We take a slightly more cautious view ahead of Atria's Q3 results due on 21 October. We believe retail sales have remained solid, while foodservice sales have started to recover following the easing of restrictions. Pork exports from Finland to China appear to have plummeted due to declining prices. However, sudden changes can occur in the Chinese pork market. Following a poor harvest season, we expect cost inflation, especially in Finland and Sweden, while Denmark and Estonia could benefit from low European pork prices. We derive a fair value range of EUR 13.0-15.9 (14.1-17.3) per share for Atria. Marketing material commissioned by Atria.
LÄS MER