NoHo Partners: Fast recovery seen in the restaurant market - Nordea

NoHo Partners will report its Q1 results on 10 May. The restaurant market has witnessed a fast recovery after restrictions were lifted across operating markets. We believe NoHo will get a further boost to its Q2 sales from the Ice Hockey World Championships that will be held in Finland. The company expects business spending to gradually normalise, which we believe will have a positive impact on H2 sales despite uncertainties related to inflation, and to consumer confidence and spending. Owing to positive cash flow trends and the possible divestment of a 20.5% stake in Eezy, the debt level should decrease, lowering the risk level in the company. We derive a fair value range of EUR 10.3-12.7 (EUR 9.9-12.2) per NoHo share. Marketing material commissioned by NoHo Partners.

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