Ahead of NoHo's Q4 report, due on 15 February, we adjust our estimates to reflect the guidance update released on 20 December. Otherwise, our expectations are unchanged. We model 2023 net sales of EUR 372m, with an EBIT margin of 9.8%. We believe NoHo's 2024 will be characterised by M&A, with the aim of growing market share in Norway. The company will update its strategy and financial targets during H1, as it will reach the previous targets ahead of time, in our view, and we believe it will accelerate its growth ambitions. Our DCF- and SOTP-based fair value range is trimmed to EUR 11.7-14.7 (12.0-15.0) per NoHo share. Marketing material commissioned by NoHo Partners.
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