Ahead of NoHo's Q3 report, we incorporate its latest acquisitions into our estimates. The current financial targets were set in 2021 and are likely to be reached ahead of the strategy cycle ending in 2024. We believe NoHo will continue with M&A in order to reach a market-leading position in Northern Europe. The market development in its operating countries has been solid, despite high inflation having had a slightly negative impact on volumes. We see room for a further guidance upgrade in December, while investor focus has likely turned to the new strategy period and financial targets. Our DCF- and multiples-based fair value range is EUR 12.4-15.5 (12.3-15.4). Marketing material commissioned by NoHo Partners.
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