NoHo Partners' Q1 results fell below Vara Research consensus, mainly owing to the prevailing challenging market environment in Norway, while the Finnish and Danish operations continued their good performance. We continue to see a solid outlook ahead, owing to the company's aim to restore Norway's profitability by H2, synergy benefits from recent acquisitions starting to realise and our expectation of better weather conditions supporting the important summer season. With our slightly reduced estimates, we derive a somewhat lower fair value range of EUR 8.8-11.4 (9.4-12.0) by equally weighing our DCF- and SOTP-based valuation methods.