Vi förväntar oss att Anoras vinst gradvis kommer att förbättras under de kommande åren, men dess avkastning på kapital och tillväxtutsikter är tröga.

Viva Wine, the main competitor of Anora's Wine segment, announced its Q4 result yesterday. Despite the subdued market development, Viva continued to grow and gain market shares.

Anora’s Q4 result exceeded our expectations, and the guidance expects a slight improvement this year. Although we see Anora's growth potential and value creation as sluggish, we believe the cash flow generation is sufficient for an expected return that exceeds the required return.

Anora reported a slightly better-than-expected end to the year, supported by the Wine segment. With a strengthened balance sheet, Anora keeps the dividend unchanged and sees cautious signs of improvement in the market.

Anora’s Q4 adjusted EBITDA increased slightly, supported by the Wine segment, while we expected a small decrease. The dividend was kept unchanged when we expected a drop.

Anora will report its Q4 earnings on Wednesday, around 8.30 am EET. The company's 2024 adjusted EBITDA guidance is 65-70 MEUR.

Av Anoras huvudmarknader fortsatte åtminstone Finland och Norge sin negativa utveckling under Q4'24, och vi förväntar oss inte heller någon vändning i år.

Despite the weak market development, Viva continued to grow and gain market share.

Anora lowered its guidance in October, and uncertainties remain regarding the end of the year as volumes have been under pressure.