On 11 June, NoHo Partners released a strategy update for 2022-24. The company is targeting around EUR 400m in sales with a 10% EBIT margin by 2024. Although the company has suffered from COVID-19 restrictions, the current easing of restrictions bodes well for the growth targets. The company expects to continue to grow thanks to expansion in Norway, the scaling up of Friends & Brgrs and local blockbuster concepts. It expects sales of around EUR 280m in 2022 with the current structure, while inorganic growth should emerge in 2022. M&A in Norway is set to account for about 40% of the targeted growth in 2022-24. We derive a fair value range of EUR 8.6-10.8. - Marketing material commissioned by NoHo Partners
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