Aktuellt
SENASTE
Atria reported Q1 EBIT of EUR 6.6m, well above our and Refinitiv consensus expectations. The company benefitted from strong retail and export volumes in Finland, while all business areas were able to improve EBIT y/y. Positive volume and mix effect more than offset the hoarding seen in Q1 2020, and sales rose by 1% y/y. Atria renewed its reporting structure ahead of the divestment of Pit-Product, which should be finalised during Q2. Atria reiterated its flat guidance for 2021, which we find overly cautious given easing restrictions, favourable pork exports, the divestment of the loss-making Russian operations and continuing efficiency improvements. For 2021, we forecast adjusted EBIT of EUR 48.2m (EUR 40.5m in 2020). We derive a fair value range of EUR 13.6-16.7 (12.9-15.8) per Atria share.
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