Atria delivered a strong Q3, with adjusted EBIT 35% above LSEG Data & Analytics consensus. The beat was driven by a favourable mix and self-help measures. After the successful ramp-up of its new poultry unit and clearly improved profitability in Sweden, we expect adjusted EBIT growth also in 2025 despite tough market conditions. Following the heavy investment period, we expect FCF yields of above 15% to support improving shareholder remuneration and fast deleveraging. Our DCF- and multiples-based fair value range increases to EUR 15.5-19.0 (13.6-16.6) per share. Marketing material commissioned by Atria.
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