Anora: Guidance was lowered more than we expected
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Yesterday, Anora lowered its full-year earnings guidance. Although we had expected a downgrade, the magnitude of the cut and the weakness of the company's Danish operations, Globus Wine, came as a surprise to us. The weaker performance may be more permanent than we had imagined, which is why we significantly lowered our estimates for 2023-2025.
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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 Figures16.08.2023
2022 | 23e | 24e | |
---|---|---|---|
Revenue | 702.7 | 730.5 | 748.8 |
growth-% | 5.66 % | 3.96 % | 2.51 % |
EBIT (adj.) | 42.9 | 39.1 | 48.5 |
EBIT-% (adj.) | 6.11 % | 5.35 % | 6.48 % |
EPS (adj.) | 0.39 | 0.25 | 0.41 |
Dividend | 0.22 | 0.22 | 0.29 |
Dividend % | 2.99 % | 4.80 % | 6.25 % |
P/E (adj.) | 19.03 | 18.20 | 11.19 |
EV/EBITDA | 11.44 | 6.80 | 5.53 |
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