Ahead of NoHo Partners' Q3 2026 report, due on 3 November, we make small negative estimate revisions to reflect the somewhat soft market development during Q3, visible in Nordea's card data. However, we argue that NoHo is likely to perform well even in a more sluggish market, and we foresee a robust pre-Christmas Q4 season ahead. With recovering profitability across its markets, we argue that NoHo offers an attractive earnings trajectory, with additional value-creation potential through Better Burger Company. Our DCF- and SOTP-based fair value range of EUR 10.1-12.8 per share reflects the solid operations and growth trajectory supported by the company's M&A strategy, now backed by a new financing agreement.