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NoHo Partners: Back to action after COVID cooldown

NOHOExtensive research27.08.2021 klo 13.05
Sauli Vilén, Matias Arola
Discuss
Download report (PDF)

We expect NoHo to be back on a strong growth track from 2022 onward, and the company’s strategic decisions for the next few years are chiefly right. As the business gradually recovers, the company’s risk level decreases when cash flow improves and the debt burden in the balance sheet decreases. In our view, the stock’s return/risk ratio remains sufficiently attractive, because if our earnings estimates are realized, the valuation level is not high. If the strategy is successful, the long-term earnings potential is also significant.

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NoHo Partners is a Finnish group specialized in services within the restaurant industry. The group operates a number of restaurants in Finland, Denmark, Norway and other parts of Europe. The company's restaurant concepts include, among others. Elit, Savoy, Teatteri, Sea Horse, Stefans Steakhouse, Palace, Löyly, Hangö Sushi, Friends & Brgrs Cock's & Cows and Holy Cow! . The company was founded in 1996.

Read more on company page

Key Estimate Figures17.08.2021

202021e22e
Revenue156.8175.2290.0
growth-%-42.5 %11.7 %65.6 %
EBIT (adj.)-24.0-9.719.0
EBIT-% (adj.)-15.3 %-5.6 %6.5 %
EPS (adj.)-1.43-0.620.58
Dividend0.000.000.30
Dividend %0.0 %0.0 %3.8 %
P/E (adj.)neg.neg.13.7
EV/EBITDA17.110.05.7

Forum discussions

Jarno Suominen was interviewed in Talouselämä, albeit behind a paywall: Ison ravintolaketjun pomo: Suomalaisten käytöksessä tapahtui merkitt...
yesterday
by NukkeNukuttaja
20
An article in Kauppalehti about the positive development of wing restaurants, primarily focusing on Siipiweikot and Hook (NoHo): Tärkeimmät ...
8/11/2026, 9:05 AM
by Karhu Hylje
22
Eppu Normaali’s concert sales went well for NoHo: Yle Uutiset – 10 Aug 26 Eppu Normaalin jäähyväiskeikalla myytiin ennätysmäärä juomia – Päivi...
8/10/2026, 3:52 PM
by Karhu Hylje
30
@henrielo has produced an analysis of NoHo, which takes just a few minutes to read Both Suominen and CFO Jarno Vilponen stated on several occasions...
8/6/2026, 12:02 PM
by Sijoittaja-alokas
5
Nordea adjusts its fair value range in its latest report from €9.0-11.6 → €10.1-12.8 NoHo Partners delivered a robust Q2 performance as the ...
8/5/2026, 6:19 AM
by Karhu Hylje
22
Fresh report on NoHo from Sauli and Arttu: Inderes NoHo Partners Q2'26: Paluu EPS-kasvuun - Inderes Näkemyksemme mukaan yhtiön tuloskasvunäkym...
8/5/2026, 4:31 AM
by Karhu Hylje
13
I think the reason is that expanding into a new country might be too big a risk due to the product and regional taste preferences. Or perhaps...
8/4/2026, 5:12 PM
13