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SENASTE
NoHo reported Q4 EBIT of EUR 6.7m, clearly above Infront consensus expectations. The company has improved its underlying profitability clearly during the COVID-19 pandemic and we expect it to reach its 2024 EBIT margin target by 2023. Easing restrictions should allow close to breakeven cash flow for Q1, while the company expects the market to normalise during Q2. The market is clearly poised for a rapid recovery, thanks to significant pent-up demand. NoHo is sticking to its 2024 targets, with EUR 400m of sales and a 10% EBIT margin, which we view as achievable. We derive a fair value range of EUR 9.9-12.2 (9.4-11.7) per NoHo share. Marketing material commissioned by NoHo Partners.
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