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SENASTE
Atria reported Q4 2020 adjusted EBIT of EUR 15.9m, 14% above our estimate. Retail and export sales increased, while foodservice remained sluggish in Q4. The company announced ahead of the report that it is divesting its loss-making retail and foodservice business Pit-Product in Russia, while retaining its well-performing Sibylla operations. Guidance for 2021 appears conservative to us as the adjusted EBIT guidance midpoint of EUR 40m indicates a 3% y/y decline, while we expect a positive impact from the Russian divestment and a continued good level of pork exports to China. We derive a fair value range of EUR 12.3-15.0 per Atria share.
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