NoHo Partners: Strong Q2 and confident outlook for H2 - Nordea

NoHo Partners reported Q2 EBIT of EUR 16.1m, +18% versus Refinitiv consensus and +2% versus Nordea. Q2 net sales were EUR 90.2m and came in line with consensus and Nordea. Operational EBITDA (operating cash flow) was EUR +18.3m in Q2, while cash position was EUR 3.5m at the end of Q2 (EUR 2.1m at the end of Q1). Government grants were EUR 4.8m in Q2 while we had anticipated EUR 4.3m. The company does not anymore disclose monthly sales figures, while the guidance for 2022 (upgraded on 22 June) was kept intact. The company is expecting around EUR 300m top line and above 8% EBIT margin in restaurant business. Refinitiv consensus has expected EUR 305m sales and 8.9% EBIT margin in 2022. According to the company, the booking situation for Q4 looks good, especially as weekends are concerned. The company has been able to mitigate inflation impact through purchasing agreements, price increases, and recruitment and resource allocation. Overall, the company expects good restaurant demand to continue in H2. Long-term targets are kept intact and the company targets EUR 400m sales and EUR 40m EBIT in 2024. We expect consensus to make slightly positive EBIT revisions.