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NoHo reported Q4 EBIT 2% above Refinitiv consensus. More importantly, the company guided for more than EUR 350m in sales with a ~9% EBIT margin for 2023, indicating at least 12% sales growth. January sales came in 23% above the pre-pandemic level, while H2 growth will be supported by the new main supplier agreement for Helsinki Expo and Convention Centre. Market demand seems to be holding up well. Leverage is now within the company's target, while debt repayments will ease in 2023, allowing for growth investments. We expect the company to reduce leverage below 2.5x this year. Its financial targets for 2024 appear achievable, although they will require M&A, most likely in Denmark and Norway. We derive a fair value range of EUR 10.8-13.6 (10.0-12.5) per NoHo share. Marketing material commissioned by NoHo Partners.

Source: Finwire News.