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Extensive research

Anora: New management focuses on raising profitability

By Rauli JuvaAnalyst
Anora Group
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Anora’s performance has been weak for over a year, but we expect the result to improve clearly in 2024-25. Earnings growth will push the valuation to a moderate level already this year (P/E 11x), which means the expected return is good.

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.

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Key Estimate Figures11.01.2024

202223e24e
Revenue702.7723.3725.7
growth-%5.7 %2.9 %0.3 %
EBIT (adj.)42.934.148.1
EBIT-% (adj.)6.1 %4.7 %6.6 %
EPS (adj.)0.390.160.39
Dividend0.220.150.25
Dividend %3.0 %4.7 %7.8 %
P/E (adj.)19.020.28.3
EV/EBITDA11.44.93.6
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