Anora: Expected return mainly based on dividends
Anora is the Nordic market leader in wines and spirits. Organic growth is modest due to a stable market, and we expect earnings growth in the next few years to come mainly from acquisitions and synergies, as well as the leveling off of raw material costs. In the absence of longer-term earnings growth, Anora's expected return is mainly based on dividend yield of about 6%. The valuation at the current levels seems relatively correct, which is why we do not see the share as attractive.
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 Figures26.09.2022
| 2021 | 22e | 23e | |
|---|---|---|---|
| Revenue | 665.0 | 709.8 | 727.3 |
| growth-% | 94.2 % | 6.7 % | 2.5 % |
| EBIT (adj.) | 69.8 | 51.4 | 53.6 |
| EBIT-% (adj.) | 10.5 % | 7.2 % | 7.4 % |
| EPS (adj.) | 1.04 | 0.49 | 0.48 |
| Dividend | 0.45 | 0.45 | 0.45 |
| Dividend % | 4.1 % | 12.4 % | 12.4 % |
| P/E (adj.) | 10.4 | 7.4 | 7.6 |
| EV/EBITDA | 9.0 | 5.8 | 4.8 |
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