Märkte & Kurse

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Original-Research: MHP Hotel AG - from NuWays AG

04.02.2026 / 09:00 CET/CEST
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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
     Target price:                EUR 3.3
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald

Securing another premium mandate with Hyatt Vienna; Chg.

On Monday, MHP announced the takeover of operations of the Andaz Vienna with
immediate effect. Moreover, the hotel will be rebranded as Hyatt Regency
Vienna from April 2026. The transaction fits well into MHP's long-term
growth strategy, further strengthening its positioning in the premium
segment while maintaining its asset-light operating model. In detail:

The 303-room house, including 44 suites, is located close to the Belvedere
castle and benefits from a strong mix of leisure, corporate and MICE demand.
With more than 2,000 sqm of conference and event space, the property is also
clearly positioned towards business travellers and large-scale events, which
should translate into an above group average F&B share (eNuW: 30%). Overall,
the hotel is seen to contribute EUR 25m in sales in FY26, which should
translate into a EUR 26m run-rate, including the seasonally weaker January
(eNuW). This also implies a RevPar of c. EUR 150, which MHP should be able to
improve closer toward group average (eNuW: EUR 175 in FY25), following the
rebranding. Indicating a steady-state margin of 7%, the new house is seen to
contribute strongly towards cash generation, given the low capital intensity
of the operating business.

From a strategic perspective, the deal marks another step in MHP's
cooperation with leading international brands, adding a third partner next
to Marriott and Hilton, thus diversifying the portfolio further. This
clearly underlines the company's appeal as a franchise and operating
partners for both institutional owners and hotel brands while at the same
time enhancing its visibility in key European gateway cities, now putting
Vienna at the forefront with three hotels (4 if including Sheraton opening
in FY27).

Importantly, the Hyatt transformation goes along with full operational
continuity, as the hotel remains open throughout the transition. The
existing team is retained and all bookings and contracts are honoured to
support a smooth earnings contribution from day one.

Despite the two recent deal announcements, we would not rule out further
additions throughout the year, expanding the pipeline, which already
consists of the opening of the Sheraton Vienna (310 rooms) in 2027 and the
Autograph Collection Stuttgart (132 rooms) in 2028. Please note, the company
will release its Q4 hotel performance figures on February 10th.

That said, Monday's news fully confirms our view on the case and reinforces
our conviction in MHP's premium expansion strategy. Confirm BUY with a new
PT of EUR 3.30 (old: EUR 3.20) based on DCF.


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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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2270956 04.02.2026 CET/CEST

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