In my opinion, NoHo has been misunderstood. As a company, NoHo is a serial acquirer that should be compared to other serial acquirers in terms of valuation. As the CEO stated at the AGM – unlisted restaurants are bought at low valuation multiples, and once they are brought under the NoHo umbrella, their efficiency can be significantly increased in terms of both raw materials and personnel costs. In other words, typical serial acquirer business. However, in the restaurant industry, this scalability is likely much greater than is generally understood. That is why it’s truly excellent that they don’t just pay out all the profits, but instead grow the company using all available funds.
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