Anora: Recovery of Wine segment as 2024 earnings driver
Anora's Q4 results were slightly better than our expectations and the dividend was unchanged. As expected, the company's guidance is for earnings growth this year, which we believe will come mainly from the Wine segment, which performed poorly last year. Operationally, our forecasts remained almost unchanged, but a decrease in depreciation due to write-downs raised the forecasts. However, this has no cash flow impact.
Anora Group is a producer of alcoholic beverages. The product portfolio consists of wine and spirits marketed under various brands. The largest operations are found in the Nordics and the Baltics, and the company's products are exported to retailers in Europe and North America. The company was created through a merger of Altia and Arcus in 2021 and has its headquarters in Helsinki.
Read more on company pageKey Estimate Figures2024-02-15
| 2023 | 24e | 25e | |
|---|---|---|---|
| Revenue | 727.6 | 727.0 | 745.0 |
| growth-% | 3.6 % | -0.1 % | 2.5 % |
| EBIT (adj.) | 35.9 | 53.8 | 59.1 |
| EBIT-% (adj.) | 4.9 % | 7.4 % | 7.9 % |
| EPS (adj.) | 0.21 | 0.44 | 0.53 |
| Dividend | 0.22 | 0.25 | 0.30 |
| Dividend % | 5.1 % | 7.3 % | 8.7 % |
| P/E (adj.) | 21.2 | 7.8 | 6.5 |
| EV/EBITDA | 6.0 | 4.2 | 3.5 |
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