Nordea adjusts its fair value range in its latest report from €9.0-11.6 → €10.1-12.8
NoHo Partners delivered a robust Q2 performance as the Norwegian operations normalised and the Finnish business rebounded, while Denmark continued its strong, broad-based growth. We believe the company has moved past its operational challenges and expect robust profitability levels going forward, supporting the 2026 guidance for the EBIT margin to remain at its current good level. With the Finnish market recovery showing positive signals, and new openings and M&A offering upside potential, we view the near-term outlook as back on solid ground. With our slightly higher estimates, we derive a higher fair value range of EUR 10.1-12.8 (9.0-11.6) by equally weighing our DCF- and SOTP-based valuation methods
Nordea is even more cautious than Sauli regarding Q3, so perhaps my own imaginings, which I painted in the previous message, were too rosy.
OP raises its target price ->€9.4 and reiterates Buy recommendation.
NoHo’s Q2 went excellently in several areas, and the success of the turnaround operations in Norway, in particular, as well as the return of revenue to growth, are extremely welcome developments. Despite some positive signs, the outlook regarding the timing of the strengthening of demand remains hazy. We believe that the conditions for growth exist for the coming years even in the current circumstances, which, together with the potential offered by the recovery of demand, maintains our positive view of the stock. Our target price rises to 9.40 euros (prev. 9.20), at which we reiterate our BUY recommendation.
The full report can be found here:
DNB Carnegie has adjusted its target price accordingly. Unfortunately, there is no access to the report:
