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-q424-preview-earnings-risk-more-to-the-upside

__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

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

Translation: Original published in Finnish on 02/10/2025 at 6:47 am EET
<img src="https://content.inderes.se/assets/3aec2cbd-05dc-4be6-8a1d-f57890efc612?width=1504&amp;height=559" alt="Anora100225">
Anora will report its Q4 earnings on Wednesday, around 8.30 am EET. The company&apos;s 2024 adjusted EBITDA guidance is 65-70 MEUR. With our estimate being at the low end of the guidance, the risk for the Q4 result is mainly to the upside. Due to the weak result, we expect the dividend to decrease. Regarding the outlook, we expect a slight improvement in earnings this year. 
<h2>Revenue is expected to decrease due to the volume decline in the market</h2>
We predict that Anora&apos;s Q4 revenue will decrease by 4% year-on-year. The decrease in revenue is mainly due to beverage sales (-5%). This is still affected by the declining market volumes in Finland and Norway, while the Swedish market is growing slightly. The forecast is also in line with the comments given by Anora in connection with its Q3 results, i.e., the development would be negative, but less so than in Q3 (-6%). 
<h2>We expect the result to fall slightly from the comparison period</h2>
Anora&apos;s 2024 adjusted EBITDA guidance is 65-70 MEUR. Our forecast for the full year is at the lower end of the guidance, i.e. 65 MEUR, which for Q4 means 26 MEUR. This is slightly weaker than the comparison period. However, if the result ends up closer to the upper end of the full-year guidance, the Q4 result may also improve. Anora&apos;s result is supported by the improved profitability of the Industrial segment from a weak comparison period and wine price increases, while decreased volumes have a negative impact. 
<h2 class="MsoNormal">We expect a falling dividend and a subdued outlook for this year</h2>
Due to the weak result and relatively leveraged balance sheet, we expect Anora to lower its dividend to EUR 0.15 from EUR 0.22 for 2022-23. We expect Anora&#x2019;s revenue in 2025 to remain at the level of the comparison period and EBITDA to improve slightly to 69 MEUR. We believe the company&apos;s development will be hampered, at least in H1, by a continuing decline in the market. On the other hand, we believe the company has limited opportunities to push fixed costs down, as creating growth requires increasing fixed costs, e.g., in marketing. The company is in the midst of a management transition as the current CEO has announced his retirement, but no new CEO has been announced.&#xa0;

	2023	24e	25e
Revenue	726.5	688.7	690.0
growth-%	3.39 %	-5.20 %	0.19 %
EBIT (adj.)	34.8	38.5	42.8
EBIT-% (adj.)	4.79 %	5.59 %	6.20 %
EPS (adj.)	0.19	0.24	0.31
Dividend	0.22	0.15	0.20
Dividend %	4.95 %	5.50 %	7.34 %
P/E (adj.)	23.14	11.49	8.75
EV/EBITDA	6.20	4.87	4.22

Anora Q4'24 preview: Earnings risk more to the upside

Revenue is expected to decrease due to the volume decline in the market

We expect the result to fall slightly from the comparison period

We expect a falling dividend and a subdued outlook for this year

Anora Group

Key Estimate Figures15.01