Anora’s Q4 report was weaker than expected in terms of earnings, guidance, dividend and the balance sheet. We cut our estimates significantly for 2023 (15% at EBIT level), but clearly less for later years, as we still expect profitability to improve in coming years. The valuation for 2023 (P/E 18x) is high and we still find the expected return modest.
Anora Group
6.45
6.8
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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 Figures2023-03-01
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 702.7 | 740.0 | 754.8 |
growth-% | 5.66 % | 5.32 % | 2.00 % |
EBIT (adj.) | 42.9 | 47.0 | 57.7 |
EBIT-% (adj.) | 6.11 % | 6.35 % | 7.64 % |
EPS (adj.) | 0.39 | 0.37 | 0.52 |
Dividend | 0.22 | 0.26 | 0.36 |
Dividend % | 2.99 % | 5.20 % | 7.29 % |
P/E (adj.) | 19.03 | 13.47 | 9.60 |
EV/EBITDA | 11.44 | 7.05 | 5.92 |