After the easing of restrictions at the beginning of June, the Finnish restaurant market has recovered faster than anticipated. Although NoHo's sales were still down 45% in June, we believe the market recovery began to pick up steam towards the end of the month and into July. The outlook for the rest of the year seems more favourable than it did at the beginning of June, which is also supported by card data from Nordea; card payments in Finnish restaurants were above last year's level at the beginning of July. We remain slightly cautious about the important Q4, however, as corporate spending might be subdued due to cost savings. It seems that the company will remain cash-flow positive for the rest of the year, although we still see the possibility of a dilutive equity issue. Marketing material commissioned by NoHo Partners.

equityresearch@nordea.com

Nordea Research