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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 %3.9 %
P/E (adj.)neg.neg.13.3
EV/EBITDA17.19.95.7

Forum discussions

Buying on credit with these interest costs seems like a difficult equation unless the price is cheap and significant synergies are generated...
9/4/2026, 6:34 PM
by JBulli
2
OP received the new financing arrangement a bit more positively than Inderes. Quote from the morning report: The transaction demonstrates debt...
9/4/2026, 6:24 AM
by Karhu Hylje
7
“I assume that NoHo’s loan amount in euros might stay at the same level, but operating profit will grow by 30% in 3 years as a result of revenue...
9/4/2026, 5:48 AM
by Jussi Koskinen
0
Here are Sale’s comments on NoHo’s new bond as well Inderes – 4 Sep 26 NoHo Partners laski liikkeeseen 50 MEUR:n joukkovelkakirjalainan - Inderes...
9/4/2026, 5:03 AM
by Sijoittaja-alokas
3
May I add just this much, that it has been nice to own this NoHo. Especially as a young guy in my early twenties, it was fun to pick up a trendy...
9/3/2026, 3:13 PM
by III21
7
Unfortunately, in my own eyes, NoHo is starting to become some sort of so-called “eternal promise.” I have been an owner myself since 2018, ...
9/3/2026, 2:47 PM
by III21
33
Yeah. Of course, the 3-month Euribor in 2025 was also on average slightly lower than it is now, and now the margins on those remaining financial...
9/3/2026, 1:57 PM
by Karhu Hylje
1