NuWays keeps BUY on EPH Group after Tegernsee permit, target cut to €83

what happened

Analysts at NuWays AG, in a research note distributed via EQS on 3 November 2026, reiterated their BUY rating on EPH Group AG and lowered the 12-month target price to €83 from €102. The valuation is based on a DCF model.

The main development is the granting of the building permit for the Tegernsee project. NuWays considers this the key condition of the February term sheet and a clear reduction in project risk. Execution of the definitive sale contract is anticipated in the near term, with completion to follow straight after. The project is partly financed by a new secured bond whose collateral includes the shares of the company that owns the project.

EPH has also signed purchase agreements with five landowners for a plot of about 26,363 sqm in Burgenland, earmarked for a 300-bed five-star resort. The price is only €263,630 and becomes payable once the land is rezoned and a final building permit is issued. EPH can withdraw if no permit is in place by 31 December 2030.

why it matters

EPH shares have fallen 89% over six months on very low trading volume. NuWays attributes the decline to technical factors and a few small orders rather than fundamentals, and calls the weakness unjustified. In a thinly traded stock, even small orders can move the price noticeably.

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