NoHo: Q2 underlined improved operational efficiency - Nordea

Q2 EBIT beat Refinitiv consensus by 18%, underlining the improved operational efficiency of the company. Demand has remained favourable in early Q3 and bookings for Q4 suggest a solid end to the year. Guidance was kept intact and we consider another guidance upgrade possible in late 2022. Debt is expected to reach the targeted level in 2022 and the company can then conduct more meaningful acquisitions in 2023 to reach its 2024 top-line target of EUR 400m. Consumer confidence is low and uncertainty is relatively high ahead of an important Q4. We do not expect any meaningful direct impact from inflation. We derive a fair value range of EUR 9.9-12.1 (9.8-12.1) per NoHo share. Marketing material commissioned by NoHo Partners.

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