EPH Group AG (von NuWays AG): BUY 08.04.2026, 09:00 Uhr von dpa-AFX Jetzt kommentieren: 0

Original-Research: EPH Group AG - from NuWays AG



08.04.2026 / 09:00 CET/CEST
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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
     Target price:                EUR 102
     Target price on sight of:    12 months
     Last rating change:
     Analyst:                     Philipp Sennewald



EPH secures another premium alpine resort project



Last week, EPH announced the signing of an agreement to acquire a
high-quality resort development project in Vorarlberg, marking another step
in building its pipeline of premium hotel assets in core DACH tourism
markets. While the transaction is not yet closed and thus not reflected in
our estimates, it further underlines the company's ability to source
attractive opportunities. In detail:



The project is located in a prime Alpine setting directly next to a cable
car station, offering access to a highly attractive and snow-reliable ski
area. Plans foresee the development of a modern, year-round resort in the
upscale segment (>=4-star) with 499 beds, targeting international leisure
travelers with a focus on active holidays, wellness and relaxation. With a
valid building permit already in place and only minor amendments ("Tektur")
required, the project offers comparatively high execution visibility at this
stage.



Notably, the transaction structure stands out for its capital efficiency.
Instead of a cash purchase price, the consideration will be provided through
the allocation of parking spaces within the future underground garage. This
significantly reduces upfront capital requirements and highlights EPH's
flexible, partnership-driven approach to deal structuring, which is a key
element of its asset-light strategy and supports an attractive risk-return
profile.



Strategically, the project fits well into EPH's focus on premium and luxury
hospitality assets in structurally attractive regions. Alpine destinations
continue to benefit from strong demand, increasing international tourism
flows and limited supply of investable large-scale projects. Against this
backdrop, EPH is positioning itself to participate in ongoing market
consolidation while gradually building a diversified development pipeline.
The intended involvement of an international hotel operator further supports
the positioning and future monetization potential of the asset.



While the financial impact remains limited in the near term, as the
transaction is not yet closed, the announcement reinforces our view on EPH's
sourcing capabilities and pipeline visibility. At the same time, the company
continues to prepare the next steps of its growth strategy, including a
planned capital increase to support project execution as well as a
shareholder-friendly dividend policy, which envisages a 30% payout ratio
going forward.



Reiterate BUY with an unchanged PT of EUR 102 based on DCF.




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https://eqs-cockpit.com/c/fncls.ssp?u=a22d322d3de3654f0f61dd64f027d3f7
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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 Interessenkonflikte nach § 85 WpHG beim oben
analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2304622 08.04.2026 CET/CEST