Märkte & Kurse

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Original-Research: EPH Group AG - from NuWays AG

03.03.2026 / 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 enters Germany with two lakefront projects

EPH announced a principal agreement to acquire two premium hotel
developments at lakeside locations in Bavaria, marking the company's planned
entry into the German market. The step represents a logical geographic
expansion of the pipeline beyond Austria and underlines the company's
ambition to scale its development platform selectively in attractive leisure
destinations.

The first project is planned as a modern design hotel on a c. 7,000 sqm
lakefront site with around 220 beds. The concept targets a
lifestyle-oriented guest segment and is intended to combine contemporary
architecture with a strong experiential component. The second development is
envisaged as a boutique design hotel on a c. 4,500 sqm plot in an elevated
location with panoramic lake views. Here, the positioning is expected to
focus on a more exclusive clientele seeking individuality and premium
micro-locations. For both projects, EPH aims to secure an international
operator, which would represent an important de-risking step and a
prerequisite for long-term value crystallisation.

The purchase price is stated in the low double-digit EURm (eNuW: EUR 15m) range.
Of this, EUR 2.5m is planned to be settled via an EPH share package under the
company's Land-for-Equity approach. This structure allows EPH to preserve
liquidity at holding level while aligning interests with the seller. At the
same time, it highlights the continued application of the company's
capital-light development model, which is based on sourcing attractive land
positions, enhancing them through concept development and operator
agreements, and subsequently realising value through structured exits.

Importantly, the acquisitions have not yet been closed and remain subject to
final agreements and further development steps. Hence, we do not incorporate
the projects into our forecasts at this stage, leaving our estimates
unchanged. Nevertheless, the announcement signals continued pipeline
momentum and demonstrates that EPH is actively working on broadening its
regional footprint and project base.

Beyond operational execution, management aims to conduct a larger equity
raise in order to broaden the free float, strengthen the balance sheet and
create additional financial flexibility for further pipeline expansion
alongside the existing bond structure. Moreover, EPH recently announced a
future dividend policy, aiming to for a payout ratio of 30% once the company
is generating profits.

Overall, the news fits well with the strategic framework. While execution
risks and timing aspects remain to be monitored until closing and operator
contracts are secured, the planned German expansion appears consistent with
EPH's development approach.

We reiterate our BUY rating with an unchanged PT of EUR 102 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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2284276 03.03.2026 CET/CEST

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