NoHo Partners: Solid performance in a stable market - Nordea

NoHo's Q3 EBIT of EUR 8.7m was in line with our estimate but 5% short of Vara consensus expectations. Net sales increased by 12% y/y in Q3, supported by acquisitions. The rainy end to the summer affected sales growth negatively, especially within entertainment venues. The company kept its guidance intact, while we continue to see a possible guidance upgrade in December. The company expects the solid demand situation to continue in Q4, which likely supports deleveraging following the Better Burger Society transaction. Our DCF- and multiples-based fair value range is EUR 12.0-15.0 (12.4-15.5). Marketing material commissioned by NoHo Partners.

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