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Original-Research: EPH Group AG - from NuWays AG
21.11.2025 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS
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Classification of NuWays AG to EPH Group AG
Company Name: EPH Group AG
ISIN: AT0000A34DM3
Reason for the research: Update
Recommendation: Buy
from: 21.11.2025
Target price: EUR 102
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald
Founded in 2023 and headquartered in Vienna, EPH Group AG (EPH) is a newly
established hospitality real estate developer focused on the DACH region.
Hereby, the company is operating in the most profitable phase of real estate
development by focusing on creating value where the steepest valuation
uplift occurs: securing prime land plots, obtaining permits, designing
high-end resort concepts, and signing long-term agreements with top-tier
international hotel brands. By exiting projects once these milestones are
achieved - typically before construction begins - the company maximizes
asset monetization while minimizing capital intensity, execution risk, and
balance sheet exposure.
This capital light approach enables EPH to achieve high developer margins of
around 50% (eNuW) on acquisition and development costs with only short
project durations of < 24 months on average. Structured via SPVs, each
project moves through a disciplined acquisition - de-risking - disposal
cycle, converting planning expertise and market access into quick capital
turnover and recurring cash flows.
EPH is on track to progress from its current platform build-up phase to a
scalable, recurring development model. While the current pipeline comprise
six projects, we model one project acquisition per quarter from Q1'26e
forward, ensuring steady replenishment of land plots, as we expect first
project disposals from Q3'26e onwards.
The attractiveness of the business model currently coincides with a highly
attractive market environment, as the luxury and upper-upscale hospitality
segment in the DACH region is projected to grow at a 4-6% CAGR, supported by
record overnight stays, constrained new offering, and surging institutional
appetite for branded, income generating resort assets. Prime alpine,
lakeside, and other destinations in DACH are in high demand of both,
international hotel operators and long-term, institutional investors. This
not only builds the foundation of EPH's expansion strategy, but also unlocks
upside potential.
Looking ahead, EPH's growth trajectory is set to accelerate with the first
project sales in FY26e (eNuW: EUR 6.5m development income) and further
projects reaching maturity in FY27e. Thereafter, we expect a steady, rolling
pipeline of six projects running in parallel, which should leave certain
upside should the company expand capacities.
As volumes ramp up, we also see returns to improve sharply, visible in ROICs
exceeding costs of capital from FY27e onwards. Combined with the
capital-light set up, this should translate into structurally rising
earnings and cash flows as the company evolves from a start-up to a leading
developer of institutional-grade leisure hospitality assets in the DACH
region.
Against this backdrop and by anticipating future project sales, we initiate
EPH with BUY and a PT of EUR 102 based on DCF.
You can download the research here:
https://eqs-cockpit.com/c/fncls.ssp?u=fc3589caa9cf54febda5ff6286d10d69
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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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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2233894 21.11.2025 CET/CEST
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