen to grow at 6.5% p.a. through 2028. Additional portfolio additions
    not only increase sales but also offer synergies between hotels,
    benefiting group margins.



  * MOOONS, MHP's proprietary hotel brand. Vienna provided the proof of
    concept since 2021. In May, MHP signed a lease for MOOONS Frankfurt.
    Once fully operational (opening in 2029), the location is expected to
    generate EUR 12-14m sales at 8-10% net margins, ahead of the franchise
    business given zero royalty payments. We regard this as long-term growth
    driver, expecting additional locations as well as potential franchise
    deals (high margin business).



  * Macro tailwinds. The Middle East conflict is functioning as a demand
    accelerator for MHP's markets. German hotel revenues rose more than 60%
    year-on-year in March 2026 as travellers shift toward safe European city
    destinations. Munich ranks third in Europe for Arab visitor volumes
    after Paris and London - a structural characteristic, not a cyclical
    blip - and MHP's Koenigshof, 'The Luxury Collection', sits at the centre
    of that demand. This is also true for other locations such as Vienna.



  * Strong cash generation. Thanks to MHP's asset light business model
    (don't own the real estate), FCF has been strong and should notably
    increase going forward as new hotels gain traction. Yet, this currently
    underappreciated by the valuation. Shares trade at a mere 5x FCF FY27e
    (eNuW).



Reiterate BUY with an unchanged EUR 3.50 PT based on DCF.



Die vollständige Analyse können Sie hier downloaden:
https://eqs-cockpit.com/c/fncls.ssp?u=95540ea2d5a9f78ec5e95108f546f29c
Die Analyse oder weiterführende Informationen zu dieser können Sie hier
downloaden: https://www.nuways-ag.com/research



Kontakt für Rückfragen:
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.
++++++++++



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2342812 10.06.2026 CET/CEST