NoHo Partners will release its Q3 report on 9 November. Given the easing of restaurant restrictions, we believe sales are gradually recovering. The peak season could be characterised by high consumer demand, while corporate sales might continue to be negatively affected by pandemic-related uncertainty. In conjunction with its Q2 report, NoHo expected Q3 sales of EUR 54-59m, which, based on monthly sales figures, it clearly exceeded. We model EUR 62m sales for Q3 (-20% versus Q3 2019) and estimate EUR 68m sales for Q4 (-10% versus Q4 2019). We expect continuing market recovery in 2022 and model EUR 290m sales in 2022E, up 6% from the 2019 level. We derive a fair value range of EUR 8.8-11.0 (8.4-10.6) per NoHo share. Marketing material commissioned by NoHo Partners.
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