NoHo Partners: Breaking records even in a lower cycle - Nordea

NoHo Partners' Q4 2024 results came in clearly above Vara Research consensus, as the company continued to benefit from its economies of scale in a softer market. For 2025, we believe NoHo will benefit from the Finnish market returning to its growth trend and that it will accelerate its investment activities in international markets. We argue that these value-creating activities, combined with above-market organic growth and acquisitions, will be the key drivers for the share going forward, while a solid dividend yield, at 6-7% for 2025E-27E, provides downside protection, in our view. Our fair value range of EUR 11.4-14.5 is unchanged, based on our equally weighted DCF- and multiples-based valuation methods. Marketing material commissioned by NoHo Partners.

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