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

^

Original-Research: MHP Hotel AG - von NuWays AG

17.04.2026 / 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.

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

Einstufung von NuWays AG zu MHP Hotel AG

Unternehmen: MHP Hotel AG

ISIN: DE000A3E5C24

Anlass der Studie: Update

Empfehlung: BUY

Kursziel: EUR 3.3

Kursziel auf Sicht von: 12 months

Letzte Ratingänderung:

Analyst: Philipp Sennewald

Strong Q1; premium model proves resilient

Yesterday, MHP released its Q126 hotel performance figures, showing

broad-based momentum across the portfolio and confirming the trajectory

towards the FY26 guidance. In detail:

Q1 hotel sales increased 25% to EUR 41.5m (eNuW: EUR 41.3m), driven by both

Logis and F&B. Logis sales of EUR 30.3m (+21% yoy; eNuW: EUR 30.2m) was largely

driven by the Conrad Hamburg (opened in 09/25) and the recently added Hyatt

Regency Vienna (former Andaz; takeover of operations in 02/26). Particularly

noteworthy, F&B sales grew 36% to EUR 10.0m (eNuW: EUR 9.6m), reflecting MHP's

strong focus on high-class restaurants and bar concepts - a structural

strength the company has been actively cultivating.

Most important hotel specific KPIs were equally encouraging on an adjusted

basis (excl. Conrad, as still in ramp-up): Q1 occupancy improved 3pp to a

strong 70% (eNuW: flat), while ADR improved slightly by 1% yoy to EUR 205

leading to a RevPar of EUR 143 (+4% yoy). Including Conrad, occupancy would

have stood at 65% and RevPar at EUR 134. That said, we expect MHP's first

Hilton brand hotel to continuously catch up towards group average levels

throughout FY26.

As outlined, Q126 also marks the first full quarterly contribution of Hyatt

Regency Vienna, adding a third major brand partner alongside Marriott and

Hilton and further deepening MHP's Vienna footprint to three operating

hotels, with a fourth (Sheraton Vienna, 310 rooms) set to open in 2027.

Middle East impact limited. A key talking point has been the geopolitical

backdrop in the Middle East and its potential impact on European travel, and

particularly hotel demand. Management has provided us concrete color here,

stating that the affected region accounts for only c. 2% of group sales with

the current situation (c. 30% decline in flight connections among local

carriers) being considered as the worst-case demand constraint. Importantly,

the luxury and upper-upscale segment has historically shown substantially

more resilience to geopolitical disruptions than the broader market, and a

stabilisation of travel routes could even redirect additional demand toward

Europe. A scenario MHP's premium portfolio would be well-placed to capture.

Our view: MHP continues to deliver strong operational results and again

displays its ability to establish new upper up-scale and luxury hotels. That

said, valuation remains undemanding with a projected FY26e FCFY of >20%

(FY27e >30%).

Reiterate BUY, unchanged PT of EUR 3.30 based on DCF.

Die vollständige Analyse können Sie hier downloaden:

https://eqs-cockpit.com/c/fncls.ssp?u=bc71759532aa81a01cd007111c3e584f

Die Analyse oder weiterführende Informationen zu dieser können Sie hier

downloaden: https://www.nuways-ag.com/research-feed

Kontakt für Rückfragen:

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

++++++++++

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.

++++++++++

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

Die EQS Distributionsservices umfassen gesetzliche Meldepflichten, Corporate

News/Finanznachrichten und Pressemitteilungen.

Originalinhalt anzeigen:

https://eqs-news.com/?origin_id=0de67f7d-3a27-11f1-8534-027f3c38b923&lang=de

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

2310212 17.04.2026 CET/CEST

°