We view NoHo Partners' Q4 2025 results as operationally solid, despite the ongoing challenges in Norway, though the DPS was a disappointment to the market. Nevertheless, we argue that the company should be on a solid growth track, driven by gradually improving consumer confidence, new openings and acquisitions, for example, while the expansion of BBS supports EPS. Based on our new estimates, we derive a lower fair value range of EUR 8.9-11.5 (9.2-11.8) per share, equally weighting our DCF- and SOTP-based valuation methods. Despite the near-term challenges in Norway, which should be solved by H2, we argue that NoHo's underlying operations are in excellent shape, and the company should have no problem delivering improving earnings, going forward.
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