olivLaw · European equity research
Anora Group Oyj ANORA.HE
Finland · Nasdaq Helsinki · Vertical: Listed companies from Finland
Anora Group Oyj is a Nordic wine and spirits group with production in Finland, Denmark, Norway and Estonia, operating mainly in the Nordic countries and the Baltics. It reported a parent company profit for the period of EUR 24.1 million in 2025, while liberalisation of alcohol sales in Finland makes the market a point of attention for the company.
At the close of 05 Nov 2026, Anora Group Oyj (ANORA.HE) stock was 4.62 EUR (+0.43% on the day), with market capitalisation 317.6 m EUR, P/E 57.8 on diluted EPS of 0.08 EUR over the last 12 months, dividend yield 4.76%, beta 0.37, 52-week range 3.21–4.62 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 80.8
- overbought (≥ 70)
- Bollinger (20, 2)
- 3.56 – 4.56
- above the upper band · %B 1.06 · band width 24.7%
- SMA 50 / 200
- 3.94 / 3.79
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.16 / 0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +22.5% | +0.4% | +22.2 pp | — |
| 3 months | +26.4% | −3.3% | +29.7 pp | — |
| 6 months | +41.9% | +4.0% | +38.0 pp | — |
| Year to date | +19.8% | +8.1% | +11.7 pp | — |
| 1 year | +35.3% | +10.7% | +24.6 pp | −2.6% |
| 3 years | +8.1% | +50.1% | −42.0 pp | +4.1% |
| 5 years | −57.2% | +43.6% | −100.8 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 2-quarter history (min 18.9, median 33.6, max 48.2; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 | 2025 |
|---|---|---|---|
| Revenue | 726.5 m | 692.0 m | 657.9 m |
| Revenue YoY | unavailable | −4.7% | −4.9% |
| Net income | -39.9 m | 10.5 m | 5.5 m |
| Net income YoY | unavailable | unavailable | −47.6% |
| Diluted EPS | -0.58 | 0.15 | 0.08 |
| Diluted EPS YoY | unavailable | unavailable | −46.7% |
| net % | -5.5% | 1.5% | 0.8% |
| Free cash flow | unavailable | unavailable | unavailable |
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 182.6 m EUR
- Financial debt
- 176.9 m EUR
- Net debt
- -5.7 m EUR
- Equity
- 393.0 m EUR
- Total assets
- 1.0 bn EUR
- Debt / equity
- 0.45x
- Current ratio
- 1.21x
- ROE
- 1.4%
- ROA
- 0.5%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Revenue | 726.5 m | 692.0 m | 657.9 m | esef· 24 Mar 2026verified |
| Operating income | -31.3 m | 34.5 m | 23.8 m | esef· 24 Mar 2026verified |
| Depreciation & amortisation | 33.4 m | 26.8 m | 27.2 m | esef· 24 Mar 2026verified |
| EBITDA | 2.1 m ≈ | 61.3 m ≈ | 51.0 m ≈ | esef· 24 Mar 2026derived |
| Interest expense | 47.4 m | 30.7 m | 25.2 m | esef· 24 Mar 2026verified |
| Pre-tax income | -53.9 m | 14.7 m | 8.0 m | esef· 24 Mar 2026verified |
| Income tax | -13.9 m | 3.7 m | 2.4 m | esef· 24 Mar 2026verified |
| Net income | -39.9 m | 10.5 m | 5.5 m | esef· 24 Mar 2026verified |
| Diluted EPS | -0.58 | 0.15 | 0.08 | esef· 24 Mar 2026verified |
| Dividend per share | 0.22 | 0.22 | 0.22 | esef· 24 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · EUR
| Line | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|
| Cash | 212.7 m | 181.5 m | 182.6 m | esef· 24 Mar 2026verified |
| Inventories | 144.2 m | 139.2 m | 112.5 m | esef· 24 Mar 2026verified |
| Current assets | 481.6 m | 441.6 m | 420.8 m | esef· 24 Mar 2026verified |
| Property, plant & equipment, net | 62.7 m | 63.2 m | 65.0 m | esef· 24 Mar 2026verified |
| Goodwill | 304.3 m | 299.1 m | 303.8 m | esef· 24 Mar 2026verified |
| Intangibles (excl. goodwill) | 206.3 m | 194.1 m | 176.3 m | esef· 24 Mar 2026verified |
| Total assets | 1.1 bn | 1.1 bn | 1.0 bn | esef· 24 Mar 2026verified |
| Short-term debt | 1.5 m | 21.5 m | 13.4 m | esef· 24 Mar 2026verified |
| Long-term debt | 214.8 m | 163.5 m | 163.5 m | esef· 24 Mar 2026verified |
| Current liabilities | 353.4 m | 364.4 m | 347.3 m | esef· 24 Mar 2026verified |
| Total liabilities | 727.9 m | 670.7 m | 639.2 m | esef· 24 Mar 2026verified |
| Equity | 407.8 m | 398.7 m | 393.0 m | esef· 24 Mar 2026verified |
| Shares outstanding at year end | 67.6 m | 65.6 m | 68.8 m | esef· 24 Mar 2026derived |
Cash flow · EUR
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 39 / 100
A scoring methodology on indicators and valuation, not investment advice.
score < 40
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 317.6 m EUR
Key indicators
Coverage and freshness
Score by group
- Balance sheet35
- Valuation39
- Returns67
- Quality34
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.67 – 4.82 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA4.56 – 4.82 (Mid 4.63)5 companies used · median multiple 6.1x · quartiles 6.0x – 6.4xETTE.HE, HARVIA.HE, HONBS.HE, ICP1V.HE, KAMUX.HE
- Peers: P/E0.67 – 1.47 (Mid 0.91)24 companies used · median multiple 11.4x · quartiles 8.3x – 18.4xALMA.HE, APETIT.HE, ASPO.HE, ATRAV.HE, BIOBV.HE, CAPMAN.HE, CONSTI.HE, DIGIA.HE, ELEAV.HE, ELISA.HE, ENENTO.HE, ETTE.HE, FORTUM.HE, FSECURE.HE, GLA1V.HE, GRK.HE, HARVIA.HE, ICP1V.HE, ILKKA.HE, INVEST.HE, KALMAR.HE, KAMUX.HE, KCR.HE, KEMIRA.HE
- Dividend discount (DDM)2.99 – 4.08 (Mid 3.45)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Unattractive profile · Score 39/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 4.2% | 29 (vs peers) | 16% |
| Net margin · Quality | 0.8% | 41 (vs peers) | 10% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | -0.1x | 57 (vs peers) | 16% |
| Interest coverage · Balance sheet | 0.9x | 0 (on a fixed band) | 10% |
| Current ratio · Balance sheet | 1.2x | 34 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 57.8x | 7 (vs peers) | 16% |
| EV/EBITDA · Valuation | 6.1x | 71 (vs peers) | 16% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 4.7% | 67 (on a fixed band) | 10% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet35/100 · 3/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality34/100 · 2/3 factors with a value
- Returns· partial67/100 · 1/2 factors with a value
- Valuation39/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Anora Group Oyj (ANORA.HE). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 657.9 m EUR in 2025; YoY growth -4.9%; net margin 0.8%; ROE 1.4%; net debt/EBITDA -0.1x.
The estimated value range is 2.99–4.08 EUR per share (median of 3 methods, agreement: low); assumptions are illustrative. Against the central value of 3.45 EUR, the price of 4.62 EUR leaves a potential of -25.3% (value / price − 1) and a margin of safety of -33.8% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 39/100, methodological classification: unattractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth, returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- EV/EBITDA: 6.1x
What contradicts it
- ROIC: 4.2%
- Interest coverage: 0.9x
- P/E (TTM): 57.8x
- The price is above the estimated value range
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, FCF yield, Payout ratio (FCF).
Versus the vertical median
Listed companies from Finland · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| FORTUM.HEFortum Oyj | 20.8 bn | 27.2 | 8.7% | 15.3% | −14.0% | +32% / +81% |
| ELISA.HEElisa Oyj | 5.6 bn | 16.3 | 27.0% | 15.2% | +3.0% | −8% / −15% |
| KEMIRA.HEKemira Oyj | 2.5 bn | 13.6 | 10.5% | 6.6% | −6.6% | −17% / +4% |
| KALMAR.HEKalmar Oyj | 2.4 bn | 14.7 | 24.1% | 9.4% | +1.2% | +0% / unavailable |
| KCR.HEKonecranes Oyj | 2.2 bn | 5.6 | 20.3% | 9.5% | −0.9% | −4% / +134% |
| EXEL.HEExel Composites Oyj | 1.8 bn | — | -18.5% | -5.3% | +3.6% | +163% / +74% |
| BITTI.HEBittium Oyj | 1.2 bn | 55.8 | 17.5% | 17.9% | +40.1% | +73% / +603% |
| ALMA.HEAlma Media Oyj | 1.2 bn | 21.2 | 23.0% | 16.9% | +4.6% | +9% / +57% |
| FIA1S.HEFinnair Oyj | 927.4 m | 50.4 | 2.9% | 0.6% | +1.9% | +54% / +22% |
| GRK.HEGRK Infra Oyj | 788.5 m | 18.3 | 27.8% | 4.9% | +19.7% | +52% / unavailable |
| HARVIA.HEHarvia Oyj | 768.7 m | 29.3 | 21.0% | 13.3% | +13.5% | −1% / +64% |
| ATRAV.HEAtria Oyj | 451.7 m | 11.1 | 9.8% | 2.2% | +3.3% | +13% / +57% |
| ANORA.HEAnora Group Oyj | 317.6 m | 57.8 | 1.4% | 0.8% | −4.9% | +26% / +11% |
| CAPMAN.HECapMan Oyj | 300.2 m | 23.1 | 6.8% | 20.9% | +9.4% | −8% / −20% |
| ICP1V.HEIncap Oyj | 261.0 m | 18.7 | 10.4% | 6.5% | −6.7% | −3% / +37% |
| FSECURE.HEF-Secure Oyj | 243.7 m | 10.9 | 43.4% | 15.3% | −0.4% | −17% / −23% |
| ASPO.HEAspo Oyj | 219.4 m | 9.3 | 15.4% | 5.0% | +2.1% | +2% / +9% |
| ETTE.HEEtteplan Oyj | 173.7 m | 16.4 | 8.8% | 2.9% | +0.1% | −27% / −51% |
| DIGIA.HEDigia Oyj | 131.6 m | 10.5 | 14.5% | 5.9% | +5.5% | −16% / −12% |
| ILKKA.HEIlkka Oyj | 93.8 m | 8.1 | 6.2% | 30.8% | +22.6% | +0% / +21% |
| CONSTI.HEConsti Oyj | 77.4 m | 11.6 | 15.3% | 2.0% | +2.9% | −8% / −6% |
| APETIT.HEApetit Oyj | 75.6 m | 8.4 | 8.2% | 5.4% | +3.1% | −14% / −3% |
| ESENSE.HEEnersense International Oyj | 74.9 m | 74.7 | 3.1% | 0.4% | −27.7% | +12% / +9% |
| CTH1V.HEComponenta Oyj | 66.1 m | 324.0 | 0.8% | 0.2% | −4.6% | +49% / +182% |
| KAMUX.HEKamux Oyj | 47.4 m | 10.3 | 4.2% | 0.5% | +0.8% | −40% / −77% |
1- and 3-year price returns: for ANORA.HE from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 2.47 Total return -45% · Per year -45% | 4.39 Total return -3% · Per year -3% | 6.65 Total return 46% · Per year 46% |
| 3 years | 1.97 Total return -54% · Per year -23% | 3.97 Total return -9% · Per year -3% | 6.66 Total return 50% · Per year 14% |
| 5 years | 1.56 Total return -61% · Per year -17% | 3.59 Total return -15% · Per year -3% | 6.67 Total return 54% · Per year 9% |
- Exit P/E± 0.99
- Net margin± 0.69
- Annual revenue growth± 0.63
- Annual dilution± 0.06
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Anora Group Oyj is a Nordic wine and spirits group with production in Finland, Denmark, Norway and Estonia, operating mainly in the Nordic countries and the Baltics. It reported a parent company profit for the period of EUR 24.1 million in 2025 1, while liberalisation of alcohol sales in Finland makes the market a point of attention for the company 1.
SWOT
Strengths
- A strong market position in the Nordic countries, supported by well-known brands and efficient industrial processes.
- Diversified customer base, ranging from retail monopolies to restaurants, stores and exporters.
- Disciplined capital allocation, with a clearly formulated leverage ceiling and dividend policy.
Weaknesses
- High exposure to the price of domestic barley, which fluctuates widely and is not hedged with derivative instruments.
- An impairment recognised in 2025 on assets points to pressure on the value of some core assets.
- Dependence on markets geographically concentrated in the Nordic countries and the Baltics.
Opportunities
- A strategy focused on higher-impact initiatives could lift profitability if execution remains strong.
- Product innovation and new distribution channels could offset shifts in alcohol consumption.
- Organic development of categories and export markets could add further growth.
Threats
- Liberalisation of alcohol sales in grocery retail could intensify competition in the Finnish market.
- Rising electricity prices and input costs could compress margins.
- Geopolitical tensions and supply chain disruptions could affect deliveries and profitability.
Risks
- Barley pricehigh
The availability and market price of domestic barley have a significant impact on profitability, and the risk is not hedged with derivatives.
- Alcohol regulationhigh
Changes to excise taxation and alcohol legislation could affect demand and distribution channels.
- Electricity pricemedium
A sharp rise in electricity prices is a significant risk, mitigated by hedging most of the expected consumption for the coming months.
- Strategy executionmedium
Execution capacity and organisational focus are considered the most critical risks in the near term.
- Impairment riskmedium
Impairment tests could lead to further accounting losses if assumptions on revenue and profitability change.
Investment thesis
What would need to be true (bull case)
- If the focus strategy and cost discipline translate into better margins, the company could recover profitability in its core markets.
- A strong market position in the Nordic countries and established brands could support demand even in difficult economic conditions.
- The dividend policy and a controlled debt level could offer stability to shareholders if cash flows remain solid.
What would break the thesis
- Liberalisation of alcohol sales could erode the position of monopolies and traditional channels, reducing sales in the Finnish market.
- Exposure to barley and energy prices could compress margins if costs rise faster than selling prices.
- The impairment recognised in 2025 suggests some assets may be worth less than estimated, which could lead to further adjustments.
What to watch
- Trend in barley prices and hedging of electricity price risk2026
- Effects of liberalised alcohol sales in Finnish grocery retail on monopoly sales2026
- Progress of the Fit, Fix, Focus strategy and the net debt to EBITDA rationext 10-K
- Outcome of impairment tests on goodwill of the Wine and Spirits segmentnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Anora Group Oyj, headquartered in Helsinki, produces and sells wines, spirits and industrial products, and its revenue comes from sales of own products and partner brands, contract manufacturing, sales of industrial products and logistic services 1. Operations are conducted mainly in the Nordic countries and the Baltics, with production facilities in Finland, Denmark, Norway and Estonia 1. The Fit, Fix, Focus strategy aims to focus resources on fewer, higher-impact initiatives 1.
Customers include Nordic retail monopolies, wholesalers selling alcohol, restaurants, retail stores, travel retail, international wine and spirits companies and importers in export markets 1. The company's goodwill of EUR 303.8 million is allocated to the Wine and Spirits cash generating units 1. The Board proposes a dividend of EUR 0.24 per share for 2025, subject to approval by the Annual General Meeting 1.
Capital allocation aims to keep net debt below 2.5x comparable EBITDA over the cycle, to prioritise investments that improve structural profitability and cash flow, and to allocate excess cash to dividends and debt reduction 1.
Segments
Wine and Spirits
The Wine and Spirits segment is where the company's goodwill is allocated, and impairment tests are performed at operating segment level 1. The auditor flagged valuation of goodwill and other assets as a key audit matter, and impairment was recognised in 2025 1.
Industrial products and logistics
Besides wines and spirits, the company sells industrial products, including ethanol and starch made from grain, and logistic services 1. The grain consumption of more than 170 million kilos in 2025 shows the dependence of these operations on the price of domestic barley 1.
Market context
Anora operates mainly in the Nordic countries and the Baltics, where its main customers are Nordic retail monopolies and distribution chains 1. The market is influenced by excise policy and alcohol regulation, and the company reports that liberalisation of sales of drinks up to 8% ABV in Finnish grocery retail has negatively affected sales of the Finnish alcohol monopoly 1.
Macroeconomic risks, inflation, wage pressures and currency volatility may depress consumer spending, and demand between product categories can shift over time 1.
Trends
- Alcohol liberalisation in retailheadwind
Changes to Finnish alcohol legislation allowing sales of alcoholic beverages in grocery retail could intensify competition and alter distribution channels 1.
- Fit, Fix, Focus strategytailwind
Concentrating on fewer, higher-impact initiatives and deprioritising less impactful activities could improve the portfolio if execution stays disciplined 1.
- Barley and energy pricesheadwind
The market price of barley fluctuates significantly from year to year, and a strong rise in electricity prices is a significant risk, although the company hedges part of its exposure 1.
- Consumer behaviour and regulationmixed
Shifts in consumer behaviour and expanding alcohol regulation could move demand between product categories, though investment in consumer-driven product development may limit the effect 1.
Competitive position
Competition comes from producers and importers of wines and spirits selling in the Nordic countries, and from channels that may emerge as alcohol sales are liberalised. The annual report does not name specific competitors, so the analysis relies on its general description of the market 1.
The competitive position rests on a strong market position in the Nordic countries, efficient industrial processes, good quality and well-known brands, which the company cites as advantages in managing risks 1.
- Competitors named in the annual report
The annual report does not name competitors, so no tickers are assigned.
- Nordic retail monopolies
They are at the same time customers and regulatory counterparts of the company, and changes in their policy can influence competition.
- Importers and international wine and spirits companies
They are active in export markets and in travel retail, where they compete with the company's products.
- Grocery retailers in Finland
New rules on alcoholic drinks in grocery retail give them access to alcohol sales.
News & filings
In the press
No news in our archive over the last 180 days.
Annual reports (ESEF)
- Annual report 202524 Mar 2026
- Annual report 202424 Sept 2025
Sources
- [1] Annual report, fiscal year ended 2025-12-31 (ESEF) · SEC / Anora Group Oyj · 31 Dec 2025
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.