NoHo Partners: Moving in the right direction - Nordea

Q3 EBIT of EUR 3.9m was well ahead of Infront consensus, supported by the sale of the Eezy stake and government grants in Denmark and Norway. Q3 sales were 20% below the 2019 level, but the market is recovering, as October sales were 10% above the 2019 level. However, NoHo expects Q4 sales to be down around 7% versus Q4 2019, as there are fewer weekends in November and December this year. Underlying B2C growth appears encouraging, while the recovery of the B2B business might take until 2022. The company remains on track to meet its 2024 targets of a EUR 400m top line and 10% EBIT margin (the latter by 2023, we suspect). We derive a fair value range of EUR 9.4-11.7 (8.8-11.0) per NoHo share. Marketing material commissioned by NoHo Partners.

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