NoHo Partners' Q1 2022 results came in above Infront consensus expectations and it issued new guidance for 2022. Given the accelerating market, the company expects around EUR 300m in sales and ~7% EBIT margin for its restaurant business in 2022. We believe the mix will support Q2 earnings, while H2's outlook could be somewhat dented by rising inflation burdening consumers' disposable income. We believe NoHo might even increase its guidance at a later stage if spending remains solid in H2. Near-term focus will be on lowering its debt level, while more aggressive growth investments should drive top-line growth in 2023-24. We derive a fair value range of EUR 10.0-12.4 (10.3-12.7) per NoHo share.
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