Ahead of NoHo's Q2 2026 report, due on 4 August, we lift our estimates slightly to reflect the positive market development and better weather conditions y/y, which should support the important terrace sales. While the challenges in Norway still prevail, we argue that the gradually improving consumer confidence and synergy benefits from recent acquisitions should support earnings momentum. We derive a slightly higher DCF- and multiples-based fair value range of EUR 9.0-11.6 (8.8-11.4), reflecting the solid underlying operations and growth trajectory supported by the company's M&A strategy.
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