Anora: Cognac divestment creates clear value
![](https://www.inderes.se/cdn-cgi/image/format=auto,width=128,height=128,quality=90,fit=cover/https://core.inderes.fi/sites/default/files/2023-08/Rauli_Juva.jpg)
Anora announced yesterday that it divests the cognac business for over EUR 50 million. The EBTDA of the divested operations has only been around EUR 2 million, so the multiples of the transaction are very high. Our estimates decreased only slightly, but Anora’s leverage decreases clearly with the transaction, which supports the value of the company’s share. We also believe that the transaction will bring out hidden value in Anora. We raise our target price to EUR 5.5 (was EUR 4.7) and raise our recommendation to Buy (was Accumulate).
Login required
This content is only available for logged in users
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 Figures07.09.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 702.7 | 746.2 | 752.8 |
growth-% | 5.66 % | 6.20 % | 0.88 % |
EBIT (adj.) | 42.9 | 36.2 | 48.4 |
EBIT-% (adj.) | 6.11 % | 4.85 % | 6.43 % |
EPS (adj.) | 0.39 | 0.17 | 0.40 |
Dividend | 0.22 | 0.22 | 0.28 |
Dividend % | 2.99 % | 4.74 % | 6.04 % |
P/E (adj.) | 19.03 | 27.39 | 11.59 |
EV/EBITDA | 11.44 | 5.62 | 4.71 |
![](https://www.inderes.se/cdn-cgi/image/format=auto,width=128,height=128,quality=90/https://keskustelut.inderes.fi/user_avatar/keskustelut.inderes.fi/sijoittaja-alokas/500/74872_2.png)
![](https://www.inderes.se/cdn-cgi/image/format=auto,width=128,height=128,quality=90/https://keskustelut.inderes.fi/user_avatar/keskustelut.inderes.fi/rauli_juva/500/79474_2.png)
![](https://www.inderes.se/cdn-cgi/image/format=auto,width=128,height=128,quality=90/https://keskustelut.inderes.fi/letter_avatar_proxy/v4/letter/w/f6c823/500.png)
![](https://www.inderes.se/cdn-cgi/image/format=auto,width=128,height=128,quality=90/https://keskustelut.inderes.fi/letter_avatar_proxy/v4/letter/w/f6c823/500.png)
![](https://www.inderes.se/cdn-cgi/image/format=auto,width=128,height=128,quality=90/https://keskustelut.inderes.fi/user_avatar/keskustelut.inderes.fi/munkkispede/500/45391_2.png)
![](https://www.inderes.se/cdn-cgi/image/format=auto,width=128,height=128,quality=90/https://keskustelut.inderes.fi/letter_avatar_proxy/v4/letter/c/59ef9b/500.png)