HomeToGo-Check in to the upside-06/15/2026

研报英文原文证据摘录

HomeToGo-Check in to the upside-06/15/2026

HomeToGo

SPONSORED RESEARCH INITIATING COVERAGE | 15 JUN

Check in to the upside Target price (EUR) 2.5

HomeToGo has undergone a fundamental transformation. The Share price (EUR) 1.2

Interhome acquisition has repositioned the group from a loss-making

B2C marketplace into a vertically integrated vacation rental platform

where the majority of revenues are now recurring and B2B-derived - a

shift the current valuation does not yet reflect. HTG is the only operator

with the scale and network to consolidate Europe's deeply fragmented

vacation rental management market, where the top three players hold Forecast changes

barely 10% combined share. With a more than threefold adjusted % 2026e 2027e 2028e

EBITDA inflection expected in 2026 and a structural negative working Revenues NM NM NM

capital position that turns growth into cash, we initiate with a Buy and a EBITDA NM NM NM

target price of EUR 2.50. EBIT adj NM NM NM

EPS reported NM NM NM

A business the market has yet to re-read EPS adj NM NM NM

The Interhome acquisition has fundamentally repositioned HTG — from a loss- Source: Pareto Securities

making B2C marketplace into a vertically integrated vacation rental platform

where the majority of revenues are now recurring and B2B-derived. This changes Ticker HTGG.DE, HTG GR

the risk pro5le of the business materially. The current valuation does not reflect it.

Sector Divers5ied Consumer

The right player in a structurally fragmented market Shares fully diluted (m) 177.4

The European vacation rental management market is vast, growing, and barely Market cap (EURm) 205

consolidated — the top three players hold only 10% combined share. HTG is the Net debt (EURm) -20