Atria's 2021 guidance for EUR 37-43m adjusted EBIT appears conservative to us given easing of restaurant restrictions, the divestment of the loss-making Russian operations and continuing efficiency improvements.
For 2021, we forecast adjusted EBIT of EUR 46m. We derive a fair value range of EUR 12.9-15.8 (12.3-15.0) per Atria share. Marketing material commissioned by Atria.