Company Overview
Anora Group Plc is a leading Finnish spirits and beverage company that operates in the Nordic region. With a rich history dating back to 1888, Anora has established itself as a trusted brand in the industry, offering a wide range of iconic spirits and beverages. The company's mission is to provide high-quality products that cater to the evolving tastes and preferences of its customers, while maintaining its commitment to sustainability and responsible business practices.
Anora's core values are built around innovation, quality, and customer satisfaction. The company strives to innovate continuously, investing in research and development to create unique and exciting products that meet the changing needs of its customers. At the same time, Anora is dedicated to maintaining the highest standards of quality in its production processes, ensuring that every product that leaves its facilities meets the highest expectations.
Key Products/Services
Anora's portfolio includes a diverse range of spirits and beverages, including Koskenkorva, Blossa, Linie, Skagerrak, Chill Out, Ruby Zin, Wongraven, O.P. Anderson, and Falling Feather. The company also offers a range of wine brands, including Amarula, Fireball, Fernet Branca, Jose Cuervo, Underberg, and Xant . In addition to its core spirits and beverages, Anora provides a range of services, including logistics, distribution, and marketing support.
The benefits of Anora's products and services include their high quality, unique flavor profiles, and commitment to sustainability. The company's spirits and beverages are enjoyed by millions of people around the world, and its services provide customers with a seamless and efficient way to access these products.
Market Position and Competitive Advantage
Anora operates in the Nordic region, where it has established itself as a leading player in the spirits and beverage market. The company's strong brand portfolio, combined with its commitment to innovation and quality, provides it with a competitive advantage in the market.
Anora's market position is further reinforced by its strategic partnerships and collaborations with other companies in the industry. These partnerships enable the company to expand its reach and offer its customers a wider range of products and services.
Valuation
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Number of Shares (million) | 67.6 | 67.6 | 67.6 | 67.6 | 67.6 | 67.6 | 67.6 |
| Target Valuation (MEur) | 562.2 | 388.2 | 419.9 | 393.7 | 382.5 | 301.0 | 301.0 |
| Targer Price | 8.32 | 5.75 | 6.22 | 5.83 | 5.66 | 4.46 | 4.46 |
| Potential, % | 13.1 | 31.8 | 118.8 | 51.2 | 54.3 | 21.4 | 21.4 |
| Recommendation | Hold | Buy | Buy | Buy | Buy | Hold | Hold |
| MCAP (MEur) | 497.2 | 294.5 | 191.9 | 260.4 | 247.9 | 247.9 | 247.9 |
| Price | 7.36 | 4.36 | 2.84 | 3.85 | 3.67 | 3.67 | 3.67 |
| EV | 798.0 | 432.0 | 313.0 | 362.0 | 372.0 | 462.0 | 513.0 |
| P/S | 0.71 | 0.4 | 0.28 | 0.4 | 0.38 | 0.38 | 0.38 |
| EV/S | 1.14 | 0.59 | 0.45 | 0.55 | 0.57 | 0.71 | 0.79 |
| EV/EBIT | 23.07 | 15.6 | 8.83 | 15.21 | 39.2 | 95.91 | 182.39 |
| P/E | 27.47 | 58.44 | 16.01 | 45.69 | 49.98 | 64.23 | 110.19 |
| P/B | 1.03 | 0.72 | 0.48 | 0.66 | 0.62 | 0.61 | 0.61 |
| P/OCF | -1657.3 | 2.18 | 5.78 | 5.17 | 82.37 | -3.25 | -6.91 |
| EV/OCF | -2660.3 | 3.2 | 9.44 | 7.18 | 123.46 | -6.06 | -14.29 |
| P/FCF | -5.26 | 1.66 | 6.53 | 6.13 | -227.45 | -2.73 | -4.93 |
| EV/FCF | -8.44 | 2.44 | 10.66 | 8.52 | -340.93 | -5.1 | -10.2 |
Income Statement
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Revenue | 702.6 | 727.6 | 692.0 | 657.9 | 646.9 | 647.4 | 647.9 |
| Rev. Growth, % | 47.0 | 3.6 | -4.9 | -4.9 | -1.7 | 0.1 | 0.1 |
| Ebit | 34.6 | 27.7 | 35.5 | 23.8 | 9.5 | 4.8 | 2.8 |
| Ebit Growth, % | -18.4 | -19.9 | 28.2 | -33.0 | -60.1 | -49.5 | -41.7 |
| Ebit, % | 4.9 | 3.8 | 5.1 | 3.6 | 1.5 | 0.7 | 0.4 |
| Profit | 18.1 | 5.0 | 12.0 | 5.7 | 5.0 | 3.9 | 2.2 |
| EPS | 0.27 | 0.07 | 0.18 | 0.08 | 0.07 | 0.06 | 0.03 |
| Profit Growth, % | -43.4 | -72.4 | 140.0 | -52.5 | -12.3 | -22.0 | -43.6 |
| Profit, % | 2.6 | 0.7 | 1.7 | 0.9 | 0.8 | 0.6 | 0.3 |
Balance Sheet
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Inventory | 186.2 | 144.2 | 139.2 | 112.5 | 111.2 | 111.7 | 112.3 |
| Acc. Receivable | 241.9 | 110.1 | 113.8 | 125.8 | 122.2 | 122.5 | 122.6 |
| Cash | 91.4 | 212.7 | 181.5 | 182.6 | 166.7 | 76.1 | 25.8 |
| Equity | 480.5 | 408.2 | 397.9 | 392.7 | 402.6 | 406.4 | 408.7 |
| ROE, % | 3.8 | 1.2 | 3.0 | 1.5 | 1.2 | 1.0 | 0.5 |
| ROCE, % | 4.0 | 3.7 | 5.1 | 3.5 | 1.4 | 0.7 | 0.4 |
| Net Debt | 300.9 | 137.5 | 121.6 | 101.5 | 123.7 | 214.4 | 264.6 |
| Gearing, % | 62.6 | 33.7 | 30.6 | 25.8 | 30.7 | 52.7 | 64.7 |
| Equity ratio, % | 36.9 | 35.9 | 37.2 | 38.0 | 38.3 | 39.0 | 39.5 |
| Acc. Payable | 364.5 | 328.1 | 324.4 | 319.9 | 324.5 | 326.0 | 331.5 |
| Total Assets | 1301.3 | 1135.7 | 1069.4 | 1032.2 | 1050.6 | 1041.0 | 1034.9 |
| ROA, % | 1.4 | 0.4 | 1.1 | 0.6 | 0.5 | 0.4 | 0.2 |
Cash Flow
| 2022 | 2023 | 2024 | 2025 | 2026 (e) | 2027 (e) | 2028 (e) | |
|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -0.3 | 135.2 | 33.2 | 50.4 | 3.0 | -76.3 | -35.9 |
| Investment Cash Flow | -94.3 | 41.7 | -3.8 | -7.9 | -4.1 | -14.4 | -14.4 |
| Free Cash Flow | -94.6 | 176.9 | 29.4 | 42.5 | -1.1 | -90.7 | -50.3 |
| OCF/CAPEX | 0.0 | 0.0 | 8.74 | 6.38 | 0.73 | 0.0 | 0.0 |
| Financial Cash Flow | 26.1 | -57.7 | -59.3 | -36.8 | -1.3 | 0.0 | 0.0 |
Disclaimer
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Before deciding to trade in financial instrument you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
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