contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


anora-valuation-corrected-outlook-still-good

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Analyst

Rauli Juva

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.

Anora announced this morning in a press release that the change negotiations have concluded and the targeted savings goal of EUR 7 million has been achieved. One-off costs are expected in Q4 from this, and the cost level should be lower from the beginning of next year. It should also be noted that Alko has changed the publication of sales data from monthly to quarterly, so information for Q4 will be available in January. Anora’s adjusted EBITDA guidance of EUR 70-75 million is, in our opinion, still on a knife-edge (our forecast is EUR 70 million), and in that sense, all market signals are interesting. But whether the final outcome is EUR 68 or 71 million, that quite significant personnel cost saving should support a small improvement in results next year, and the company will most likely guide for such an improvement in its Q4 report.

Here is Anora’s Kirsi Puntila’s presentation held at the Investor 2025 event.                    Inderes              Anora sijoituskohteena | Sijoittaja 2025 - Inderes    Aika: 27.11.2025 klo 12.43 Anoran toimitusjohtaja Kirsi Puntila avaa Anoran liiketoimintaa Sijoittaja 2025 -tapahtumassa.

Rauli wrote about Anora’s Wine segment’s main competitor Viva Wine’s Q3 results.  Anora’s Wine segment’s main competitor Viva Wine reported its Q3 results yesterday and updated its targets. Viva’s revenue grew slightly in the Nordics and it slightly increased its market share. Due to an acquisition and a change in reporting, the profitability of the Nordics can no longer be directly seen from Viva’s reported figures. However, the company stated that profitability had improved in the Nordics. Compared to Anora’s Wine segment, Viva’s sales development was slightly better and profitability remained at a better level.                   Inderes              Anora: Viinien pääkilpailija Viva Winen myynnin kehitys oli hieman Anoraa...    Anoran Wine-segmentin pääkilpailija Viva Wine raportoi eilen Q3-tuloksensa ja päivitti tavoitteitaan.

Janne’s new strategy implementation was short-lived. But the wine segment has clearly underperformed in recent years, so it’s not surprising that they want to change the leader there. Leaders have already started in the other two segments this year.

Change in the management team, they could actually start producing fish oil too, then the marketing person would be ready  . It’s interesting that they come from Viva Wine Group, i.e., Anora’s direct competitor in wines: Muutos Anora Groupin johtoryhmässä: Anoran Wine-segmentin johtaja vaihtuu | Kauppalehti Janne Halttunen, Director of the Wine segment and member of Anora Group’s Management Team, is leaving his position. Anora has appointed Anna Möller as his successor, effective no later than May 12, 2026. Janne Halttunen has served Anora and its predecessor (Altia Oyj) in various roles since 2009 and as a member of the Management Team since 2015. He has played a key role in building Anora’s wine business since the merger. To ensure a smooth transition of duties, Samu Suonpää, Vice President, Operations Wine, will be temporarily responsible for the operations of the Wine segment until Anna Möller starts in the company. Anna Möller joins Anora from Viva Wine Group, where she has been a member of the management team and Chief Operating Officer responsible for the Nordic markets since 2022. She now returns to Anora, where she most recently served as Commercial Director Spirits Scandinavia in 2021-2022, and prior to that, held several marketing and management positions at Anora’s predecessor, Altia Oyj, since 2011. Anna Möller’s CV and photograph are attached to this stock exchange release.

I almost accidentally flagged your message @Rauli_Juva, the reason, of course, being a differing opinion  (hard to say if it would have gone through, as I’m on good terms with @Sijoittaja-alokas ) but indeed, I have no reason to question your interpretation either, I merely presented an alternative theory, I’m certainly not preparing anyone’s funeral yet . This is, of course, dramatic, considering it’s only about half a year; I initially imagined the change would happen next spring. Could there have been such a conflict between the new CEO and the chairman of the board regarding the new strategy and operational efficiency that the largest owner had to step in? And looking at the outgoing chairman’s track record, at least concerning share price development, I gladly welcome the new chairman . The content of company announcements indeed varies unacceptably much, even when dealing with similar matters. I have always lavishly praised companies whose main owner is the Paasikivi family (Kemira, Tikkurila, and Uponor); there, the essential matter is usually found already in the headline of the announcement. Unfortunately, only Kemira is still listed. Once, Tikkurila’s IR even contacted me before the annual general meeting when there was uncertainty about the number of shares I owned and the record date for the general meeting; everything was done meticulously there. Good point about Kirsi Puntila @Addick, it matches the image I got of an energetic CEO with her own strengths at the annual general meeting.

Yesterday, I spotted an interview with Anora’s CEO Kirsi Puntila in Kauppalehti: Kirsi Puntila johtaa Anoran kolmen F:n strategiaa viiden C:n filosofialla: ”Olen yli kaksikymmentä vuotta lotrannut näiden viinasten kanssa" | Kauppalehti The article, in my opinion, sufficiently reveals Puntila’s work history and her rather surprising path from marketing to CEO. She considered, among other things, the CFO’s continuity important for her own CEO role, as she isn’t as strong an expert on balance sheets. International expertise, branding, and the idea of focusing on profitable product categories/brands is, in my opinion, a good path. The article is worth reading. I myself have appreciated Puntila’s appointment as Anora’s CEO and the clarity in her presentations and interviews. The upcoming quarters will show if the company reaches its goals. Let’s hope so.

Anora Group

Anora’s share has risen by over 20% since our last update. In our opinion, the company’s Q1 has gone roughly according to our and the company’s expectations, so we have not changed our forecasts in this report. 

<p>Anora&rsquo;s share has risen by over 20% since our last update. In our opinion, the company&rsquo;s Q1 has gone roughly according to our and the company&rsquo;s expectations, so we have not changed our forecasts in this report.</p>

	2023	24e	25e
Revenue	727.6	724.0	743.6
growth-%	3.6 %	-0.5 %	2.7 %
EBIT (adj.)	35.9	53.8	59.0
EBIT-% (adj.)	4.9 %	7.4 %	7.9 %
EPS (adj.)	0.21	0.44	0.52
Dividend	0.22	0.25	0.30
Dividend %	5.1 %	6.9 %	8.2 %
P/E (adj.)	21.2	8.3	7.0
EV/EBITDA	6.0	4.4	3.7

Anora: Valuation corrected, outlook still good

Key Estimate Figures2024-04-07

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