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Osakeanalyysipalvelut, analyytikko
Analyytikko
NoHo Partners reported a strong Q1 with EBIT of EUR 5.9m, well above Refinitiv consensus of EUR 4.3m. We note the healthy EBIT margin of 7.8%, which was well above the pre-COVID-19 level in the seasonally weakest quarter.
NoHo Partners reported Q1 EBIT of EUR 5.9m, +36% versus Refinitiv consensus and +47% versus our estimate. Q1 net sales were EUR 75.9m, 6% above consensus and our estimates.
Ahead of NoHo Partners' Q1 report due on 9 May, we make only minor estimate revisions and note solid restaurant market demand.
NoHo Partners announced that it will acquire three well-known nightclubs in the Helsinki downtown area, making it the market leader in Finland's largest entertainment market, with around EUR 25m in annual sales.
NoHo Partners has signed an agreement in which ownership of three nightclubs in Helsinki downtown will be transferred under the ownership of group’s subsidiary. After the transaction, NoHo will hold 60% stake in the subsidiary (Stadin Night Oy).
Nordea released Finnish card spending data until end of February today. We note continued good performance of restaurant market.
NoHo reported Q4 EBIT 2% above Refinitiv consensus. More importantly, the company guided for more than EUR 350m in sales with a ~9% EBIT margin for 2023, indicating at least 12% sales growth.
NoHo Partners reported Q4 EBIT of EUR 8.5m, +2% versus Refinitiv consensus and +9% versus Nordea. Q4 net sales were EUR 88.1m in line with consensus. Operational EBITDA (operating cash flow) was EUR 11.5m in Q4 (EUR 9.8m a year ago).
Based on Nordea card data for the month of January, Finnish restaurant market nominal growth was up 31% compared to January 2019 with +15% real growth.
NoHo Partners has been selected as the main supplier for restaurant services by Helsinki Expo and Convention Centre (brand name Messukeskus) as 1 July 2023.
