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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. 

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Trade. (Anora)