NoHo Partners: Market consolidation continues - Nordea

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's ownership in subsidiary-owning restaurants is 60%. Overall, market demand has remained favourable in Q1. NoHo's January sales were EUR 22.7m, up 23% from January 2020. Based on Nordea card data, the Finnish restaurant market growth was ~16% in February compared to February 2020. Owing to the solid market demand and normalising debt levels, we expect further bolt-on acquisitions and find the company's 2024 targets reachable. We derive a DCF- and SOTP-based fair value range of EUR 11.2-14.1 (10.8-13.6). Marketing material commissioned by NoHo Partners.

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