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Atria reported Q4 adjusted EBIT of EUR 10.3m, 19% below Refinitiv consensus. Net sales increased despite the divestment in Russia. Broad-based cost inflation burdened margins and the company expects this to continue in 2022. The dividend proposal of EUR 0.63 was well above expectations. Atria's guidance for 2022 points to a decline in adjusted EBIT. Due to the lag in price increases, we believe H1 will be difficult. Despite the easing of restaurant restrictions and the positive effect of the divestment in Russia, we model a 13% adjusted EBIT decline in 2022. We derive a fair value range of EUR 12.6-15.4 (12.6-15.5) per share. Marketing material commissioned by Atria.
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