NoHo reported Q1 EBIT of EUR -9.7m, supported by EUR 4m in government grants. Sales are starting to pick up after a gradual easing of restrictions, but further easing in southern Finland is needed before there can be a more broad-based opening of restaurants. Short-term liquidity improved with the sale of Eezy shares, while the company will continue to divest its ownership in order to deleverage and invest in growth. The outlook for the summer has improved somewhat, although a lot depends on government actions. NoHo will shed more light on its 2022-24 strategy and financial targets in June. We derive a fair value range of EUR 7.1-9.2 (6.8-8.7). Marketing material commissioned by NoHo Partners.
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