Atria reported Q2 adjusted EBIT of EUR 13.8m, up from EUR 12.6m a year ago despite high cost inflation. The company has been successful in its pricing actions, while demand has held up well in the retail channel. In addition, the strong recovery in foodservice has benefitted the company through e.g. a more favourable sales mix, we believe. The next price increases should mitigate ongoing cost inflation, while consumer demand is hard to predict amid current uncertainties. Well-known brands and a strong market position should offer protection even in an inflationary environment, we believe. We derive a fair value of EUR 12.0-14.7 (11.5-14.0) per share. Marketing material commissioned by Atria.
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