NoHo Partners: Restaurant restrictions in Finland to ease in two weeks - Nordea

According to Finnish prime minister, Finland is aiming to ease restaurant restrictions on 14 February. This would allow restaurants to serve alcohol until 11pm and to remain open until midnight. We have anticipated gradual opening of restaurants during February. However, the government is aiming to abolish all restaurant restrictions at the beginning of March, which comes slightly earlier than we had anticipated. We think NoHo can operate with positive cash flow when restaurants can serve until 11pm and hence the cash flow impact from the latest restrictions might be limited to around EUR -4m. Given the pent up demand, we think the restaurant market is poised for a rapid recovery once restrictions are eased. NoHo will report its Q4 on 17 February. We have a fair value range of EUR 9.4-11.7 per NoHo share.

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