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Ahead of NoHo Partners' Q1 report due on 9 May, we make only minor estimate revisions and note solid restaurant market demand. NoHo has continued with an active M&A agenda, and we see further potential for market consolidation following COVID-19-induced challenges among smaller restaurant units. Overall, market demand has remained favourable in Q1 and beyond. NoHo's January sales were EUR 22.7m, up 23% from January 2020. Based on Nordea card data, the Finnish restaurant market growth averaged ~40% y/y in Q1 and 24% compared to Q1 2019. We derive a DCF- and SOTP-based fair value range of EUR 11.4-14.3 (11.2-14.1). Marketing material commissioned by NoHo Partners.
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