Anora: Result should improve from Q4 onwards

Anora’s Q2 was weak, as one could deduct from the profit warning issued before the report although adjusted EBITDA was below our estimate. We lowered our 2023 estimates but estimates for 2024-25 remained almost unchanged. Thus, we still see potential in Anora for a significantly better earnings level, which we believe will support the share in the future. We reiterate our Accumulate recommendation and raise our target price to EUR 5 (previous EUR 4.7).
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 Figures26.08.2023
2022 | 23e | 24e | |
---|---|---|---|
Omsætning | 702,7 | 748,2 | 760,8 |
vækst-% | 5,7 % | 6,5 % | 1,7 % |
EBIT (adj.) | 42,9 | 36,7 | 49,2 |
EBIT-% (adj.) | 6,1 % | 4,9 % | 6,5 % |
EPS (adj.) | 0,39 | 0,20 | 0,41 |
Udbytte | 0,22 | 0,22 | 0,29 |
Udbytte % | 3,0 % | 6,8 % | 8,9 % |
P/E (adj.) | 19,0 | 16,3 | 7,9 |
EV/EBITDA | 11,4 | 5,6 | 4,0 |