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NoHo Partners: Solid expectations ahead of setting new targets - Nordea

Ahead of NoHo Partners' Q1 report, we leave our estimates largely intact. While the domestic market was muted during Q1 owing to weak consumer purchasing power, the international operations are developing well. Moreover, we believe NoHo's concepts outperform the market even in a softer environment. As the previous financial targets will be reached ahead of time, we expect NoHo to update its strategy and financial targets at its capital markets day on 22 May. Our DCF- and SOTP-based fair value range is adjusted to EUR 9.7-12.4 (9.7-12.3). Marketing material commissioned by NoHo Partners.

Ahead of NoHo Partners' Q1 report, we leave our estimates largely intact. While the domestic market was muted during Q1 owing to weak consumer purchasing power, the international operations are developing well. Moreover, we believe NoHo's concepts outperform the market even in a softer environment. As the previous financial targets will be reached ahead of time, we expect NoHo to update its strategy and financial targets at its capital markets day on 22 May. Our DCF- and SOTP-based fair value range is adjusted to EUR 9.7-12.4 (9.7-12.3). Marketing material commissioned by NoHo Partners.
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