Original-Research: MHP Hotel AG (von NuWays AG): BUY
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Original-Research: MHP Hotel AG - from NuWays AG
Classification of NuWays AG to MHP Hotel AG
H1 in line with est. as profitability strongly improves H1’25 sales increased by 12.6% to € 79.3m, which is in line with our estimate of € 79m. As outlined in our preview, this was predominantly driven by strong logis sales of € 60.1m (+14% yoy), which was supported by a higher ADR of € 222 (+8% yoy) despite a strong comparable base (2024 EURO). Moreover, the Koenigshof in Munich, which opened last year, contributed € 9m of sales growth. F&B sales also increased 11% yoy to € 16.3m, while the other segment posted a modest 2.4% increase to € 3.0m. Against this backdrop, H1 EBITDA came in at € 2.3m (eNuW: € 2.1m), implying a 2.9% margin. This is the first time MHP reported positive EBITDA in the seasonally weaker H1 since the listing in 2021. In our view, this was clearly built on operating leverage as well as efficiency gains. Outlook confirmed. Based on this, management confirmed the FY25 guidance of € 180m sales (eNuW: € 185m, eCons: € 182m) and € 15m EBITDA (eNuW: € 15.3m; eCons: € 15.1m/ eNuW: € 103m adj. EBITDA excl. key-money payments). In our view, this is well within reach, considering the historically stronger H2, the initial impact from the Conrad in Hamburg (283 additional rooms, >10% increase on group level) as well as the ramp-up of the Koenigshof. Based on the H1 results, the guidance implies 11.1% yoy H2 sales growth and an EBITDA margin of 12.6% (vs 13.1% in H2’24), which again is reasonable in our view. Portfolio expansion pending. During the call, management expressed its confidence in being able to announce at lease one addition to the portfolio during the remainder of the year. Importantly, following the successful capital increase in July (€ 4.5m gross proceeds), MHP should be equipped with a “war-chest” exceeding € 10m while timing could hardly be better given the continued struggle of peers, especially in the economy segment. Keep in mind that we do not model any portfolio additions beyond the Stuttgart opening in FY28. As such, any additional portfolio expansion would represent upside to our current estimates. As the release fully confirms our view on the case and valuation metrics remain attractive, we confirm BUY with an unchanged PT of € 3.00 based on DCF. You can download the research here: mhp-hotel-ag-2025-09-23-previewreview-en-6b31f 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 ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++
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2201958 23.09.2025 CET/CEST
Boersengefluester.de (BGFL) provides an overview of the key figures on sales, earnings, cash flow and dividends to help you better assess the fundamental development of the respective companies. All information is entered manually in our database - the source is the respective annual reports. All estimates for future figures are provided by BGFL.
| The most important financial data at a glance | ||||||||
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | ||
| Sales1 | 0,01 | 34,43 | 33,31 | 104,85 | 136,27 | 161,04 | 180,00 | |
| EBITDA1,2 | -0,16 | 4,06 | 4,42 | 3,65 | 1,13 | 10,36 | 15,00 | |
| EBITDA-Margin3 | -1.600,00 | 11,79 | 13,27 | 3,48 | 0,83 | 6,43 | 8,33 | |
| EBIT1,4 | -0,16 | 3,53 | 3,32 | -3,05 | -6,04 | 1,96 | 7,50 | |
| EBIT-Margin5 | -1.600,00 | 10,25 | 9,97 | -2,91 | -4,43 | 1,22 | 4,17 | |
| Net Profit (Loss)1 | -0,16 | -3,32 | 2,09 | -7,25 | -6,47 | 1,42 | 5,50 | |
| Net-Margin6 | -1.600,00 | -9,64 | 6,27 | -6,92 | -4,75 | 0,88 | 3,06 | |
| Cashflow1,7 | -0,16 | -0,17 | 4,60 | -1,54 | 0,91 | 6,13 | 10,00 | |
| Earnings per share8 | -0,04 | -0,08 | 0,05 | -0,17 | -0,15 | 0,03 | 0,16 | |
| Dividend per share8 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | |
1 in Mio. Euro; 2 EBITDA = Earnings before interest, taxes, depreciation and amortisation; 3 EBITDA in relation to sales; 4 EBIT = Earnings before interest and taxes; 5 EBIT in relation to sales; 6 Net profit (-loss) in relation to sales; 7 Cashflow from operations; 8 in Euro; Source: boersengefluester.de
Auditor: SDA Treuhand
All relevant valuation ratios, dates and other investor information on your share at a glance. Good to know: All data comes from boersengefluester.de and is updated daily. This means you are always up to date. You can get brief explanations of the key figures by moving the cursor or mouse over the relevant field.
| INVESTOR-INFORMATION | ||||||
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| MHP Hotel | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A3E5C2 | DE000A3E5C24 | AG | 65,36 Mio € | 06.08.2015 | Kaufen | 8FWH4HRF+WC |
| PE 2026e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 10,85 | 26,98 | 0,40 | -15,84 | 1,35 | 10,66 | 0,41 |
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Dividend '2023 in € |
Dividend '2024 in € |
Dividend '2025e in € |
Div.-Yield '2025e in % |
| 0,00 | 0,00 | 0,00 | 0,00% |
| Annual General Meeting | Q1-figures | Q2-figures | Q3-figures | Annual press conference |
| 30.07.2025 | 16.04.2025 | 22.09.2025 | 16.10.2025 | 12.06.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -2,69% | -2,15% | +14,63% | +17,50% | +0,00% |
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