Original-Research: MHP Hotel AG (von NuWays AG): Buy - T-Online

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H1 optics are worse than operations; chg.

H1 sales came in at EUR 99.3m (eNuW: EUR 98.3m), up 25% yoy. Growth was

added EUR 17m, implying organic growth of 3.8%. Occupancy came in at 72.0%,

ADR at EUR 219 and RevPAR at EUR 158. Mind you, the reported rate data is

adjusted for Conrad only. The Andaz Vienna was rebranded to Hyatt Regency

Margin looks worse than it is. H1 EBITDA of EUR 0.2m was only slightly behind

eNuW of EUR 0.6m. The H1'25 EUR 2.3m figure is actually not a good comparable,

as it was inflated by EUR 4.0m Conrad FF&E related one-offs. Hence, there is

no cost problem as operating EBITDA improved by EUR 1.9m yoy.

Slower Conrad ramp-up and Middle East cause guidance cut. While the sales

guidance was only slightly cut to EUR 220-225m (old: c. EUR 225m), EBITDA was

adjusted more significantly from c. EUR 10m to c. EUR 8m. The main reason for

budget as flows through the brand systems have not materialized yet. On top

of this comes Middle East. Although accounting for only 2.5% of sales (FY25

F&B spend, causing a disproportionate earnings hit. Energy adds to the

summer heat. The implied H2 run-rate of EUR 7.8m however seems reasonable, in

strongest months on Christmas market demand.

not structural. Besides this, the company remains the leading white-label

assets that come with limited capital commitment of its own. This allows the

sheet. With premium demand structurally unbroken and the Conrad ramp-up a

portfolio should come through from FY27e onwards. At current levels, the

conservate approach on return to normal from Middle East travellers.

We thus reiterate BUY with a new PT of EUR 3.50 (old: EUR 3.70) based on DCF.

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