NoHo Partners' Q3 EBIT was 10% above Refinitiv consensus and the company seemed confident ahead of the high season. Guidance was kept intact, which we view as conservative considering that booking rates and current trading indicate sustained good demand in the restaurant segment. The company renewed its financing agreement, which should enable growth investments and dividend payments as early as in 2022. Despite low consumer confidence, we believe Q4 will be a good quarter in Finland, although there are uncertainties related to 2023 volume outlook. The company, however, appeared confident about reaching its 2024 top-line target of EUR 400m and a 10% EBIT margin. We derive a DCF- and SOTP-based fair value range of EUR 10.0-12.5 (9.9-12.1) per NoHo share. Marketing material commissioned by NoHo Partners.
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