NoHo Partners reported Q3 EBIT of EUR 8.4m, +10% versus Refinitiv consensus and +6% versus Nordea. Q3 net sales were EUR 86m and came 2% above consensus. Operational EBITDA (operating cash flow) was EUR +10.7m in Q3, while cash position was EUR 4.5m at the end of Q3 (EUR 3.5m at the end of Q2). There were no government grants in Q3. The company recorder EUR 6.7m negative fair value change due to Eezy shareholding to its financing costs (not fully visible in consensus). The guidance for 2022 (upgraded on 3 October) was kept intact. The company is expecting above EUR 300m top line and above 8.5% EBIT margin in restaurant business. Refinitiv consensus has expected EUR 310m sales and an 8.8% EBIT margin in 2022 (Nordea 9.5%). According to the company, the booking situation for Q4 looks good and above the 2019 level. Long-term targets are kept intact and the company targets EUR 400m sales and EUR 40m EBIT in 2024. NoHo Partners expects to reach its below 3x leverage (net debt/operational EBITDA, ex-IFRS 16) target by the year-end and has renewed its financing agreement that enable growth investment during the strategy period. We expect consensus to make slightly positive revisions on the back of Q3 results.
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