NoHo Partners: In good shape for international expansion - Nordea

NoHo reported Q2 EBIT 13% above Vara consensus, despite 4% lower sales. Operations in Finland are performing strongly, and the company improved its International operations despite the growth phase. Customer visits were down from the y/y comparison period when there was a lot of pent-up demand, while price increases, new openings and M&A supported growth.

The company aims to accelerate its M&A pace, and the recent acquisition in Switzerland, combined with Friends & Brgrs, offers a good platform for international growth. Owing to the strong start to 2023, we believe that another guidance raise is plausible during Q4. We derive an unchanged DCF- and SOTP-based fair value range of EUR 12.3-15.4.

Marketing material commissioned by NoHo Partners.

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