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NoHo Partners: Back to action after COVID cooldown

NOHOExtensive research27.08.2021, 12.05
Sauli Vilén, Matias Arola
Discuss
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We expect NoHo to be back on a strong growth track from 2022 onward, and the company’s strategic decisions for the next few years are chiefly right. As the business gradually recovers, the company’s risk level decreases when cash flow improves and the debt burden in the balance sheet decreases. In our view, the stock’s return/risk ratio remains sufficiently attractive, because if our earnings estimates are realized, the valuation level is not high. If the strategy is successful, the long-term earnings potential is also significant.

NoHo Partners is a Finnish group specialized in services within the restaurant industry. The group operates a number of restaurants in Finland, Denmark, Norway and other parts of Europe. The company's restaurant concepts include, among others. Elit, Savoy, Teatteri, Sea Horse, Stefans Steakhouse, Palace, Löyly, Hangö Sushi, Friends & Brgrs Cock's & Cows and Holy Cow! . The company was founded in 1996.

Read more on company page

Key Estimate Figures17.08.2021

202021e22e
Revenue156.8175.2290.0
growth-%-42.5 %11.7 %65.6 %
EBIT (adj.)-24.0-9.719.0
EBIT-% (adj.)-15.3 %-5.6 %6.5 %
EPS (adj.)-1.43-0.620.58
Dividend0.000.000.30
Dividend %0.0 %0.0 %4.1 %
P/E (adj.)neg.neg.12.7
EV/EBITDA17.19.75.6

Forum discussions

Yle has conducted an extensive investigation into hygiene conditions in restaurants. Someone more diligent can search through all of NoHo’s ...
5 hours ago
by NukkeNukuttaja
6
Hiljaisesta jaksosta puheen ollen. Pitää mennä melkoisen kauas kun on viimeksi ollut tällainen kvartaali, että johto ei ole tehnyt liiketoimia...
10/5/2026, 6:13 AM
by Karhu Hylje
4
A small accident/incident in Seinäjoki, hardly anything major. The news is behind a paywall. "The nightclub, which hosts karaoke, parties, and...
10/2/2026, 4:40 PM
1
Have a great weekend eve! Great to see active discussion here, both about us and the overall market. We are now entering a silent period ahead...
10/2/2026, 1:55 PM
by Sanna Sandvall
9
Noho acquired the restaurant operations of Wanha Satama in 2025. Nice to see some positive momentum somewhere at least. Tärkeimmät talousuutiset...
10/2/2026, 1:10 PM
by Karhu Hylje
14
Tilastokeskuksen tilastoiman ravitsemistoiminnan liikevaihto kasvoi hieman euroissa sekä volyymilla mitattuna viime vuoden elokuusta. Tältä ...
9/30/2026, 5:37 AM
by Karhu Hylje
13
STXN: Jani Järvinen explains in a video and text format the reasons why he owns Noho: https://x.com/jjamber0/status/2103382231150633157
9/25/2026, 8:11 AM
by Karhu Hylje
17