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

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Original-Research: EPH Group AG - from NuWays AG

08.04.2026 / 09:00 CET/CEST

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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 102

Target price on sight of: 12 months

Last rating change:

Analyst: Philipp Sennewald

EPH secures another premium alpine resort project

Last week, EPH announced the signing of an agreement to acquire a

high-quality resort development project in Vorarlberg, marking another step

in building its pipeline of premium hotel assets in core DACH tourism

markets. While the transaction is not yet closed and thus not reflected in

our estimates, it further underlines the company's ability to source

attractive opportunities. In detail:

The project is located in a prime Alpine setting directly next to a cable

car station, offering access to a highly attractive and snow-reliable ski

area. Plans foresee the development of a modern, year-round resort in the

upscale segment (>=4-star) with 499 beds, targeting international leisure

travelers with a focus on active holidays, wellness and relaxation. With a

valid building permit already in place and only minor amendments ("Tektur")

required, the project offers comparatively high execution visibility at this

stage.

Notably, the transaction structure stands out for its capital efficiency.

Instead of a cash purchase price, the consideration will be provided through

the allocation of parking spaces within the future underground garage. This

significantly reduces upfront capital requirements and highlights EPH's

flexible, partnership-driven approach to deal structuring, which is a key

element of its asset-light strategy and supports an attractive risk-return

profile.

Strategically, the project fits well into EPH's focus on premium and luxury

hospitality assets in structurally attractive regions. Alpine destinations

continue to benefit from strong demand, increasing international tourism

flows and limited supply of investable large-scale projects. Against this

backdrop, EPH is positioning itself to participate in ongoing market

consolidation while gradually building a diversified development pipeline.

The intended involvement of an international hotel operator further supports

the positioning and future monetization potential of the asset.

While the financial impact remains limited in the near term, as the

transaction is not yet closed, the announcement reinforces our view on EPH's

sourcing capabilities and pipeline visibility. At the same time, the company

continues to prepare the next steps of its growth strategy, including a

planned capital increase to support project execution as well as a

shareholder-friendly dividend policy, which envisages a 30% payout ratio

going forward.

Reiterate BUY with an unchanged PT of EUR 102 based on DCF.

You can download the research here:

https://eqs-cockpit.com/c/fncls.ssp?u=a22d322d3de3654f0f61dd64f027d3f7

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

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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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2304622 08.04.2026 CET/CEST

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