Märkte & Kurse

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Original-Research: MHP Hotel AG - von NuWays AG

17.04.2026 / 09:00 CET/CEST
Veröffentlichung einer Research, übermittelt durch EQS News - ein Service
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Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw.
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oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.

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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.
++++++++++

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2310212 17.04.2026 CET/CEST

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