NoHo Partners reported Q3 EBIT of EUR 3.9m, +71% (EUR 1.6m) versus Infront consensus. Q3 net sales were EUR 61.9m, in line with pre-released sales figures and 1% above consensus. Operating cash flow was EUR +7.5m in Q3, while cash position was EUR 10.9m at the end of Q3. Government grants were EUR 0.7m in Q3. October sales of EUR 24m were 10% above 2019 level, while the company expects November and December sales to exceed EUR 23m. NoHo issued a guidance for Q4 and 2021: Q4 sales are guided to be around EUR 70m (We have modelled EUR 68m) while the company expects around EUR 190m sales in 2021 with around EUR 12m operating cash flow. At the beginning of November, bookings for high season are at 76% level compared to 2019. International operations are performing well and the company has reached turnaround in Denmark with second consecutive quarter with good EBITDA level. We expect slightly positive consensus estima te revisions on the back of Q3 numbers and note that guidance for 2021 can be viewed as a slight relief.
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