contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
            nav
            navPerShare
            opexOfNav
            quarterlySharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


noho-partners-back-action-after-covid-cooldown

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Sauli Vilén

Matias Arola

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 &amp; Brgrs Cock's &amp; Cows and Holy Cow! . The company was founded in 1996.

Excellent news for the restaurant industry. NoHo is in an excellent position to meet growing consumer demand. The recent share price decline is likely due to NoHo honestly identifying as a growth company instead of a dividend machine. This is exactly what economists have urged—bold growth instead of maximizing dividends. Now, investors need to evaluate the valuation using growth company multiples instead of as a dividend company.

Today’s Helsingin Sanomat features a story on signs of economic recovery (paywall):                   Helsingin Sanomat – 19 Feb 26              Talouskasvu | Nordean tilastot kertovat: Suomen talous on lähdössä vihdoin...    Nordean sisäiset tilastot näyttävät jo monia kasvun aihioita: Korttimaksut kasvavat, yritysten lainakanta nousee ja asiakkaat siirtävät talletuksia sijoituksiin.                             "According to Nordea’s statistics, card payments have clearly started to grow, especially in the restaurant and retail sectors. ”Retail and restaurants are picking up. Also sporting goods,” Eloranta says, referring to the bank’s card data from January."

@henrielo has been writing about NoHo after the Q4 releases.   Successes In my view, the most important news for an investor in NoHo’s earnings release was the repeated strong profitability of the Finnish operations at the end of the year – this despite the fact that the company acquired Jungle Juice Bar in the fall and began its integration into the group. Operating profit remained at 13.3 percent in the most important quarter of the year, compared to 13.7 a year earlier. Success was driven by a good pre-Christmas season, strong momentum in the Messukeskus restaurants, the success of classic restaurants in the current market situation, development work and a turnaround in the Hanko Aasia concept, as well as successful renovations of nightclub restaurants in Helsinki, Tampere, and Seinäjoki completed at the end of the year. While Finland generated 77 million euros in revenue in the final quarter, the revenue for Denmark and Norway was 25.1 million. The decline in Norway narrowed to seven percent, but Denmark grew by as much as 42 percent to 15.4 million, driven by the Halifax acquisition and Triple Trading. The integration of Halifax was completed during the review period. In the Norwegian business, the result turned profitable in the seasonally strong fourth quarter, but there is still work ahead. ”There, we are focusing primarily on profitability in the near future and on growth only once profitability has reached the target level,” Suominen stated in Helsinki.   Note IR Monitoring is a channel for the corporate partners of SalkunRakentaja and Sijoittaja.fi for background and analytical articles, as well as other interesting investor information. The article is part of a commercial collaboration with the company. The article does not contain investment recommendations.                   Sijoittaja.fi – 14 Feb 26              NoHon Suomen liiketoiminta menestyy - kasvuhankkeita käynnissä    Ravintolayhtiö NoHon tulosjulkistus sisälsi monta kiintoisaa uutista: osinko, kannattavuus eri toimintamaissa, neuvottelussa olevat kasvuaihiot.

You’re probably commenting on the dividend cut / debt financing there? Surely there haven’t been conflicting statements about that (too)?

My interpretation is that both the CEO and the Chairman could be right. NoHo might be able to get more debt financing, but it doesn’t want to increase its debt further and therefore prefers to continue its growth strategy and cut the dividend rather than slowing down the growth strategy. Additional debt would likely increase the interest rates on loans, so that must also be weighed in connection with the dividend issue.

Strangely enough, when I sat through the earnings presentation yesterday, I didn’t get that impression at all from the comments made by the CEO, the CFO, or the Chairman.

And indeed, it seems clear that the Board Chairman’s comments were the “honest” ones, i.e., how things actually are, and the CEO then spoke a “modified truth”. As a shareholder, one would hope that the “straight talk” (one word) familiar from the gangster world would also apply to a listed company, and preferably the honest talk, since they are doing business with my money after all.

NoHo Partners

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...

<p>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.</p> 

	2020	21e	22e
Revenue	156.8	175.2	290.0
growth-%	-42.5 %	11.7 %	65.6 %
EBIT (adj.)	-24.0	-9.7	19.0
EBIT-% (adj.)	-15.3 %	-5.6 %	6.5 %
EPS (adj.)	-1.43	-0.62	0.58
Dividend	0.00	0.00	0.30
Dividend %	0.0 %	0.0 %	3.8 %
P/E (adj.)	neg.	neg.	13.5
EV/EBITDA	17.1	10.0	5.7

NoHo Partners: Back to action after COVID cooldown

Key Estimate Figures17.08.2021

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