NoHo Partners: Easing of restrictions in sight - Nordea

NoHo will report its Q4 figures on 17 February. The company was forced to lower its 2021 guidance on 21 December after more stringent restaurant restrictions were implemented in Finland. We believe these restrictions will be eased in February, however, bringing them more in line with its Nordic neighbours. We therefore believe NoHo will manage to achieve positive operating cash flow by March. The restaurant market is poised for a rapid recovery once restrictions are eased, thanks to significant pent-up demand. NoHo will likely seek to reduce its debt levels, which should have a slight impact on its expansion timetable. We derive a fair value range of EUR 9.4-11.7 per NoHo share. Marketing material commissioned by NoHo Partners.

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