NoHo Partners reported a lukewarm Q4 ahead of the low season, but the main focus of the report was the financing package (completed on 15 February) and the outlook for H2 2021 and 2022-23. The company expects the market to start recovering at the beginning of the summer, with business conditions near normal by the end of the year. Internal cost measures should offer solid tailwinds for 2022-23, and the company has clearly shifted its focus to growth. H1 2021 will remain difficult due to pandemic restrictions, but we argue that NoHo is well prepared for a market recovery in H2. We derive a fair value range of EUR 7.1-9.1 (6.4-8.3).
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