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Third party research

NoHo Partners: Cooler weather, slightly cooler expectations - Nordea

NoHo Partners

This is a third party research report and does not necessarily reflect our views or values

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Ahead of its Q3 2024 report, we take a slightly more cautious view towards NoHo Partners' revenue development, given the prevailing market softness in the Nordics. While we expect NoHo's International business to continue its solid growth, and even though we incorporate the newest acquisition in Finland into our estimates, we regard NoHo's current 2024 guidance for EUR ~430m in sales and around a 9.5% EBIT margin as being at risk. However, we note that Q4 accounts for ~30% of annual earnings, and thus could swing estimates both ways. By incorporating slightly higher valuation multiples, we derive an increased DCF- and multiples-based fair value range of EUR 10.8-13.7 (10.1-12.9) per NoHo share. Marketing material commissioned by NoHo Partners.
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