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Third party research

NoHo Partners: Better Burger Society separated from the group - Nordea

NoHo Partners

This is a third party research report and does not necessarily reflect our views or values

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NoHo Partners is separating its subgroup Better Burger Society from the group, while retaining a majority ownership in the company. We view this arrangement as being in line with NoHo’s current strategy, where it aims to create shareholder value through investment activities in the international markets. We believe that NoHo will remain as an active owner and continue to offer its operational expertise to BBS. NoHo will record a positive one-off impact of EUR ~20m on 2025 result (EUR ~1.0 per share). NoHo’s stake of BBS (50.7%) is currently valued at EUR ~45m, implying ~12x EV/EBIT based on 2024 numbers. In conjunction with the arrangement, NoHo revised its long-term revenue target for the Finnish operations to EUR 350m (previously EUR 400m) - in 2024, BBS generated EUR 31m revenue in Finland, while we have modelled EUR 330m for Finland in 2027E. Initially, we view this arrangement as positive, as it should improve NoHo’s balance sheet in order to boost growth and conduct similar transactions in the future, while we believe that NoHo could exit BBS completely at a later stage.
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