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Extensive research

Anora: Expected return mainly based on dividends

By Rauli JuvaAnalyst
Anora Group
Download report (PDF)

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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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 page

Key Estimate Figures26.09.2022

202122e23e
Revenue665.0709.8727.3
growth-%94.2 %6.7 %2.5 %
EBIT (adj.)69.851.453.6
EBIT-% (adj.)10.5 %7.2 %7.4 %
EPS (adj.)1.040.490.48
Dividend0.450.450.45
Dividend %4.1 %11.2 %11.2 %
P/E (adj.)10.48.18.4
EV/EBITDA9.06.25.1

Forum discussions

Enjoy the read with a good drink (not a recommendation to use alcoholic beverages, ed. note): Anoran vuosikertomus vuodelta 2025 on julkaistu...
3/18/2026, 3:55 PM
by NukkeNukuttaja
5
The Alcohol Act may change in a significant way. Perhaps this is a positive thing for Anora. “The manufacturer would not necessarily have to...
3/1/2026, 7:52 AM
by TonyH
3
Board member buying, 5,610 shares: Anora Group Oyj: Johdon liiketoimet - Rebecca Tallmark | Kauppalehti You can track management holdings here...
2/23/2026, 3:14 PM
by NukkeNukuttaja
7
Chairman of the Board shopping, 12,000 shares Anora Group Oyj: Johdon liiketoimet - Atle Vidar Nagel Johansen | Kauppalehti
2/13/2026, 2:43 PM
by NukkeNukuttaja
10
Picked up from Puntila’s interview. Anora is entering the energy drink market in some way with its own alcohol-spiked energy drink: s-kaupat...
2/12/2026, 7:55 AM
by TonyH
6
Rauli has published a company report right after the Q4 results Anora’s Q4 result was in line with our forecasts. The midpoint of the 2026 guidance...
2/12/2026, 6:38 AM
by Sijoittaja-alokas
6
Daniel interviewed Anora’s CEO Kirsi Puntila regarding Q4. Inderes Anora Q4'25: Kustannuskurilla konkreettisia tuloksia - Inderes Aika: 11.02...
2/11/2026, 4:04 PM
by Sijoittaja-alokas
4
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