NoHo Partners: A solid Q4 – DPS proposal above expectations – January sales up 23% from January 2020 - Nordea

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). The company recorder EUR 2.9m negative fair value change due to Eezy shareholding to its financing costs (not fully visible in consensus). Dividend proposal stands at EUR 0.40 (consensus EUR 0.20). Leverage (net debt/operational EBITDA ex-IFRS 16) was 2.9x, within the company target of below 3x at the end of 2022.The guidance for 2023 expects above EUR 350m sales and around 9% EBIT margin from restaurant business. Refinitiv consensus has expected EUR 344m sales and an 8.7% EBIT margin in 2023. According to the company, January sales were 23% above pre-pandemic January 2020 level indicating solid market demand going into 2023. Long-term targets are kept intact and the company targets EUR 400m sales and EUR 40m EBIT in 2024. We expect consensus to make slightly positive revisions on the back of Q4 results.

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