NoHo Partners: Expecting market outperformance - Nordea

Ahead of NoHo's Q4 2024 report, due out 12 February, we tweak our estimates. We expect the company to reach its guidance of EUR ~430m in net sales, with a ~9.5% EBIT margin, for 2024, as we argue that NoHo's performance is superior to the sluggish market growth witnessed throughout the year. For 2025, we expect a solid year, characterised by low-single-digit market growth and continued international expansion. With a positive outlook ahead, we derive a higher fair value range of EUR 11.4-14.4 (10.9-13.7) per NoHo share by equally weighting our DCF- and multiples-based valuation methods. Marketing material commissioned by NoHo Partners.

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