NoHo Partners: Q2 underpins underlying efficiency - Nordea

NoHo reported Q2 EBIT of EUR -1.8m, supported by EUR 4.5m government grants and well above Infront consensus expectations. Underlying efficiency measures are starting to become visible with July sales of above EUR 25m and EUR 4.5m operating cash flow. The company is expecting tougher market conditions in August-September, with more normalised conditions in the more important Q4. However, operating cash flow should remain positive even with the current tighter restrictions. We continue to believe that the EUR 400m sales and 10% EBIT margin by 2024 are reachable and believe that pent-up demand will drive a fast recovery, as seen during June-July, when restrictions are eased again. We derive a fair value range of EUR 8.4-10.6 per NoHo share. Marketing material commissioned by NoHo Partners.

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