Original-Research: MHP Hotel AG - von NuWays AG
Einstufung von NuWays AG zu MHP Hotel AG
Strong Q1; premium model proves resilient Yesterday, MHP released its Q126 hotel performance figures, showing broad-based momentum across the portfolio and confirming the trajectory towards the FY26 guidance. In detail: Q1 hotel sales increased 25% to € 41.5m (eNuW: € 41.3m), driven by both Logis and F&B. Logis sales of € 30.3m (+21% yoy; eNuW: € 30.2m) was largely driven by the Conrad Hamburg (opened in 09/25) and the recently added Hyatt Regency Vienna (former Andaz; takeover of operations in 02/26). Particularly noteworthy, F&B sales grew 36% to € 10.0m (eNuW: € 9.6m), reflecting MHP's strong focus on high-class restaurants and bar concepts - a structural strength the company has been actively cultivating. Most important hotel specific KPIs were equally encouraging on an adjusted basis (excl. Conrad, as still in ramp-up): Q1 occupancy improved 3pp to a strong 70% (eNuW: flat), while ADR improved slightly by 1% yoy to € 205 leading to a RevPar of € 143 (+4% yoy). Including Conrad, occupancy would have stood at 65% and RevPar at € 134. That said, we expect MHP's first Hilton brand hotel to continuously catch up towards group average levels throughout FY26. As outlined, Q126 also marks the first full quarterly contribution of Hyatt Regency Vienna, adding a third major brand partner alongside Marriott and Hilton and further deepening MHP's Vienna footprint to three operating hotels, with a fourth (Sheraton Vienna, 310 rooms) set to open in 2027. Middle East impact limited. A key talking point has been the geopolitical backdrop in the Middle East and its potential impact on European travel, and particularly hotel demand. Management has provided us concrete color here, stating that the affected region accounts for only c. 2% of group sales with the current situation (c. 30% decline in flight connections among local carriers) being considered as the worst-case demand constraint. Importantly, the luxury and upper-upscale segment has historically shown substantially more resilience to geopolitical disruptions than the broader market, and a stabilisation of travel routes could even redirect additional demand toward Europe. A scenario MHP's premium portfolio would be well-placed to capture. Our view: MHP continues to deliver strong operational results and again displays its ability to establish new upper up-scale and luxury hotels. That said, valuation remains undemanding with a projected FY26e FCFY of >20% (FY27e >30%). Reiterate BUY, unchanged PT of € 3.30 based on DCF. Die vollständige Analyse können Sie hier downloaden: mhp-hotel-ag-2026-04-17-previewreview-en-c6f61 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. | ||||||||||||||||||
2310212 17.04.2026 CET/CEST
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