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NoHo Partners: Aiming to open food restaurants in Finland at the beginning of May - Nordea

NoHo’s CEO stated in a Helsingin Sanomat (HS) article that NoHo is planning to open food restaurants in Finland at the beginning of May (with restricted opening hours).

The CEO hopes that pubs and nightclubs will open at the end of June (no restrictions for opening hours). Corporate customers and tourists are expected to return later in the autumn. Danish restaurants are opening with outdoor terraces on 21 April, while other restaurants are allowed to take customers in May if the customer can present a “vaccination passport”. Norway is still uncertain but, according to the CEO, the opening plan is similar to that for Finland. In addition, Compass Group’s Finnish CEO states in the article that up to a fifth of information work staff restaurant customers might disappear permanently due to COVID-19-driven remote working.

We have been expecting a gradual opening of Finnish restaurants from June with a fast recovery due to pent-up demand. We view the article slightly positively when thinking recovery timeframe, although uncertainties over government actions remain. We have a fair value range of EUR 6.8-8.7 for NoHo.
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