Ahead of its Q2 results on 6 August, we remain positive about NoHo's relative performance in a muted market environment. We expect NoHo's international business to have continued its solid development seen in Q1, while in Finland the strong and versatile portfolio supports above-market growth. After the company set new targets in May, we remain upbeat about NoHo Partners' outlook, and argue that a guidance upgrade could be possible during H2. We derive an increased fair value range of EUR 10.7-13.6 (10.1-12.9) by equally weighting our DCF- and SOTP-based valuation methods. Marketing material commissioned by NoHo Partners.
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