NoHo Partners Q1 Research Update

NoHo Partners reported a Q1 EBIT miss of 10% vs consensus, largely due to soft performance in Norway. Consequently, Nordea trimmed its EPS estimates and lowered the fair value range to EUR 8.8-11.4.

Key Takeaways

• 1.NoHo's Q1 EBIT of EUR 4.9m fell 10% below consensus, primarily due to challenging market conditions in Norway.
• 2.Nordea has lowered its EPS estimates for 2026-28 by 6-12% to reflect the Q1 miss and higher-than-expected interest expenses.
• 3.The fair value range has been revised downward to EUR 8.8-11.4 per share from the previous EUR 9.4-12.0.

Table of Contents

• Warmer winds expected for summer season
• Norway remained the weak spot
• Improved weather bodes well for near-term outlook
• We derive a fair value range of EUR 8.8-11.4
• Q1 outcome
• Reiterated guidance for 2026 suggests a relatively stable margin
• Estimate revisions
• Detailed estimates
• Valuation
• DCF valuation sensitivity
• SOTP valuation yields EUR ~8-11 per share
• Risk factors
• Reported numbers and forecasts

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