olivLaw · European equity research
NoHo Partners Oyj NOHO.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
NoHo Partners Oyj runs restaurants, entertainment venues and event restaurants in Finland, Norway and Denmark. Turnover of 358.0 MEUR in 2025 and a long-term target of about 350 MEUR for Finnish operations show the direction the company has set.
At the close of 05 Nov 2026, NoHo Partners Oyj (NOHO.HE) stock was 7.54 EUR (+1.75% on the day), with market capitalisation 158.6 m EUR, P/E 4.9 on diluted EPS of 1.54 EUR over the last 12 months, dividend yield 6.10%, beta 0.38, 52-week range 7.02–8.46 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 55.4
- strong (55–70)
- Bollinger (20, 2)
- 7.28 – 7.53
- above the upper band · %B 1.06 · band width 3.3%
- SMA 50 / 200
- 7.53 / 7.57
- mixed trend
- MACD (12, 26, 9)
- -0.03 / -0.05
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +2.0% | −0.6% | +2.7 pp | — |
| 3 months | −6.6% | −4.2% | −2.4 pp | — |
| 6 months | +2.0% | +4.3% | −2.3 pp | — |
| Year to date | −8.3% | +7.5% | −15.8 pp | — |
| 1 year | −5.0% | +9.9% | −15.0 pp | −1.2% |
| 3 years | +0.8% | +49.8% | −49.0 pp | +6.8% |
| 5 years | −16.8% | +42.8% | −59.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 3-quarter history (min 5.3, median 14.6, max 23.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 372.4 m | 347.1 m | 358.0 m |
| Revenue YoY | unavailable | −6.8% | +3.1% |
| Net income | 7.9 m | 11.3 m | 32.6 m |
| Net income YoY | unavailable | +43.0% | +188.5% |
| Diluted EPS | 0.37 | 0.53 | 1.54 |
| Diluted EPS YoY | unavailable | +43.2% | +190.6% |
| net % | 2.1% | 3.3% | 9.1% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 4.4 m EUR
- Financial debt
- 123.2 m EUR
- Net debt
- 118.8 m EUR
- Equity
- 114.8 m EUR
- Total assets
- 545.5 m EUR
- Debt / equity
- 1.07x
- Current ratio
- unavailable
- ROE
- 30.0%
- ROA
- 5.8%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 372.4 m | 347.1 m | 358.0 m | esef· 18 Mar 2026verified |
| Operating income | 35.9 m | 34.0 m | 32.3 m | esef· 18 Mar 2026verified |
| Pre-tax income | 12.9 m | 13.3 m | 14.7 m | esef· 18 Mar 2026verified |
| Income tax | 2.6 m | 1.8 m | 2.8 m | esef· 18 Mar 2026verified |
| Net income | 7.9 m | 11.3 m | 32.6 m | esef· 18 Mar 2026verified |
| Diluted EPS | 0.37 | 0.53 | 1.54 | esef· 18 Mar 2026verified |
| Dividend per share | 0.49 | 0.43 | 0.46 | esef· 18 Mar 2026verified |
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 11.3 m | 14.8 m | 4.4 m | esef· 18 Mar 2026verified |
| Receivables | 39.5 m | 31.0 m | 30.3 m | esef· 18 Mar 2026verified |
| Inventories | 7.7 m | 11.9 m | 11.4 m | esef· 18 Mar 2026verified |
| Property, plant & equipment, net | 62.0 m | 61.9 m | 46.4 m | esef· 18 Mar 2026verified |
| Goodwill | 181.3 m | 193.4 m | 160.7 m | esef· 18 Mar 2026verified |
| Intangibles (excl. goodwill) | 46.3 m | 48.2 m | 42.4 m | esef· 18 Mar 2026verified |
| Total assets | 576.4 m | 582.9 m | 545.5 m | esef· 18 Mar 2026verified |
| Accounts payable | 81.2 m | 94.0 m | 83.8 m | esef· 18 Mar 2026verified |
| Short-term debt | 42.5 m | 23.9 m | 23.3 m | esef· 18 Mar 2026verified |
| Long-term debt | 104.3 m | 117.5 m | 99.9 m | esef· 18 Mar 2026verified |
| Current liabilities | 165.2 m | 161.8 m | 148.6 m | esef· 18 Mar 2026verified |
| Total liabilities | 469.7 m | 480.0 m | 430.7 m | esef· 18 Mar 2026verified |
| Equity | 106.7 m | 102.8 m | 114.8 m | esef· 18 Mar 2026verified |
| Shares outstanding at year end | 20.8 m | 20.9 m | 21.0 m | esef· 18 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 33.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 158.6 m EUR
Key indicators
Coverage and freshness
Score by group
33% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 6.26 – 28.49 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E12.68 – 28.49 (Mid 17.09)23 companies used · median multiple 11.1x · quartiles 8.2x – 18.5xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE
- Dividend discount (DDM)6.26 – 8.53 (Mid 7.22)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 33.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 11.3% | 60 (vs peers) | 31% |
| Net margin · Quality | 9.1% | 67 (vs peers) | 19% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 4.9x | 86 (vs peers) | 31% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 6.8% | 97 (on a fixed band) | 19% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partialunavailable · 0/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality63/100 · 2/3 factors with a value
- Returns· partial97/100 · 1/2 factors with a value
- Valuation· partial86/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
NoHo Partners Oyj (NOHO.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 358.0 m EUR in 2025; YoY growth 3.1%; net margin 9.1%; ROE 35.8%.
The estimated value range is 9.47–18.51 EUR per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 12.15 EUR, the price of 7.54 EUR leaves a potential of 61.2% (value / price − 1) and a margin of safety of 38.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 33.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- P/E (TTM): 4.9x
- Shareholder yield (distributions): 6.8%
- The price is below the estimated value range
What contradicts it
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, Current ratio, EV/EBITDA, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| NOHO.HENoHo Partners Oyj | 158.6 m | 4.9 | 35.8% | 9.1% | +3.1% | −4% / +2% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for NOHO.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 4.42 Total return -37% · Per year -37% | 7.83 Total return 10% · Per year 10% | 11.80 Total return 64% · Per year 64% |
| 3 years | 4.18 Total return -31% · Per year -11% | 8.33 Total return 30% · Per year 9% | 13.80 Total return 108% · Per year 28% |
| 5 years | 3.94 Total return -25% · Per year -6% | 8.86 Total return 51% · Per year 9% | 16.13 Total return 159% · Per year 21% |
- Exit P/E± 2.08
- Net margin± 1.46
- Annual revenue growth± 1.21
- Annual dilution± 0.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
NoHo Partners Oyj runs restaurants, entertainment venues and event restaurants in Finland, Norway and Denmark. Turnover of 358.0 MEUR in 2025 and a long-term target of about 350 MEUR for Finnish operations show the direction the company has set.
SWOT
Strengths
- The company has a diverse portfolio of restaurants, entertainment venues and event spaces, which reduces reliance on a single format.
- Operations across three Nordic markets give a broad geographic base.
- The company publishes clear profitability and debt reduction targets, which makes performance measurable.
Weaknesses
- The EBIT margin declined over the last year, showing profitability under pressure.
- Leverage remains high, especially when IFRS 16 effects are considered.
- A large workforce and personnel costs may limit operational flexibility.
Opportunities
- Profitable growth in international markets could add a larger contribution to results.
- If the EBIT margin stabilises, the company could reach its Finnish turnover target.
- Corporate clients and the event segment could bring additional revenue.
Threats
- Personnel costs and wage pressure could reduce margins.
- A fall in restaurant consumer demand could affect results.
- Intense regional competition could limit the ability to raise prices.
Risks
- Margin riskhigh
A lower EBIT margin could weigh on group profitability, especially if costs rise faster than revenue.
- Leverage riskmedium
Debt levels, including lease liabilities, could limit financial flexibility if results weaken.
- Staffing riskmedium
Reliance on temporary staff and wage costs could create pressure on operations.
- Market riskmedium
Changes in restaurant and event spending could affect demand in all three countries.
- Reporting risklow
Sustainability reporting is at an early stage and some data rely on estimates, which could affect precision.
Investment thesis
What would need to be true (bull case)
- Turnover grew in 2025, and the company has a diverse portfolio of restaurants and entertainment venues across three countries.
- If the EBIT margin stabilises, the Finnish target could be reached and profitability could recover.
- The dividend policy and debt reduction goals signal a commitment to shareholders.
What would break the thesis
- The EBIT margin fell from the prior year, and cost pressure may continue.
- Debt remains high, especially when lease effects are counted, which limits flexibility.
- Regional competition and changing restaurant spending could reduce demand and pricing power.
What to watch
- Trend in group and Finnish EBIT margin2026
- Progress toward the Finnish turnover target of about 350 MEUR2027
- Reduction of gearing and the net debt to EBITDA rationext 10-K
- Results of operations in Norway and Denmark2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
NoHo Partners operates in the restaurant industry. In Finland, its business areas are food restaurants, entertainment venues and event restaurants, while international business is grouped into Norway and Denmark, according to the structure applied from 1 January 2025 1. Customers are both consumers and B2B clients.
The company employed an average of 2942 people in 2025, down from the prior year, mainly in Finland and Switzerland 1. Its value chain includes contract partners for food and beverages, packaging makers, transport firms and lessors.
Long-term financial targets include keeping the EBIT margin at a good level in Finland, profitable growth abroad, and reducing the ratio of net debt to operational EBITDA, adjusted for IFRS 16, to about 2 1.
Segments
Restaurants and entertainment venues in Finland
The Finnish business includes food restaurants, entertainment venues and event restaurants. It makes up most of the activity, and the turnover target for this market is about 350 MEUR 1.
International operations
International business is divided into Norway and Denmark. The stated goal for this part is profitable growth and shareholder value creation, without separate figures in the cited report 1.
Market context
The company operates in Nordic markets, competing for consumer and corporate customers. The restaurant and event market in Finland, Norway and Denmark forms the general context of its activity 1.
Group EBIT margin eased slightly in 2025 from the prior year, pointing to margin pressure while turnover grew 1.
Trends
- Group turnover growthtailwind
Turnover rose in 2025 compared with earlier years, which indicates demand that could support growth if the current level holds 1.
- Pressure on EBIT marginheadwind
The EBIT margin fell from 2024 while personnel expenses stayed at a high level. If this trend continues, profitability could be affected 1.
- Lower headcountmixed
The average number of employees fell in 2025, mainly in Finland and Switzerland. This change may reduce costs but could affect operational capacity 1.
- Dividend policy and debtmixed
The company aims to distribute at least 50% of comparable earnings per share and to reduce net debt relative to EBITDA. If these targets are met, the financial structure could strengthen 1.
Competitive position
The supplied sources do not describe direct competitors. The business runs in the Nordic restaurant and entertainment sector, where competition comes from local and regional chains.
Competitive position depends on the company's ability to keep margins stable and attract consumer and corporate customers across several countries 1.
- Local restaurant chains in Finland
Regional operators competing for the same consumer customers in restaurants and entertainment venues.
- Restaurant operators in Norway
Local companies active in the Norwegian market where NoHo Partners operates.
- Restaurant operators in Denmark
Local companies competing in the Danish market where the company has expanded.
- Event service providers
Firms offering catering and venues for corporate and private events.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202518 Mar 2026
- Annual report 202418 Mar 2025
- Annual report 202318 Mar 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / NoHo Partners Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.