NoHo Partners' Q1 2025 results missed Vara Research expectations on several items, but we argue that the seasonally small quarter should not be taken as a bellwether for the full year. Reservation levels ahead of the busy summer season are solid, and the company has seen some signs of improvement in the market. Moreover, NoHo has strengthened its presence in Denmark through the acquisition of Halifax Burgers, which we believe should support the existing Danish operations as well. With our virtually unchanged and positive expectations going forward, we derive a slightly higher fair value range of EUR 11.8-14.8 (11.4-14.5) per NoHo share by equally weighing our DCF- and multiples-based valuation methods. Marketing material commissioned by NoHo Partners.
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