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NoHo Partners reported a strong Q1 with EBIT of EUR 5.9m, well above Refinitiv consensus of EUR 4.3m. We note the healthy EBIT margin of 7.8%, which was well above the pre-COVID-19 level in the seasonally weakest quarter. Improved portfolio quality, combined with a flexible business model and improving sourcing power, has clearly smoothed out the variation between quarters, we believe. Lower leverage allows for more active M&A execution going forward, and NoHo has seen a clear pickup in the availability of acquisition targets. The company keeps its guidance intact for now, but we expect a guidance increase later in 2023. We derive a DCF- and SOTP-based fair value range of EUR 12.0-15.1 (11.4-14.3). Marketing material commissioned by NoHo Partners.
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