@Arttu_Heikura
There was an interesting point in the analysis regarding the impact of IFRS16 liabilities on EPS vs. actual cash-flow-based rental expenses. Such a feature had never even crossed my mind. Could you elaborate a bit on why the annual IFRS16 depreciations differ from actual rental expenses by as much as 0.15 EPS?
“Investors should also note that, due to long IFRS 16 liabilities, NoHo’s depreciations are higher than actual cash-flow-based rental expenses, and this has a negative impact of approximately 0.15 euros on EPS. Considering this, the company’s P/E ratios will decrease for the coming years clearly below 10x levels, which can already be considered a very attractive level for the current NoHo.”