NoHo Partners reported Q1 EBIT of EUR 5.9m, +36% versus Refinitiv consensus and +47% versus our estimate. Q1 net sales were EUR 75.9m, 6% above consensus and our estimates. Operational EBITDA (operating cash flow) was EUR 8.1m in Q1 (EUR 1.1m a year ago), 42% above our estimate. Both Finland and International profitability came above our expectations. Positive development is due to structural changes in NoHo’s portfolio, flexible business model and scale benefits from central purchases. The company recorder EUR 0.6m positive fair value change due to Eezy shareholding to its financing costs (likely not fully visible in consensus). Leverage (net debt/operational EBITDA ex-IFRS 16) was 2.4x, within the company target of below 3x. NoHo notes that it is moving into next phase of fully implementing growth driven by acquisitions. The guidance was kept intact for 2023 with cautiously optimistic outlook; NoHo expects above EUR 350m sales and around 9% EBIT margin from restaurant business. Refinitiv consensus has expected EUR 365m sales and an 9.1% EBIT margin in 2023. Long-term targets are kept intact and the company targets EUR 400m sales and EUR 40m EBIT in 2024. The company is getting ready to define targets for the next strategy period. We expect consensus to make positive revisions in the range of 3-5% on the back of Q1 results and view guidance raise possible later this year.
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