NoHo Partners: High expectations for the peak season - Nordea
NoHo Partners' Q3 2024 results missed Vara Research expectations on several items, but the guidance for 2024 was reiterated. While the guidance places a lot of pressure on Q4 growth and earnings improvement, we view the solid pre-Christmas season reservation levels 10% ahead of last year as encouraging. In addition, the Finnish operations' Q3 profitability was above our expectation, despite a soft market. This was positive to us, and we argue that demand should improve during 2025. We derive a fair value range of EUR 10.9-13.7 (10.8-13.7) per NoHo share by equally weighting our DCF- and multiples-based valuation methods. Marketing material commissioned by NoHo Partners.
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