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MHP Hotel AG (von NuWays AG): BUY 22.07.2026, 09:00 Uhr von EQS Research Jetzt kommentieren: 0

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MHP Hotel 1,36 EUR ±0,00 % Gettex

Original-Research: MHP Hotel AG - from NuWays AG

22.07.2026 / 09:00 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.


Classification of NuWays AG to MHP Hotel AG

Company Name: MHP Hotel AG
ISIN: DE000A3E5C24
 
Reason for the research: Update
Recommendation: BUY
Target price: EUR 3.7
Target price on sight of: 12 months
Last rating change:
Analyst: Philipp Sennewald

MHP Hotel AG: Record Q2 revenue as hotel platform scales

Yesterday, MHP released Q2 '26 hotel performance figures, posting the highest quarterly revenue in the company's history. In detail:

Q2 hotel sales increased 26% yoy to € 56.8m (eNuW: € 57.8m), driven by the continuous expansion of the portfolio, most notably the first full quarterly consolidation of the Hyatt Regency Vienna and the ongoing Conrad Hamburg ramp-up. Moreover, demand in the premium and luxury segment remains strong. Important to mention in this context: In FY25, middle-east customer accounted for only 2.5% of Logis sales, explaining the limited effect on MHP operations.

Growth was broad-based across segments: Logis sales rose 22% to € 42.9m while F&B sales again grew disproportionately at +41% yoy to € 12.5m, following +36% in Q1. The continued outperformance of the gastronomy and conference business confirms the structural build-out of revenue sources beyond the room business, a strength that plays well into the equity story given its brand-building character and reduced dependency on room rates.

KPI picture: Volume ahead, rates slightly softer. Occupancy came in at 79% (eNuW: 78.7%), or a strong 82% adjusted for the Conrad Hamburg ramp-up (+2pp yoy), underpinning the intact volume demand across the portfolio. Rates on the other hand fell short of our expectations as ADR declined to € 229 or € 225 adj. (eNuW: € 237; Q2'25: € 238) and RevPar to € 180 (€ 184 adj; eNuW: € 186). The deviation is largely explained by two temporary effects: (1) the Conrad ramp-up during the seasonally weak start of the year in the Hamburg market and (2) a demand dip in April amid the geopolitical tensions in the Middle East.

Important to mention in this context: In FY25, middle-east customers accounted for only 2.5% of Logis sales, explaining the limited effect on MHP operations. Management also confirmed that April marked the trough of the FY26 demand development, with occupancy picking up clearly towards the end of Q2. That said, the Q2 rate development shows that the indirect sentiment effects were temporarily more visible than the limited direct exposure would suggest, which we regard as fully digestible given the swift occupancy recovery.

FY26 guidance confirmed. Management reiterated its outlook of c. € 225m sales (eNuW: € 227m) and > € 10m group EBITDA (eNuW: € 10.2m), driven by the first full-year contribution of the Conrad and the integration of the Hyatt Regency Vienna. Mind you, Q3 and Q4 are seasonally the strongest quarters, making the implied H2 top-line performance of € 127m or +28.2% yoy look achievable.

Overall, the release confirms the growth trajectory of the platform while the temporary rate softness does not alter the underlying investment case of a scaling, asset-light premium operator with strong cash conversion and a committed pipeline (Sheraton Vienna 2027, AC Stuttgart 2028, MOOONS Frankfurt 2029, AC Düsseldorf 2029).

Reiterate BUY with an unchanged PT of € 3.70 based on DCF.
 

You can download the research here: mhp-hotel-ag-2026-07-22-previewreview-en-a3f0f
For additional information visit our website: https://www.nuways-ag.com/research

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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Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben analysierten Unternehmen befindet sich in der vollständigen Analyse.
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2369646  22.07.2026 CET/CEST

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Dis­clai­mer: Die hier an­ge­bo­te­nen Bei­trä­ge die­nen aus­schließ­lich der In­for­ma­t­ion und stel­len kei­ne Kauf- bzw. Ver­kaufs­em­pfeh­lung­en dar. Sie sind we­der ex­pli­zit noch im­pli­zit als Zu­sich­er­ung ei­ner be­stim­mt­en Kurs­ent­wick­lung der ge­nan­nt­en Fi­nanz­in­stru­men­te oder als Handl­ungs­auf­for­der­ung zu ver­steh­en. Der Er­werb von Wert­pa­pier­en birgt Ri­si­ken, die zum To­tal­ver­lust des ein­ge­setz­ten Ka­pi­tals füh­ren kön­nen. Die In­for­ma­tion­en er­setz­en kei­ne, auf die in­di­vi­du­el­len Be­dür­fnis­se aus­ge­rich­te­te, fach­kun­di­ge An­la­ge­be­ra­tung. Ei­ne Haf­tung oder Ga­ran­tie für die Ak­tu­ali­tät, Rich­tig­keit, An­ge­mes­sen­heit und Vol­lständ­ig­keit der zur Ver­fü­gung ge­stel­lt­en In­for­ma­tion­en so­wie für Ver­mö­gens­schä­den wird we­der aus­drück­lich noch stil­lschwei­gend über­nom­men. Die Mar­kets In­side Me­dia GmbH hat auf die ver­öf­fent­lich­ten In­hal­te kei­ner­lei Ein­fluss und vor Ver­öf­fent­lich­ung der Bei­trä­ge kei­ne Ken­nt­nis über In­halt und Ge­gen­stand die­ser. Die Ver­öf­fent­lich­ung der na­ment­lich ge­kenn­zeich­net­en Bei­trä­ge er­folgt ei­gen­ver­ant­wort­lich durch Au­tor­en wie z.B. Gast­kom­men­ta­tor­en, Nach­richt­en­ag­en­tur­en, Un­ter­neh­men. In­fol­ge­des­sen kön­nen die In­hal­te der Bei­trä­ge auch nicht von An­la­ge­in­te­res­sen der Mar­kets In­side Me­dia GmbH und/oder sei­nen Mit­ar­bei­tern oder Or­ga­nen be­stim­mt sein. Die Gast­kom­men­ta­tor­en, Nach­rich­ten­ag­en­tur­en, Un­ter­neh­men ge­hör­en nicht der Re­dak­tion der Mar­kets In­side Me­dia GmbH an. Ihre Mei­nung­en spie­geln nicht not­wen­di­ger­wei­se die Mei­nung­en und Auf­fas­sung­en der Mar­kets In­side Me­dia GmbH und de­ren Mit­ar­bei­ter wie­der. Aus­führ­lich­er Dis­clai­mer