Ahead of Atria's Q2 report, we make only minor estimate revisions and derive a DCF- and multiples-based fair value range of EUR 18.3-22.3 (18.1-22.1). We believe the Finnish grocery market has continued on a slightly positive trajectory, while the company should continue to benefit from efficiency measures in Sweden. Logistics and packaging costs are set to increase; however, we believe the company can mitigate the impact with price increases in H2. The company is continuing to make investments that we expect will support profitability, mainly from 2028.
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