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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.13.4
EV/EBITDA17.19.95.7

Forum discussions

STXN: Jani Järvinen explains in a video and text format the reasons why he owns Noho: https://x.com/jjamber0/status/2103382231150633157
9/25/2026, 8:11 AM
by Karhu Hylje
16
Here is also some news about the new Tampere Hook, which will open on Friday, October 9th: Tamperelainen – 24 Sep 26 Kilpa kiristyy: Siipikonkari...
9/25/2026, 6:03 AM
by Vanerihands
11
So the legendary Passion is closing in the autumn. Passion has been very popular among young people. Now the customer base might perhaps be ...
9/25/2026, 6:03 AM
by Karhu Hylje
9
sttinfo.fi Tampereen Tullinpihaan avautuu Tullari: baari, urheilu, social darts ja pelit... Tampereen Tullinpihaan avataan perjantaina 9.10....
9/25/2026, 5:23 AM
by Cadel
8
It has also been written in this thread (referring to Aamulehti’s news, for example) why NoHo highlights itself in its restaurant openings. ...
9/24/2026, 10:29 AM
by Lenheeti
3
This probably brings us to the point that NoHo’s old financing package was “tight.” Now that financing has more flexibility with the new package...
9/24/2026, 10:23 AM
by Karhu Hylje
1
This target probably fits NoHo like a glove, given they already have plenty of experience with similar restaurants (Löyly, Kuuma). However, ...
9/24/2026, 10:11 AM
by Lenheeti
0