Anora: Better things to come
Anora's Q1 result was below our expectations and the comparison period, even though net sales grew well. However, the company's guidance remained unchanged and price increases and cost savings should support the development from Q2 onwards. We lowered our estimates for this year but estimate changes for 2024-25 were minor. We still believe that Anora can achieve reasonably good earnings growth in the coming years, in addition to which the expected return is supported by dividends that grow with earnings.
Anora Group
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 Figures11.05.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 702.7 | 752.5 | 761.2 |
growth-% | 5.66 % | 7.09 % | 1.16 % |
EBIT (adj.) | 42.9 | 47.0 | 54.6 |
EBIT-% (adj.) | 6.11 % | 6.24 % | 7.17 % |
EPS (adj.) | 0.39 | 0.35 | 0.48 |
Dividend | 0.22 | 0.24 | 0.34 |
Dividend % | 2.99 % | 4.89 % | 6.80 % |
P/E (adj.) | 19.03 | 14.33 | 10.30 |
EV/EBITDA | 11.44 | 6.35 | 5.31 |