^ Original-Research: MHP Hotel AG - von NuWays AG

07.05.2026 / 09:00 CET/CEST Veröffentlichung einer Research, übermittelt durch EQS News - ein Service der EQS Group. Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung 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 3.5 Kursziel auf Sicht von: 12 months Letzte Ratingänderung: Analyst: Philipp Sennewald

MOOONS goes Germany, final FY25 out; chg.

Yesterday, MHP provided the market with two news items: (1) the company announced the first German MOOONS hotel & (2) released its FY25 annual report. In detail:

MOOONS is coming to Frankfurt. MHP has signed a long-term lease with Rock Capital Group for a 200+ room upscale lifestyle hotel in central Frankfurt, opening in 2029. The property will be converted from an office building with two additional floors added, explaining the ~3-year development timeline. Management guides for stabilised annual sales of EUR 12-14m at an 8-10% EBITDA margin, implying stabilised EBITDA of EUR 1.1-1.4m. As with the original MOOONS in Vienna, the margin profile is set to be structurally superior to MHP's franchise portfolio: by cutting out the franchise partner entirely, MOOONS retains the royalty and system fees that would otherwise flow to Marriott, Hilton or Hyatt, directly boosting bottom-line conversion. In fact, the Vienna hotel is already posting 11% EBITDA margins, making the management projection appear rather conservative. On top of that, the lean F&B model, with a reduced footprint and lower staffing requirements, is explicitly designed as a margin driver rather than a cost centre.

In yesterday's CC, CEO Frehse added further conviction to the MOOONS growth story, stating that two additional projects beyond Frankfurt are currently in advanced planning, and did not rule out that MOOONS could one day evolve into its own franchise model, which would effectively turn MHP from a pure franchisee into a franchisor. That optionality is not reflected in our estimates and could represent a significant re-rating catalyst. RevPar in Frankfurt (market estimates) is forecasted to grow 11% through 2029 (Eastdil/PMA), and operational synergies with the nearby JW Marriott via the YMCS platform should support the unit economics.

In addition to this, the FY25 report was released, showing sales in line with the implication from the Q4 trading statement at EUR 178m (+10.6% yoy). Adj. EBITDA (ex. Conrad) increased 33% yoy to EUR 8.0m, driven by operating leverage especially in connection with the ramp up of the Koenigshof and JW Marriott (post-renovation). On hotel KPIs: stripping out the Conrad ramp-up effect, adj. RevPar rose 6% to EUR 179 and adj. occupancy held stable at 78%, a strong result given the tough comp. with the Euros and Munich concert series (e.g. Adele, Taylor Swift) in 2024.

Given strong Q1 momentum (sales up 25% to EUR 41.5m), the FY guidance of EUR 225m sales (eNuW: EUR 227m) and >EUR 10m reported EBITDA (eNuW: EUR 10.2m) was confirmed. In our view, the release, especially the MOOONS rollout, fully confirms the investment case as MHP transitions from a franchisee-heavy business model into a multi-pillar platform operator.

At 5.1x FY26e EV/EBITDA the stock continues to trade at highly undemanding levels. We hence confirm BUY, PT raised to EUR 3.50 (old: EUR 3.30), based on DCF.

Die vollständige Analyse können Sie hier downloaden: https://eqs-cockpit.com/c/fncls.ssp?u=0b87d42ab61258542ca17bd7b370d5f2 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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2322896 07.05.2026 CET/CEST

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Quelle: dpa-Afx