Anora Group Oyj (HLSE:ANORA) - Share price, News & Analysis

ANORA fundamental analysis
Snowflake Score
Valuation	6/6
Future Growth	3/6
Past Performance	5/6
Financial Health	5/6
Dividends	3/6

ANORA Stock Overview

Anora Group Oyj produces, imports, markets, distributes, and sells alcoholic beverages in the Nordic and Baltic countries.

Rewards

Trading at 67.2% below our estimate of its fair value

Earnings are forecast to grow 17.58% per year

Earnings grew by 119.7% over the past year

Risk Analysis

Shareholders have been substantially diluted in the past year

Dividend of 5.54% is not well covered by earnings

Anora Group Oyj Competitors

Viña Concha y Toro

SNSE:CONCHATORO

CL$944.8b

Price History & Performance

Summary of all time highs, changes and price drops for Anora Group Oyj
Historical stock prices
Current Share Price	€8.12
52 Week High	€11.50
52 Week Low	€7.83
Beta	0.59
1 Month Change	-7.52%
3 Month Change	-15.42%
1 Year Change	-22.96%
3 Year Change	12.94%
5 Year Change	n/a
Change since IPO	5.18%

Shareholder Returns

	ANORA	FI Beverage	FI Market
7D	0.9%	-4.7%	-0.2%
1Y	-23.0%	-9.4%	-13.4%

Return vs Industry: ANORA underperformed the Finnish Beverage industry which returned -9.4% over the past year.

Return vs Market: ANORA underperformed the Finnish Market which returned -13.4% over the past year.

Price Volatility

Is ANORA's price volatile compared to industry and market?
ANORA volatility
ANORA Average Weekly Movement	4.5%
Beverage Industry Average Movement	5.2%
Market Average Movement	6.2%
10% most volatile stocks in FI Market	9.0%
10% least volatile stocks in FI Market	4.4%

Stable Share Price: ANORA is less volatile than 75% of Finnish stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: ANORA's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
1888	1,085	Veli Tennilä	https://anora.com

Anora Group Oyj produces, imports, markets, distributes, and sells alcoholic beverages in the Nordic and Baltic countries. It offers wines, spirits, and other beverages; and barley starch, grain sprits, technical ethanol, and feed components, as well as provides contract manufacturing services. The company is also involved in the operations of distillation, bottling, and logistics services, as well as production of neutral potable ethanol.

Anora Group Oyj Fundamentals Summary

How do Anora Group Oyj's earnings and revenue compare to its market cap?
ANORA fundamental statistics
Market Cap	€548.54m
Earnings (TTM)	€32.40m
Revenue (TTM)	€543.30m

16.9x

P/E Ratio

1.0x

P/S Ratio

Is ANORA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report
ANORA income statement (TTM)
Revenue	€543.30m
Cost of Revenue	€309.70m
Gross Profit	€233.60m
Other Expenses	€201.20m
Earnings	€32.40m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

Sep 01, 2022

Earnings per share (EPS)	0.48
Gross Margin	43.00%
Net Profit Margin	5.96%
Debt/Equity Ratio	30.2%

How did ANORA perform over the long term?

See historical performance and comparison

Dividends

5.5%

Current Dividend Yield

76%

Payout Ratio

Valuation

Is Anora Group Oyj undervalued compared to its fair value and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Below Fair Value
Significantly Below Fair Value
PE vs Industry
PE vs Market
PEG Ratio
PB vs Industry

>50%

Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: ANORA (€8.12) is trading below our estimate of fair value (€24.72)

Significantly Below Fair Value: ANORA is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: ANORA is good value based on its PE Ratio (16.9x) compared to the European Beverage industry average (19.8x).

PE vs Market: ANORA is good value based on its PE Ratio (16.9x) compared to the Finnish market (17.3x).

Price to Earnings Growth Ratio

PEG Ratio: ANORA is good value based on its PEG Ratio (1x)

Price to Book Ratio

PB vs Industry: ANORA is good value based on its PB Ratio (1.1x) compared to the XE Beverage industry average (2x).

Future Growth

How is Anora Group Oyj forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

3/6

Future Growth Score 3/6

Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Future ROE

17.6%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: ANORA's forecast earnings growth (17.6% per year) is above the savings rate (0.2%).

Earnings vs Market: ANORA's earnings (17.6% per year) are forecast to grow faster than the Finnish market (8.7% per year).

High Growth Earnings: ANORA's earnings are forecast to grow, but not significantly.

Revenue vs Market: ANORA's revenue (8.9% per year) is forecast to grow faster than the Finnish market (2.9% per year).

High Growth Revenue: ANORA's revenue (8.9% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: ANORA's Return on Equity is forecast to be low in 3 years time (8.8%).

Past Performance

How has Anora Group Oyj performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

Quality Earnings
Growing Profit Margin
Earnings Trend
Accelerating Growth
Earnings vs Industry
High ROE

12.1%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ANORA has high quality earnings.

Growing Profit Margin: ANORA's current net profit margins (6%) are higher than last year (4.3%).

Past Earnings Growth Analysis

Earnings Trend: ANORA's earnings have grown by 12.1% per year over the past 5 years.

Accelerating Growth: ANORA's earnings growth over the past year (119.7%) exceeds its 5-year average (12.1% per year).

Earnings vs Industry: ANORA earnings growth over the past year (119.7%) exceeded the Beverage industry 56.9%.

Return on Equity

High ROE: ANORA's Return on Equity (6.3%) is considered low.

Financial Health

How is Anora Group Oyj's financial position?

Financial Health Score

5/6

Financial Health Score 5/6

Short Term Liabilities
Long Term Liabilities
Debt Level
Reducing Debt
Debt Coverage
Interest Coverage

Financial Position Analysis

Short Term Liabilities: ANORA's short term assets (€464.6M) exceed its short term liabilities (€334.3M).

Long Term Liabilities: ANORA's short term assets (€464.6M) exceed its long term liabilities (€309.0M).

Debt to Equity History and Analysis

Debt Level: ANORA's net debt to equity ratio (7.3%) is considered satisfactory.

Reducing Debt: ANORA's debt to equity ratio has reduced from 45.5% to 30.2% over the past 5 years.

Debt Coverage: ANORA's debt is not well covered by operating cash flow (8%).

Interest Coverage: ANORA's interest payments on its debt are well covered by EBIT (8.5x coverage).

Balance Sheet

Dividend

What is Anora Group Oyj current dividend yield, its reliability and sustainability?

Dividend Score

4/6

Dividend Score 4/6

Notable Dividend
High Dividend
Stable Dividend
Growing Dividend
Earnings Coverage
Future Dividend Coverage

5.54%

Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: ANORA's dividend (5.54%) is higher than the bottom 25% of dividend payers in the Finnish market (2.39%).

High Dividend: ANORA's dividend (5.54%) is in the top 25% of dividend payers in the Finnish market (4.69%)

Stability and Growth of Payments

Stable Dividend: ANORA has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: ANORA's dividend payments have increased, but the company has only paid a dividend for 3 years.

Earnings Payout to Shareholders

Earnings Coverage: At its current payout ratio (75.6%), ANORA's payments are covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its high cash payout ratio (608%), ANORA's dividend payments are not well covered by cash flows.

Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

1.5yrs

Average management tenure

CEO

Veli Tennilä (52 yo)

8.33yrs

Tenure

€337,737

Compensation

Mr. Veli Pekka Tennilä has been the Chief Executive Officer at Anora Group Oyj since 2014. Mr. Tennilä has been Chief Executive Officer of A/S Aldaris since October 1, 2011 and serves as its Chairman. Mr....

CEO Compensation Analysis

Compensation vs Market: Insufficient data to establish whether Veli's total compensation is reasonable compared to companies of similar size in the Finnish market.

Compensation vs Earnings: Veli's compensation has been consistent with company performance over the past year.

Leadership Team

Experienced Management: ANORA's management team is not considered experienced ( 1.5 years average tenure), which suggests a new team.

Board Members

Experienced Board: ANORA's board of directors are not considered experienced ( 1.3 years average tenure), which suggests a new board.

Ownership

Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been substantially diluted in the past year, with total shares outstanding growing by 86.9%.

Data	Last Updated (UTC time)
Company Analysis	2022/05/22 00:00
End of Day Share Price	2022/05/20 00:00
Earnings	2022/03/31
Annual Earnings	2021/12/31