Atria: New profitability level unlocked - Nordea
Bildkälla: Stockfoto

Atria: New profitability level unlocked - Nordea

Atria's Q4 fell short of expectations, but we believe it has reached a sustainably higher margin level that it can defend. Market demand has not been strong and any improvement in consumer confidence could improve the growth trajectory. Following a large poultry investment and all countries reaching profitability, we believe Atria is now focusing on building its Swedish operations through organic growth and M&A. The new strategy should be released in autumn. Our DCF- and multiples-based fair value range declines to EUR 14.8-18.1 (15.5-19.0) per share. Marketing material commissioned by Atria.

Atria's Q4 fell short of expectations, but we believe it has reached a sustainably higher margin level that it can defend. Market demand has not been strong and any improvement in consumer confidence could improve the growth trajectory. Following a large poultry investment and all countries reaching profitability, we believe Atria is now focusing on building its Swedish operations through organic growth and M&A. The new strategy should be released in autumn. Our DCF- and multiples-based fair value range declines to EUR 14.8-18.1 (15.5-19.0) per share. Marketing material commissioned by Atria.
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