In the long run, the timing of investments has little importance.
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Tomorrow morning we can have morning coffee together and marvel at NoHo’s results live! NoHo Partners Q1'25 -tuloslive ti 6.5. klo 7:50 - Inderes
Pre-analysis can be read here: NoHo Q1’25 -ennakko: BBS sekoittaa lukuja, operatiivinen kehitys hyvää - Inderes
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More acquisitions
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NoHo buys a burger chain from Denmark.
Why would NoHo buy this instead of BBS? Perhaps this will be sold to BBS later, together with Cocks and Cowns.
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NoHo Partners Acquires Danish Restaurant Chain Halifax Burgers
NoHo Partners has acquired a 65 percent majority stake in the Danish restaurant chain Halifax Burgers, which comprises 11 restaurants in Denmark. Halifax Burgers’ business operations will be reported as part of NoHo Partners starting from May 1, 2025. The company’s founders, Peter Ahn and Ulrich Dehler, will remain minority owners in Halifax Burgers, with Ahn also continuing in the company’s operational management and reporting to NoHo Partners’ Country Manager for Denmark, Daniel Vesti Knuttel.
Halifax Burgers was founded in 2007 and was at that time the first high-quality table-service burger restaurant concept in Denmark. In 2024, the company’s turnover was 14 million euros.
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With this information, it’s very difficult to say anything about the acquisition, as they don’t disclose profitability, and at least with my and Arttu’s skills, no more detailed numbers were found from the Danish business register. Nor is the purchase price disclosed. Tomorrow we will get more information about this too, when we receive the Q1 figures.
The biggest question here, of course, is why BBS didn’t buy this, as @Karhu_Hylje immediately asked. I myself don’t believe that NoHo would buy this now and sell it later to BBS. I don’t really see the logic in this 
At this stage, one can only speculate why BBS didn’t buy this. The fact is that BBS has inevitably also reviewed this target and for one reason or another, inevitably decided not to invest in it. It is possible that BBS has another target in sight that is more interesting than this one. It is also possible that BBS’s return target is higher and this falls short of it. Additionally, NoHo is able, with Danish synergies, to increase its own returns somewhat compared to BBS. Well, there’s no point speculating about these any further now; in the morning we’ll be wiser about this (too). 
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You can get quite a lot of figures from Proff’s (Enento) Danish pages:
Edit: So that would appear to be the parent company of Halifax restaurants if I’m looking correctly, but I’m not sure if that’s exactly the same entity that is for sale, or if something else belongs to that company or group.
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JANUARY-MARCH 2025 IN BRIEF
· Revenue increased by 6.2 percent to EUR 99.3 (93.5) million.
· Operational EBITDA increased by 6.2 percent to EUR 9.7 (9.1) million.
· Operating profit increased by 6.5 percent to EUR 7.3 (6.9) million.
· Operating profit margin was 7.4% (7.3%).
· Profit increased by 2,490.4 percent to EUR 1.9 (-0.1) million.
· Earnings per share increased by 247.8 percent to EUR 0.04 (-0.03).
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NoHo Partners’ Q1 interim report has been published, and the release can be found here.
Welcome to our earnings call starting at 10 AM.
There had been discussion on the forum about yesterday’s acquisition of Halifax Burgers and why it fell into NoHo Partners’ hands instead of BBS’s. Halifax are quality table-service burger restaurants where people tend to stay longer, whereas the chains belonging to BBS are premium-level fast food. So, quite different concepts in the burger segment! Halifax therefore does not fit into BBS’s portfolio, but we estimate it fits perfectly into NoHo’s portfolio: Halifax complements our selection in Denmark, and as stated in the release, we also expect significant synergy benefits from this together with Cocks & Cows.
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I thought it was an absolutely decent performance, because in this Finnish economic environment it wouldn’t be a surprise if the numbers decreased instead of increased 
.
But then I looked at the analyst’s preliminary figures, and I was disappointed because the analyst has once again gone wild with their forecasts, this kind of thing isn’t right 
.
Edit. Oh right, there was also a live earnings broadcast, I should watch it afterwards.
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In my understanding, that conglomerate includes everything possible other than just Halifax, and therefore no significant conclusions can be drawn from it. The report further confirmed my understanding that Halifax is some kind of turnaround case, where synergies play a big role.
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Quite an okay performance for this market. That small difference from forecasts (revenue & EBIT) largely stems from the challenges in the Norwegian nightclub market.
The huge difference in EPS is purely due to the fact that the BBS write-up (EUR 20 million) is recorded only for Q2, whereas we expected it already for Q1.
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Tämä yhtiö “Holdingselskabet af oktober 2006 ApS” onkin tarkemmin se Halifax Burgers -osa:
https://datacvr.virk.dk/enhed/virksomhed/29919852?fritekst=29919852&sideIndex=0&size=10
Tuolta saa tilinpäätökset 2023 asti, viime vuoden ei vielä löydy mutta näyttää tosiaan siltä että on ollut kannattavuushaasteita viime aikoina.
Google-käännös osasta 2023-raporttia:
The company’s main activities
The purpose of the parent company is to act as a holding company for companies that operate restaurants. The company is the owner of a company that has established a chain of restaurants under the name Halifax Burgers, and as of 31 December 2023, 11 restaurants have been established.
The holding company of October 2006 ApS also owns a company that functions as the central kitchen for the group.
Development in activities and financial conditions
The result for the year ended with a loss of DKK 4,713 thousand compared to a loss of DKK 4,242 thousand in the previous year.
EBITDA for 2023 was realized at DKK 1,795 thousand compared to DKK -684 thousand in the previous year.
In 2023, as in 2022, the group’s operations were negatively affected by high costs due to inflation and high energy prices.
On the balance sheet date, the company has negative equity of DKK 3,205 thousand. Management expects that the company’s equity will be re-established through two planned capital increases, the first of which was completed in March 2024.
The year’s result compared to the expected development
The result is considered unsatisfactory, but as expected, due to the difficult market conditions.
Expected development
In January 2024, Peter Ahn (founder) was appointed as CEO. There have also been changes to the board of directors, with Anders Kjørup taking over as chairman of the board in January 2024. An extensive restructuring of the company has begun, which is expected to have a positive impact on the accounts from the second half of 2024. The measures are not expected to have full effect until 2025, after which a positive result is expected.
Environmental conditions
The group is environmentally conscious and has an ongoing focus on reducing the environmental impact of the company’s operations.
Events after the balance sheet date
After the balance sheet date, the company has received DKK 3,150 thousand in new capital. From the balance sheet date to today, no other circumstances have occurred that would affect the assessment of the annual report."
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Highlights from the webcast:
-These Danish chains are intended to be scaled up and apparently then sold off. There is reportedly interest in this.
-Halifax has been on the table for the first time already in 2017.
-A large part of the debts is tied to 3-month Euribor, meaning financing costs will come down at a relatively rapid pace quarter by quarter.
The figures were indeed slightly weaker than expected in this quietest quarter, but on the other hand, the booking situation for the busiest quarters was described as good and the overall market environment as better. April was reported in the webcast to have gone well.
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In the previous webcast (financial statements in February), the booking situation for spring was mentioned to be slightly ahead of the previous year.
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Today, the report stated the following:
“Small signs of recovery in consumer purchasing power were also observed in the first\nquarter, and the booking situation for the following quarters looks good.”
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Exactly. And I’m wondering about the wording, does it mean: the booking situation for the next quarters looks good that it is ahead of last year. “Looks good” can also be behind last year…
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In the interview, a little extra spice regarding the Halifax acquisition: NoHo Partners Q1'25: Hampurilaisostoksilla Tanskassa - Inderes
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Sale and Arttu have prepared a new company report on NoHo for Q1. 
NoHo’s Q1 result was stable in operational terms. In our view, the company still has clear prerequisites for accelerating earnings growth, which keeps the stock’s valuation at a moderate level and maintains an attractive return expectation. However, we are lowering our recommendation to add (previously buy) as the most blatant undervaluation has unwound. The target price remains at 10.5 euros.
Quoted from the report:
Return expectation is still at a sufficient level
In our opinion, the key medium-term driver for NoHo’s stock is the growth in earnings per share. The valuation measured based on realized earnings is, in our view, slightly elevated, thus limiting the stock’s total return expectation. In addition to earnings growth, the return expectation is supported by a stable dividend yield of 5-6%. Overall, we estimate the stock’s return expectation to be ~15% per annum, which exceeds our required rate of return. Thus, the stock offers an attractive risk-return ratio to counterbalance temporary market challenges.
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OP maintained its Buy recommendation and raised the target price to EUR 10.90 (10.50):
Q1 softer than expected: NoHo Partners’ Q1 result was softer than both our and the consensus forecast in Q1. Sales were weaker than we expected, primarily in international and slightly also in domestic business.
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