Märkte & Kurse

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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
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.

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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 +17%
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
++++++++++
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.
++++++++++

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2165724 07.07.2025 CET/CEST

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