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NoHo Partners' Q4 2023 EBIT fell 5% short of Vara Research consensus but grew by 25% y/y, with sales up by 22%. More importantly, despite the gloomy outlook for the Finnish economy in H1 2024, NoHo guides for sales of approximately EUR 430m with an EBIT margin of around 9.5%, indicating growth of 15%. Leverage is now at the company's target of 3.0x, and we believe it will continue with its M&A agenda later this year as deleveraging continues. NoHo will host a CMD in May, at which time we expect it to release new financial targets and strategy. We expect to see another strong year for the company and we derive a DCF- and SOTP-based fair value range of EUR 9.7-12.3 (11.7-14.7) per NoHo share. Marketing material commissioned by NoHo Partners.
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