Anora: Risk in the guidance, but the result is turning around
Anora's Q3 missed our expectations. The company reiterated its full-year guidance, but we lowered our estimates slightly below it due to the weak Q3 result. However, we expect the result to turn positive for the first time in a while in Q4. We believe the earnings turnaround in the coming quarters will support the stock, which at next year's multiples (e.g. P/E 11x) is moderately priced.
Anora Group
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 Figures10.11.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 702.7 | 723.3 | 725.7 |
growth-% | 5.66 % | 2.94 % | 0.33 % |
EBIT (adj.) | 42.9 | 35.1 | 48.1 |
EBIT-% (adj.) | 6.11 % | 4.85 % | 6.63 % |
EPS (adj.) | 0.39 | 0.17 | 0.39 |
Dividend | 0.22 | 0.15 | 0.25 |
Dividend % | 2.99 % | 3.13 % | 5.22 % |
P/E (adj.) | 19.03 | 28.08 | 12.41 |
EV/EBITDA | 11.44 | 6.83 | 5.55 |