NoHo Partners: Waiting for markets to improve - Nordea

NoHo Partners' Q2 2024 results missed the Vara Research consensus' high expectations, but we nevertheless argue that the results were solid considering the challenging market. The Finnish market was soft, but International operations beat our expectations, and we anticipate a gradual pickup in Finland during H2. NoHo Partners reiterated its 2024 guidance of roughly EUR 430m in sales with an EBIT margin of around 9.5%, and its good reservation levels are cautiously positive ahead of the holiday season in Q4. We derive a fair value range of EUR 10.1-12.9 (10.7-13.6) per share. Marketing material commissioned by NoHo Partners.

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