Original-Research: EPH Group AG (von NuWays AG): BUY

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 secures another premium alpine resort project

Last week, EPH announced the signing of an agreement to acquire a high-quality resort development project in Vorarlberg, marking another step in building its pipeline of premium hotel assets in core DACH tourism markets. While the transaction is not yet closed and thus not reflected in our estimates, it further underlines the company’s ability to source attractive opportunities. In detail:

The project is located in a prime Alpine setting directly next to a cable car station, offering access to a highly attractive and snow-reliable ski area. Plans foresee the development of a modern, year-round resort in the upscale segment (≥4-star) with 499 beds, targeting international leisure travelers with a focus on active holidays, wellness and relaxation. With a valid building permit already in place and only minor amendments (“Tektur”) required, the project offers comparatively high execution visibility at this stage.

Notably, the transaction structure stands out for its capital efficiency. Instead of a cash purchase price, the consideration will be provided through the allocation of parking spaces within the future underground garage. This significantly reduces upfront capital requirements and highlights EPH’s flexible, partnership-driven approach to deal structuring, which is a key element of its asset-light strategy and supports an attractive risk-return profile.

Strategically, the project fits well into EPH’s focus on premium and luxury hospitality assets in structurally attractive regions. Alpine destinations continue to benefit from strong demand, increasing international tourism flows and limited supply of investable large-scale projects. Against this backdrop, EPH is positioning itself to participate in ongoing market consolidation while gradually building a diversified development pipeline. The intended involvement of an international hotel operator further supports the positioning and future monetization potential of the asset.

While the financial impact remains limited in the near term, as the transaction is not yet closed, the announcement reinforces our view on EPH’s sourcing capabilities and pipeline visibility. At the same time, the company continues to prepare the next steps of its growth strategy, including a planned capital increase to support project execution as well as a shareholder-friendly dividend policy, which envisages a 30% payout ratio going forward.

Reiterate BUY with an unchanged PT of € 102 based on DCF.
 

You can download the research here: eph-group-ag-2026-04-08-update-en-103ac
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
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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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