Original-Research: MHP Hotel AG (von NuWays AG): BUY
|
Original-Research: MHP Hotel AG - von NuWays AG
Einstufung von NuWays AG zu MHP Hotel AG
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 ++++++++++ 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. ++++++++++
Die EQS Distributionsservices umfassen gesetzliche Meldepflichten, Corporate News/Finanznachrichten und Pressemitteilungen. |
||||||||||||||||||
2274562 11.02.2026 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 | ||||||||
| 2020 | 2021 | 2022 | 2023 | 2024 | 2025e | 2026e | ||
| Sales1 | 34,43 | 33,31 | 104,85 | 136,27 | 161,04 | 180,00 | 225,00 | |
| EBITDA1,2 | 4,06 | 4,42 | 3,65 | 1,13 | 10,36 | 15,00 | 10,50 | |
| EBITDA-Margin3 | 11,79 | 13,27 | 3,48 | 0,83 | 6,43 | 8,33 | 4,67 | |
| EBIT1,4 | 3,53 | 3,32 | -3,05 | -6,04 | 1,96 | 7,50 | 2,30 | |
| EBIT-Margin5 | 10,25 | 9,97 | -2,91 | -4,43 | 1,22 | 4,17 | 1,02 | |
| Net Profit (Loss)1 | -3,32 | 2,09 | -7,25 | -6,47 | 1,42 | 5,50 | 1,60 | |
| Net-Margin6 | -9,64 | 6,27 | -6,92 | -4,75 | 0,88 | 3,06 | 0,71 | |
| Cashflow1,7 | -0,17 | 4,60 | -1,54 | 0,91 | 6,13 | 10,00 | 0,00 | |
| Earnings per share8 | -0,08 | 0,05 | -0,17 | -0,15 | 0,03 | 0,16 | 0,04 | |
| 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 | ||||||
| ©boersengefluester.de | ||||||
| MHP Hotel | ||||||
| WKN | ISIN | Legal Type | Marketcap | IPO | Recommendation | Plus Code |
| A3E5C2 | DE000A3E5C24 | AG | 65,36 Mio € | 06.08.2015 | Kaufen | 8FWH4HRF+WC |
| PE 2027e | PE 10Y-Ø | BGFL-Ratio | Shiller-PE | PB | PCF | KUV |
| 12,82 | 29,05 | 0,44 | -15,84 | 1,35 | 10,66 | 0,41 |
|
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 | 16.04.2026 | 22.09.2025 | 16.10.2025 | 12.06.2025 |
| Distance 60-days-line | Distance 200-days-line | Performance YtD | Performance 52 weeks | IPO |
| -0,42% | -2,49% | +0,00% | +1,44% | +0,00% |
Founded in 2013 by Gereon Kruse, the financial portal boersengefluester.de is all about German shares - with a clear focus on second-line stocks. In addition to traditional editorial articles, the site stands out in particular thanks to a large number of self-developed analysis tools. All tools are based on a completely self-maintained database for more than 650 shares. As a result, boersengefluester.de produces Germany's largest profit and dividend forecast.
Contact
