Ahead of NoHo's Q4 2025 report, due out on 11 February, we lower our estimates slightly to reflect the challenges in its Norwegian operations, while sales in Denmark and Finland have likely developed in a solid manner. For 2026, we argue that investors' focus is on the expected recovery in Norway (by H2), the market development in Finland, and growth through new openings (e.g. Halifax Burgers in Denmark) and acquisitions. Normalising market conditions should provide a better foundation for improving shareholder remuneration, and we expect steadily improving EPS going forward. We derive a fair value range of EUR 9.2-11.8 (10.0-11.2) per NoHo share by equally weighting our DCF- and multiples-based valuation methods.
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