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Ahead of NoHo's Q2 report, we incorporate the announced acquisition of Holy Cow! to our estimates. The acquisition will be done through a new company, where NoHo will have a majority stake, while PE investor and executive management will hold roughly a 47% stake. Given the ownership structure, we believe NoHo is targeting fast ramp-up in the European premium burger market. When considering the short-term outlook, it appears that the Nordic restaurant market has remained solid, and we believe the company could further upgrade its guidance later in the year. We derive a fair value range of EUR 12.3-15.4 (12.0-15.1) per NoHo share. Marketing material commissioned by NoHo Partners.
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