Original-Research: MHP Hotel AG (von NuWays AG): BUY

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 Q4 Hotel performance, Chg.

Yesterday, MHP released strong Q4 hotel performance figures, closing FY25 with record quarterly hotel revenues, underlining the continued strength of MHP’s premium positioning and rate-driven growth strategy. In detail:

Q4 hotel sales increased 16% yoy to € 52.6m (eNuW: € 54.2m), driven by sustained demand in the premium and luxury segments. Growth was predominantly rate-driven, with ADR rising to € 249 (+10% yoy) while occupancy also came in strong at 82% (+1pp yoy). Adj. RevPar (excl. newly opened Conrad Hamburg) hence improved 10% yoy to € 203, confirming the pricing power of MHP rather than purely volume driven expansion. Including the Conrad, RevPar stood at € 195 and the occupancy at 78%, reflecting the still ongoing ramp-up (opening in Q3’25).

Operationally, performance was broad-based across the portfolio. The Koenigshof Munich continued its stabilization and delivered c. 40% sales growth in Q4, supported mainly by occupancy gains but also higher rates. Sheraton Düsseldorf Airport benefited from strong corporate demand in October and November (+20%), while Le Méridien Vienna and MOOONS Vienna showed resilient momentum, with December revenues up c. 20% yoy. Importantly, Vienna further strengthens its strategic relevance for MHP, with the group now operating three hotels in the city and a fourth (Sheraton Vienna) scheduled to open in 2027.

From a full-year perspective, Q4 caps a strong FY25. Based on the quarterly hotel performance as well as the H1 report, FY25 sales are seen to come in at € 178m (+10.4% yoy, eNuW old: € 185m), which was also strongly driven by a 14.3% growth of F&B sales. While no bottom-line figures where disclosed, management reiterated that EBITDA is expected to come in at € 15m, implying a better than anticipated margin of 8.5% (vs 8.3% eNuW old). Mind you, this figure includes c. € 5m key money contributions which leads to an adj. EBITDA of c. € 10m (eNuW).

Looking ahead, management guides for € 225m sales (eNuW: € 226m) and >€ 10m EBITDA (eNuW: € 10.4m) in FY26. Key drivers of the implied 26.5% yoy growth are seen to be the first full-year contribution of the Conrad and the recent addition of Hyatt Regency Vienna (€ 25m contribution according to management), putting the organic growth target at 12.5%, which we regard as reasonable given the strong momentum and the Conrad catching up to group average KPIs. While profitability will be partly burdened by rebranding, renovation and transaction costs in FY26e, the underlying operational momentum remains fully intact, visible in our adj. EBITDA forecast.

Overall, the release fully confirms our conviction in a high-quality case, that is characterized by an excellent market position, a strong portfolio and a capital-light set-up allowing for strong cash conversion.

Reiterate BUY with an unchanged PT of € 3.30 based on DCF.
 

Die vollständige Analyse können Sie hier downloaden: mhp-hotel-ag-2026-02-11-previewreview-en-697ef
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
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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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