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Aktieanalys utförd av tredje part

NoHo Partners: Soft Q2 owing to the cold start to the summer in Finland - Nordea

NoHo Partners

Detta är en aktieanalys producerad av tredje part och reflekterar därför nödvändigtvis ej våra åsikter och värderingar

Ladda ner rapporten (PDF)
NoHo Partners reported Q2 EBIT of EUR 7.4m from continuing operations (down 11% y/y), 15% below Vara Research consensus and 16% below our estimate. Net sales were stable y/y at EUR 87.6m, but were 9% below consensus and our estimate. Operational EBITDA (operating cash flow) was EUR 9.1m (EUR 10.1m a year ago). We believe the EBIT miss was mainly attributable to the poor weather in Finland, as its EBIT was down 17% y/y and fell 16% below our expectations, while International operations EBIT improved 10% y/y (continuing operations). Guidance for 2025 was reiterated: NoHo expects the EBIT margin of the Finnish operations to remain at the current good level (2024: 10.2%) and EPS to increase (2024: EUR 0.54; consensus: EUR 1.75). We believe that the warm July bodes well for Q3, and hence the weather impact could level out during H2. Mathematically, the Q2 EBIT miss translates into 2-3% negative consensus estimate revisions for 2025E-27E, but we still expect NoHo to be well on track to deliver on its guidance for 2025, especially given its strong track record during the Q4 peak season.
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