Atria will release its Q4 report on 22 February. Price increases and the continued recovery in the restaurant market should support growth, while the adjusted EBIT margin is likely to have remained under pressure due to cost inflation. We believe the company is set for a margin recovery in 2023, although we expect a slight burden from the ramp-up of the new poultry unit towards year-end. Grain prices have contracted from the peaks, which could put pressure on Atria's selling prices, likely to be visible around Q2 2023. We derive a fair value range of EUR 12.2-14.9 per share. Marketing material commissioned by Atria.
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