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NoHo Partners' Q1 2024 results were largely in line with Vara Research consensus expectations. Net sales were up by 23% y/y and EBIT rose by 17%, mainly driven by the international operations and the acquisition of Holy Cow!, while in Finland the market was more muted. H1 is still characterised by an uncertain market development, but we believe H2 sales growth should be supported by improving consumer purchasing power, especially in the domestic market. NoHo will introduce new targets up until 2027 at its CMD on 22 May, and we believe it will focus on international growth. We argue that Q1 offered a solid start to the year and derive a higher fair value range of EUR 10.1-12.9 (9.7-12.4) per share. Marketing material commissioned by NoHo Partners.
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