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Q3 EBIT of EUR 3.9m was well ahead of Infront consensus, supported by the sale of the Eezy stake and government grants in Denmark and Norway. Q3 sales were 20% below the 2019 level, but the market is recovering, as October sales were 10% above the 2019 level. However, NoHo expects Q4 sales to be down around 7% versus Q4 2019, as there are fewer weekends in November and December this year. Underlying B2C growth appears encouraging, while the recovery of the B2B business might take until 2022. The company remains on track to meet its 2024 targets of a EUR 400m top line and 10% EBIT margin (the latter by 2023, we suspect). We derive a fair value range of EUR 9.4-11.7 (8.8-11.0) per NoHo share. Marketing material commissioned by NoHo Partners.

Lähde: Finwire News

Noho Partners Oyj on vuonna 1996 perustettu suomalainen ravintola-alan palveluihin erikoistunut konserni. Vuonna 2013 Noho Partners oli ensimmäisenä suomalaisena ravintolatoimijana NASDAQ Helsinkiin listautunut pörssiyhtiö. Konsernilla on ravintoloita Suomessa, Tanskassa ja Norjassa. Yhtiön tunnettuja ravintolakonsepteja ovat mm. Elite, Savoy, Teatteri, Yes Yes Yes, Stefan’s Steakhouse, Palace, Löyly, Hanko Sushi ja Cock's & Cows.