Anora Group Oyj (ANORA.HE) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+182.1%

€12.14

vs €4.31 price

Levered DCF

€15.92

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.15

Distress zone

Rating

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	48.25×	17.75×	-7.51×	28.31×	16.21×	20.37×	16.04×	17.38×
P/B	0.68×	0.48×	0.73×	1.04×	1×	2.31×	1.96×	1.76×
P/S	0.4×	0.28×	0.41×	0.71×	1.06×	1.05×	0.82×	0.74×
EV / EBITDA	5.18×	4.92×	56.01×	11.56×	10.04×	8.92×	7.36×	9.1×
Gross margin	42.6%	41.2%	37.4%	41.6%	44.4%	43.8%	40.7%	42.1%
Operating margin	3.6%	5.0%	-4.3%	4.9%	8.9%	6.7%	7.0%	5.5%
Net margin	0.8%	1.5%	-5.5%	2.5%	6.5%	5.2%	5.1%	4.2%
Current ratio	1.21×	1.21×	1.36×	1.29×	1.31×	1.33×	1.44×	1.47×
Debt / equity	0.72×	0.76×	0.86×	0.82×	0.58×	0.81×	0.62×	0.6×
Interest coverage	0.94×	1.12×	-1.11×	2.61×	8.31×	7.63×	10.04×	8.21×
Dividend yield	5.7%	7.9%	5.0%	6.1%	5.4%	4.2%	4.6%	0.0%
Payout ratio	272.7%	143.8%	-37.3%	169.8%	87.4%	85.4%	74.5%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.4%	2.6%	-9.8%	3.7%	6.1%	11.4%	12.2%	10.1%
Return on invested capital	2.3%	3.5%	-2.9%	2.9%	4.0%	6.4%	7.1%	6.1%
Return on assets	0.5%	1.0%	-3.5%	1.4%	2.5%	3.9%	4.6%	3.9%
Free cash flow yield	14.2%	10.9%	41.4%	-2.2%	9.0%	13.6%	15.5%	-0.5%
Earnings yield	2.1%	5.5%	-13.3%	3.6%	6.1%	4.9%	6.2%	5.7%
Enterprise value	€366.9M	€313.5M	€436.9M	€801M	€632.3M	€356.9M	€324.5M	€311.3M
Net debt / EBITDA	1.43×	1.91×	17.64×	4.34×	2×	-0.1×	0.66×	1.39×
Cash conversion cycle (days)	98	-105	86	204	239	171	170	195