NoHo upgraded its guidance on 22 June due to strong demand in the spring and early summer, as well as governmental compensation decisions. We believe demand has remained strong during the summer, but uncertainties over the important high season have increased owing to high inflation and low consumer confidence. Government grants will have a significant positive impact on Q2, and we expect a solid H2 given pent-up demand. Given the mix, we see potential for a further guidance upgrade, although this is unlikely to materialise before Q4, we believe. We derive a fair value range of EUR 9.8-12.1 (10.0-12.4) per NoHo share. Marketing material commissioned by NoHo Partners.
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