contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment CompanyTagList on Company {
  pageUrl
  name
  viewerIsFollowing
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    ...CompanyTagList
    id
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls {
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      defaultInstrument {
        isin
        id
      }
      id
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    id
    name
    viewerIsFollowing
    defaultInstrument {
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


anora-q1-next-tuesday-recovery-from-trough-likely-to-continue

__typename

title

isPremium

lang

htmlBody

companies

createdAt

publishers

authors

reactionGroups

pageUrl

alternatePageUrls

imgUrl

description

Analyst

Rauli Juva

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.

Anora Group

As in the previous quarter, we expect the result to have improved from the weak comparison period. However, the result will still be at a weak level. 

<p><em><strong>Translation: Original comment published in Finnish on 5/3/2024 at 8:19 am EEST.</strong></em></p>
<p><img src="https://content.inderes.se/assets/969170e7-1c12-4d62-bc3a-2e7bb21a816e?width=1690&amp;height=671" alt="Anora Pre Q124"></p>
<p>Anora will report its Q1 results next Tuesday at around 8.30 am EEST. As in the previous quarter, we expect the result to have improved from the weak comparison period. However, the result will still be at a weak level. We expect Anora to repeat its guidance for the full year, i.e. full year adjusted EBITDA in the range of 75-85 MEUR.</p>
<h2>Revenue expected to fall slightly</h2>
<p>We predict that Anora's Q1 revenue will decrease by 2% year-on-year. The decline in revenue will mainly come from the Industrial segment due to lower selling prices, but we also forecast a further revenue decline in the Wine segment, as the loss of distribution partners experienced last year will still have a negative impact in Q1. The cognac business divested last year also has a slight negative impact, but currencies should not have a material impact on the past quarter. As far as we know, the Finnish port strike did not have a material impact on the company's operations.&nbsp;</p>
<h2>Earnings should continue to trend upwards</h2>
<p>Anora's results deteriorated in 2022-23 mainly due to the numerous challenges in the Wine segment (exchange rates, loss of partners and weak performance of Globus Wine in Denmark). In Q4'23, results turned around year-on-year and we expect the same trend to continue in Q1. We believe the main driver of this recovery is the improvement in the Wine segment's gross margin, as prices were increased in Sweden and Norway to offset the impact of weaker currencies. The company&rsquo;s efficiency measures are also supporting the result.</p>
<h2>Guidance to remain unchanged</h2>
<p>According to Anora's guidance for 2024, the adjusted EBITDA will be in the range of 75-85 MEUR, and we expect the company to reiterate this guidance in its Q1 report. In our forecasts, the earnings improvement will largely come from the recovery of the Wine segment's earnings to the level of 2022 (adjusted EBITDA 24 MEUR vs. 12 MEUR in 2023), although even this is not a good level in our view.&nbsp;</p>

Inderes

Anora Q1 next Tuesday: Recovery from trough likely to continue

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Avkastning på kapital (ROE, ROI, ROIC, RONIC)

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	2023	24e	25e
Revenue	727.6	724.0	743.6
growth-%	3.55 %	-0.49 %	2.70 %
EBIT (adj.)	35.9	53.8	59.0
EBIT-% (adj.)	4.93 %	7.43 %	7.93 %
EPS (adj.)	0.21	0.44	0.52
Dividend	0.22	0.25	0.30
Dividend %	5.05 %	8.90 %	10.68 %
P/E (adj.)	21.20	6.41	5.36
EV/EBITDA	6.02	3.67	3.02

Revenue expected to fall slightly

Earnings should continue to trend upwards

Guidance to remain unchanged

Anora Group

Key Estimate Figures2024-04-07