NoHo released June sales figures on 13 July with clearly positive operating cash flows. Despite the new wave of COVID-19, we think the company has been able to continue its recovery due to the favourable weather conditions in July. However, uncertainty over government decisions regarding pandemic-related restrictions has increased, although we do not expect similar closures to those in 2020 and earlier this year. The company targets around EUR 400m in sales with a 10% EBIT margin by 2024, which we view as ambitious but reachable. The key growth driver is further M&A in Norway, which should account for about 40% of targeted growth in 2022-24. We derive a fair value range of EUR 8.2-10.4. Marketing material commissioned by NoHo Partners.

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